The Improvement Of The Information Disclosure System Of The New Third Board Market In China

“New third board” market is an important component of the multi-level capital market,which mainly serves the early growing small micro enterprises. At present, "new third board" market has entered into a rapid development stage.On December 7th, 2015, the number of the listed companies on the "new third board" reached 5129, with a total share number of 2959.51, the turnover of 1910.62 million RMB.So,the "new third board" has become an important financing way of small and medium-sized enterprises, it can contribute to the sustainable and healthy development of the economy in China, as well as contributing to the development of a multi-level capital market in China.However, listed companies on the "new third board" market still exists some problems in the information disclosure process, which caused a negative influence to the healthy development of the market in our country. Therefore, this article writes from the problems which the companies on the "new third board" often encountered in the practical information disclosure process,and focuses on the problems.So that it sums up the common violation features of the enterprises on the "new third board" in the information disclosure process, and then makes corresponding recommendations. Therefore, on the depth and breadth this article is more close to the actual. The paper is on the background that the national stock transfer company has strengthen the regulation of the enterprises on "new third board", especially strengthen the information disclosure regulation, the key is to reveal all kinds of problems that enterprises encounter in the information disclosure process,and put forward recommendations to improve the information disclosure system of the listed companies on the “new third board”.The first part: introduces the origin of the "new third board" and two expansion, elaborates the development situation and the characteristics of "new third board",and introduces the conception of the“New third Board”. Then sorts out the information disclosure system of "new third board" market.The second part: introduces the procedure and analyzes from the aspect of regulatory level,then analyzes the accountability system of the “new third board”.The third part: in the current information disclosure specifications of "new third board" market, the paper combines with the specific cases to analysis the problems that enterprises often encounter in the information disclosure process, this part mainly explains the necessity to improve the information disclosure system of “new third board”. The fourth part: combined with the violations characters of the listed companies on the “new third board” in the information disclosure process,for the problems that enterprises often encounter in the information disclosure process,based on the background of the new regulations,to analyze which problems current legislation can solve,which can not.For the problems that the existing legislation can not solve,the paper makes recommendations to effectively solve them.