Research On The Information Disclosure System Of The NEEQ Market

The NEEQ Market as China's capital market test field,carrying the important task of providing capital services for the development of minor enterprises,is an important part of China's capital market.Since 2013,with the NEEQ Market expanding,the NEEQ Market rapidly developed.Until the end of 2016,the number companies of the NEEQ Market have exceeded then thousand.With the rapid expansion of the NEEQ Market,the market size of the NEEQ Market and the positioning of the market has undergone tremendous changes.The existing NEEQ Market has a large number of enterprises,and the quality level is uneven,which leads to the asymmetry of information between investors and enterprises.At the same time,the information disclosure mechanism of the NEEQ Market in China and other capital markets compared to a late start,it's development time is short,so the method for the specification and the lack of existing information disclosure system of information disclosure of the NEEQ Market meets many challenges,in practice,the urgent need to relevant departments according to the characteristics of the existing information disclosure system,the development of information the new disclosure rules to guide the healthy operation of the NEEQ Market information disclosure.June 27,2016 with the implementation of the NEEQ Market layered system,the country for the implementation of the NEEQ Market,the formal implementation of hierarchical management,based on corporate profitability and market value of the NEEQ Market is divided into innovation and infrastructure.Although the number of enterprise innovation which is only 952,only the number of base layer enterprises around 1/10,but whether it is the business income and the level of market capitalization or market liquidity are far more than the basic layer of enterprise.Today,the rapid expansion of the NEEQ Market and the implementation of the hierarchical system of the existing information disclosure system has brought challenges and challenges.Not only that,the existing three new board information disclosure system has encountered a series of problems in practice.For example,the implementation of information disclosure mechanism is not in place,a large number of Listed Companies in the disclosure of information when the disclosure of information is not timely,inaccurate.In 2016 alone the number of cases per month listed companies notice replacement up to more than and 100 copies,every day there are dozens of replacement notice;there is also a staffs awareness of compliance is not high,and the information disclosure of corporate secretaries responsible person repeatedly dereliction of duty,not only reflects the practitioners' Professional level is not high and the lack of awareness of compliance information disclosure,corporate executives,contempt for information disclosure work also shows.In the face of a series of problems in the information disclosure system of the NEEQ Market,this paper puts forward some specific suggestions from the perspective of the hierarchical system and the successful experience of the information disclosure system of mature OTC market in the United States and Britain.First,improve the information disclosure requirements of innovation layer.Improve the standard to the gem innovation enterprise information disclosure and the height of the motherboard,through the "mandatory disclosure of the quarterly report""mandatory disclosure of shareholders holding 5%" such measures to standardize the innovation enterprise,good stability of the NEEQ Market financial order,innovation enterprises to enjoy the dividend policy as well as to the public obligations of the company,make enterprise level better under public supervision,it also helps to prevent illegal information disclosure caused great economic losses on investment.Second,the establishment of information disclosure incentive mechanism.By setting reasonable information disclosure rating system,given the hierarchical priority and tax preferential policies for the information disclosure rating of excellent enterprise,so you can better play to the initiative of enterprise information disclosure and reduce the tax burden of small and medium sized enterprises.