Research On The Legal System Of Information Disclosure In The New Third Board Market In China

The expansion of the new three-board market to the whole country has formed China's first nationwide over-the-counter market,which has played a very important role in establishing and perfecting the multi-level capital market in our country.As an emerging market,its unique system and features attract a large number of small and medium enterprises such as market-maker and low access.The new three board market has been rapid development and provides more financing opportunities for minor enterprises,but the related supporting system cannot keep pace with market development.From the perspective of institutional supervision,investors to show the company's operating conditions,and investors to communicate point of view,information disclosure is the focus of the market.Effective information disclosure protects the interests of investors,the fairness of transactions,and the investor's right to know.At the same time,it guarantees the good operation of the market and reduces the risks due to information asymmetry.Although NEEQ(National Equities Exchange and Quotations)has issued information disclosure rules and business rules,there are still many deficiencies.This article will analyze the relevant system of the information disclosure of the New Third Board of China to find the defects and to put forward the perfect suggestions.This article is divided into five parts.The first part mainly introduces the structure of China's capital market and the development process of the new third board market.It summarizes the current system of information disclosure in China's new third board market from four aspects.It includes the basic principles,the legal framework,the regulatory system and the content,and methods of information disclosure.The second part mainly analyzes the case of the information disclosure of the New Third Board.I select the disclosure documents of the two listed companies to comparative analysis,and analyze the information disclosure violations of the New Third Board.The third part summarizes the main problems existing in the information disclosure of the New Third Board by combining with the previous analysis and provides guidance for the final improvement suggestions.The fourth part analyzes information disclosure of the American OTC market and the reference of the OTCBB market to the new three-board information disclosure.The fifth part puts forward some suggestions on how to improve the system of information disclosure in the New Third Board by comparing with the OTCBB information disclosure.