On The Information Disclosure System Of Chinese Stock Issuance Under The Registration

The reform of the stock issuance system centering on information disclosure is one of the important mission of the development of the securities market at this stage in China.In 2013,the reform of the registration system was included in the central document firstly.Although Liu Shiyu,the chairman of the CSRC said the reform of registration system will slow down at the four session of the twelve National People's Congress 2016 press conference.But it is undeniable that registration system is still the future direction of China's securities market.As the center of the reform of the registration system,the information disclosure system is not only the means to realize the regulatory functions of the various regulatory bodies,but also an important guarantee for the interests of the vast majority of investors.At present,the issue of "dammed lake",and the government's endorsement of the power to disclose the company's information disclosure are outstanding at primary market.The information disclosure is the center of stock issuing system dominated by market choice system under registration system.Through theoretical research and empirical data research,this paper analyzes the information disclosure system of China's stock issue,which is divided into two parts: introduction and main body.In the introduction,the background and present situation of the research are introduced in turn,as well as the research methods and contents.The body part is divided into four chapters.The first chapter expounds the meaning and value of the information disclosure system of the stock issue in order to lay the theoretical foundation for the development path of the information disclosure system in China.The second chapter,with the support of data analysis and empirical cases,analyzes the status of information disclosure in China.It also points out that there are still many problems in information disclosure of stock issuing in China,such as scattered legislation and high repetition,low quality of information disclosure,serious bias of supervision power and imperfect punishment mechanism.The third chapter,Through the discussion of the system of the information disclosure system of the stock issue in the United States,finds the references to the development of the information disclosure system in China.The fourth chapter,aiming at the shortcomings of our current information disclosure system,puts forward four proposals: unified legislation,reconstruction of regulatory system,emphasis on information disclosure of internal control and improvement of punishment mechanism.The purpose of this study is to explore the development path of the information disclosure system of stock issuance in accordance with the national conditions of our country and lay the foundation for the reform of the registration system in China.