The Research On The New Third Board’s Operation Mechanism And The Information Disclosure

At present our country is facing the great changes in the economic environment at home and abroad, including the decline in the support of foreign trade, the deterioration of environment pollution problem and the degradation of cheap labor advantage in the world. These display our country is in an important period of economic structure optimization. In order to realize the economic transformation, we need to develop the small and medium-sized enterprises. Under the effect of the real driver, the new third board set up in 2006 has a officially expansion in 2013 as a national over-the-counter market, opening up a new path to solve the problem of transformation and financing for small and medium-sized enterprise. The introduction of new policies is driving the market in the booming, but it also brings new problems at the same time. How to guard against market risks with low barriers to entry and how to balance the contradiction between the investors’ high-quality information demands and market’s lack of information disclosure, all these problems urgently need to be solved.The solution of these probless is inseparable from the study of the new third board’s operating mechanism and information disclosure issue. Operation mechanism is established to provide protection for emerging market norms, and information disclosure is the foundation of the market. This paper carried out a review of the relevant literature at home and abroad, and found in the past the study of new third board is mainly concentrate on the market system and neglect the status quo. In this paper, combining with the new standard system, it gives priority to information disclosure and describe the changes of the new third board’s operation mechanism. With the aid of the data of national equities exchange and quotations, it uses the corrected report to investigate the compliance of daily information disclosure and use public transfer instruction to analysis the current situation of the particularity of information disclosure, and it also gives a comprehensive discussion to the problem of information disclosure combining with the normative and empirical approach. According to the summary of the survey of the current new third board market, it summarizes the information disclosure problems and analysises the reason, and also presents countermeasures to improve the information disclosure of the new third board market.The auther hope to improve and enrich the special information disclosure in the new third board on the basis of the improvement in the information disclosure compliance, and to enhance market transparency and promote the healthy development of the market.This article’s main contribution lies in the innovative of research perspectives and content. Combining with the unique positioning of the new third board market and its risks and fully considering the investors’ information needs, this paper from two aspects compliance and particularity to discuss the new third board’ information disclosure. This paper also innovatively builds a growth index system for the new third board’ company, and investigates the growth information from four aspects, the financial condition, quality of employees, industry and market and the company competitiveness.