Research On Legal System Of Information Disclosure Under Registration System

The registration system is a system of IPO(Initial Public Offerings),the most prominent feature is the securities regulatory agencies in the issuance audit are no longer on the issuer's investment value.China's current stock issuance system is the approval system,emphasizing the issuer to provide a substantial review of the application materials,securities regulators have the right to decide whether the listing.In 2013,the Chinese Communist Party focused on the future of the capital market and put forward the reform of the stock registration system at the central level for the first time.Listed companies will greatly reduce the threshold of the market under the registration system,there will be more companies to participate in the financing to the market.A large number of listed companies will make the stock market complicated,so the registration system for the construction of supporting institutions put forward higher requirements.Throughout the implementation of the registration system of other countries put the information disclosure of the legal system in the center.The legal system of information disclosure is not only a powerful means of securities regulation,but also an effective measure to protect investors' rights.China is currently in the critical period of the reform of the registration system,the information disclosure legal system has shown a lot of incompatible places.It is necessary to learn from the implementation of the registration system of mature market advanced experience to improve China's information disclosure legal system,and ultimately for the implementation of the registration system escort.This paper focuses on the background of the reform of the registration system,and makes a comprehensive study on the legal system of information disclosure by means of case analysis,historical analysis and comparative analysis.Firstly,it discusses the general theory of the legal system of information disclosure under the registration system,introduces the connotation and characteristics of the legal system of registration system and information disclosure,and elaborates the theoretical basis of the information disclosure legal system from the perspective of cost-benefit analysis theory,behavioral economics theory and social network analysis theory,and points out the core position of information disclosure legal system in the registration system.Secondly,it introduces the current situation of the legal system of information disclosure in our country,and points out the existing problems of the legal system of information disclosure,including the defects of legislation,the low overall quality,the lack of supervision,the irrational distribution of responsibilities and delisting legal system problems and so on.Thirdly,it introduces the legal system of information disclosure in the United States and Japan,and then introduces their respective development and current situation,summarizes the enlightenment to our country,including the complete information disclosure legal system,the effective information disclosure supervision system and the perfection of the investor protection mechanism.Finally,in the light of the advanced experience of foreign countries,there are targeted suggestions for the existence of the information disclosure legal system at present and the incompatibility with the registration system.This part mainly discusses the legal regulation of information disclosure,improves the overall quality of information disclosure,strengthens the supervision of information disclosure and strengthens the construction of related supporting system.In order to improve China's information disclosure legal system,to promote the smooth implementation of the registration system laid a solid foundation.