Research On The Quality Of Information Disclosure Of The New Third Board Market

So far,the new third board market has become the world's largest OTC regarding its number of listed companies.From the perspective of policy formulation and implementation,the market participants have improved a lot,while the problem of information asymmetry has plagued investors all the time,which influences the decisions of investors correctly.As we know,information is the soul of capital market,and information disclosure is the connecting link between relevant stakeholders and capital market.That is to say,the quality of information disclosure plays a leading role in the capital market.In practice,there is a phenomenon that a great number of the listed companies have the deficiencies in information disclosure,which affects the quality of information disclosure of the new third board market seriously.This paper regards the companies listed on the new third board market as the subject and looks on the information disclose as object,while the ultimate goal is to evaluate the quality of information disclosure for companies listed on the new third board market.As for research methods,this paper employs both descriptive and normative research.By using the information disclosed in the NEEQ,this paper collects and collates data manually to enhance the persuasiveness.In research content,first of all,by reviewing the literatures of the formers,this paper has a deep research on the theories related to the quality of information disclosure.Through summarizing the current status of information disclosure and supervision,this paper finds the problem concerning the topic.Next,according to the problems above,this paper analyses the reasons from several aspects,such as the policy and rule makers,listed companies and the hosting securities dealers.Firstly,though the new third board market has established a relatively complete regulating system from the level of laws,the CSRC and the system company.In fact,many standards have not been thoroughly implemented.For instances,the requirements of information disclosure are only defined in the view of qualitative aspect rather in the quantitative aspect currently.Secondly,many internal factors cause the illegal information disclosure for the listed companies.Specifically,the listed companies conduct illegal information disclosure for lack of awareness of information disclosure,especially to the persons responsible for the information disclosure.At the same time,it is found that there are deficiencies in the application of the independent director system and the trading methods,which also brings about the illegal information disclosure.Thirdly,Although the new third board market has been strengthening the quality supervision,some of the hosting securities dealers are responsible for the poor quality of information disclosure in the market given the fact that they are driven by their own interests.In other words,the phenomenon that some of hosting securities dealers only pay more attention to the pre-stage of the business rather than the whole stage affects the improvement of the quality related to information disclosure seriously.Lastly,According to the problems and reasons above,this paper puts forward some suggestions.Firstly,when formulating laws and regulations system,it is very important to take the hierarchical management into consideration and encourage the listed companies to disclose voluntarily.Moreover,it is also an essential to establish a proper system about the punishment for the regulatory agencies.Secondly,it is necessary for the companies listed on the new third board market to strengthen the awareness related to the quality of information disclosure and to improve the internal governance,especially to the personnel management about the information disclosure,such as the selection of the hosting securities dealers,the application of independent director system and the standardized management about the secretaries and so on.Thirdly,the hosting securities dealers should not only strengthen their professional quality construction but also improve their professional ethics construction to assist the listed companies to improve the quality of information disclosure.At present,the new third board market which is not limited to the high-tech enterprises welcomes all types of companies setting foot on it.Faced with the trend of expansion,the new third board market that is looked as the foundation of the OTC market is more and more widely favored by the outsiders.Finally,this paper focuses on the quality of information disclosure of the new third board market,which has theoretical and practical significance.