Research On The Law Of Information Disclosure Under The Reform Of The Registration System Of Listed Companies

At present,the most important goal of China's securities market is to reform the information disclosure of stock issuance registration.Handling the relationship between the market and the government has been the focus issue since the third plenary session of the 18 th CPC central committee.How to realize the institutionalization and legalization of the market economy is an important task at present.The idea of using information disclosure method to supervise the market occupies an extremely important position in the reform of the securities market system.It is mentioned in the "opinions on further promoting the reform of the new issue system" issued by the CSRC that this is an important method to change the registration mode of stock issuance in China,and can realize the optimal allocation mode of stock issuance.In 2015,the National People's Congress gave the central government the power to apply the securities law of the People's Republic of China to regulate stock issuance.In the two years after the implementation of the decision to continuously achieve the reform of the way of stock issuance,from the approval system to the registration system transition,and the CSRC should be flexible in accordance with the actual situation to apply the relevant provisions.This paper mainly focuses on the issue of whether the information disclosure method is applicable to the stock issue registration system.The body part is divided into four chapters.The first chapter explains the basic theory of information disclosure of stock issuance.First of all,through the introduction of the meaning and content of information disclosure,information disclosure is more clear.Secondly,it expounds the characteristics and differences of information disclosure under the approval system and the registration system.The second chapter puts forward the problem of information disclosure of listed companies in China,and analyzes the problems of information disclosure system in China from the perspectives of legislative rules,regulatory structure and supporting systems.First of all,China's IPO information disclosure laws and regulations still have aspects to be improved.On the one hand,from the content of laws and regulations,for the same behavior,there are overlapping and even contradictory places in different laws and regulations,which makes judgment and punishment It becomes ambiguous,and even some special details have no specific operational norms.On the other hand,from the perspective of legal timeliness,the market is constantly developing,and some outdated laws and regulations are no longer applicable.In actual work,There are some practices that are obsessed with stereotypes,or there are no explicit provisions but they have been widely used.Therefore,in the process of law enforcement,policies are changeable and transparency is not high.Secondly,in the regulatory pattern,the information supervision of China's centralized unitary system shows many drawbacks,including the failure of some legal mechanisms by the administrative control agency.The securities sponsors “sponsors” have a serious attitude toward information disclosure.The audit committee has a suspicion that the information review is in the form,and the functions of the local securities regulatory bureau of the exchange are limited to the listing and counseling.Furthermore,the introduction of securities regulatory competition rules is intended to establish a competitive differential pattern from top to bottom within the securities regulatory system,highlighting the functions of the exchange and strengthening the market mechanism.Finally,the supporting mechanism for information disclosure under the registration system has not been perfected,and the post-and post-regulatory measures have not formed a good system of retreat and responsibility.The third chapter summarizes the experience worth learning from by studying the development and system of information disclosure in the United States.The fourth chapter considers and draws on the advantages of the United States in the previous chapters,and makes recommendations from the perspective of legislation and supervision.The stock issuance registration system centered on information disclosure is based on the gradual development of marketization.During the transition period,we should pay attention to the legal update caused by the information disclosure mechanism due to adaptive problems.Only by constantly trying and strictly implementing the law can the system be presupposed close to the most real social life,so that the new system and legislation are not limited to "declarative role."...