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Research On Information Disclosure System Of China's New Third Board Market

Posted on:2019-04-06Degree:MasterType:Thesis
Country:ChinaCandidate:L X XuFull Text:PDF
GTID:2346330542454446Subject:Economic Law
Abstract/Summary:PDF Full Text Request
In recent years,with the rapid development of China's economy,the multi-level capital market as an important platform for the deployment of economic factors has gradually improved.Since the expansion of the new three boards in April 2012,it has gradually become an important basic securities market in China,becoming an important channel for investors to invest in and a platform for companies to show themselves.The revised draft of the "People's Republic of China Securities Law" in 2017,the "Detailed Rules on the Disclosure of Information on Listed Companies of the National Small and Medium-sized Enterprises Shares Transfer System," and the "Different Administrative Measures for the Listed Companies of the National Small and Medium-sized Enterprises Shares Transfer System" were promulgated,and once again pushed the new three boards to one.New heights.The New Third Board is a nationwide equity trading market established to meet the needs of SMEs after the Main Board and the Growth Enterprise Market.It is an indispensable part of the multi-level capital market system.As a representative of the over-the-counter capital market,the New Third Board realizes The perfect transformation of strange nouns into household names.For many SMEs,the selection of the Main Board and the Growth Enterprise Market was difficult and difficult to achieve.The New Third Board Market provided a new path for their development.However,since the establishment of the New Third Board,there has been a clear phenomenon of information asymmetry in the New Third Board Market.In particular,some companies are restricted by the business philosophy and are reluctant to expend cost to disclose their own information.Even if they want to disclose,they will also be caused by irregular corporate governance.Termination of disclosure.However,information disclosure can reduce information asymmetry in the market.Moreover,accurate and timely disclosure of information,while protecting the interests of investors,can also strengthen and improve the company's internal governance,so as to ensure that the entire capital market is well-ordered development of.Therefore,in the face of the new three-plate market,which is still in its infancy and related system construction,especially the legal system is still not perfect,we must strengthen the construction and improvement of relevant legal systems.This paper tries to put forward suggestions for improving relevant legal systems while discovering problemsthrough the research on the information disclosure system of the new third board market in China.This article is divided into five parts.The first part is the introduction of the paper,which focuses on the background of the research,the theoretical and practical significance of the research,and summarizes the research status of the information disclosure system at the domestic and foreign companies in the New Third Board Market.The research method,research ideas and innovation of the article are also discussed.Points for explanation.The second part is an overview of the information disclosure system for the New Third Board Market.First,the development and positioning of the New Third Board market are described.Secondly,the theoretical basis for the information disclosure system in the New Third Board market is analyzed,including effective market theory,information asymmetry theory and principal-agent theory;finally,the information disclosure system of the New Third Board market is explained.The need for it protects the interests of investors,promotes the internal control of listed companies and ensures the effectiveness of multi-level capital markets.The third part is the status quo and problems of the information disclosure system of the new third board market in China.First,the current status of the information disclosure system in the New Third Board Market was described.The content of the information disclosure system in the New Third Board Market was introduced first.The analysis was conducted from both the subject and the content,and then from two aspects of legal regulation and market supervision of information disclosure.Secondly,according to the current situation,the problems in the information disclosure system of the New Third Board market are pointed out,which are mainly reflected in three aspects: the incomplete legal system,the incomplete market supervision system,and the incomplete corporate governance.The fourth part is the analysis of the similar market information disclosure system outside the territory and the enlightenment to our country.First of all,it analyzes the similar market information disclosure system and its features outside the region,such as the OTCBB market in the United States,the JASDAQ market in Japan,and the open market in Taiwan.Secondly,we point out the inspiration of similar foreign market information disclosure systems to China,such as appropriate mandatory information disclosure system,perfectpunishment and civil remedy measures,appropriate self-regulation and voluntary disclosure system.The fifth part is the suggestion to perfect the information disclosure system of the new third board market in China.First,further strengtheningAnd improve the construction of information disclosure legal regulation system,such as improving the relevant provisions of the information disclosure system in the “Company Law” and the “Securities Law”,adding relevant mechanisms and rules for information disclosure in the regulations of the Securities Regulatory Commission,and increasing the business rules of the National Share Transfer System.The relevant provisions of the civil relief mechanism;Second,further strengthen and improve the market supervision system for information disclosure,including the establishment of a supervisory legal system that focuses on the administrative supervision of the Securities Regulatory Commission,strengthening the self-regulation and supervision represented by the national share transfer system,and establishing diversification.Penalty mechanism,aggravating penalties for information disclosure violations;Finally,to further strengthen and improve the internal governance structure of listed companies in the New Third Board Market,including rationalizing and restricting the behavior of major shareholders,establishing a standardized and effective internal corporate governance mechanism,and establishing a voluntary company Information disclosure awareness.
Keywords/Search Tags:Capital Market, New Third Board Market, Listed Companies, Information Disclosure System
PDF Full Text Request
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