Legal Research On The Information Disclosure System Of "NEEQ" Listed Enterprises

The capital market is a market for long-term funds raised by enterprises.It is a reservoir" for the development of various economic entities in a country.In order to enhance the strength of the capital market,change the backward situation of the over-the-counter market,build a multi-level capital market,and create a brighter development environment for more start-ups,China established the Zhongguancun Science Park Unlisted Co.,Ltd.in January 2006.Quotation transfer system.In 2013,it was expanded by the State Council and the China Securities Regulatory Commission,and the National Equities Exchange and Quotations was established.Since then,after a series of legislative activities,the rules of the relevant legal systems in the market have been continuously improved and the scale has been continuously expanded.Up to now(December 28,2018),the "NEEQ" has 10,691 listed companies,and the total share capital has reached 632.453 billion shares.Its positive effect on China's market economy is self-evident.Although the surface data of the "NEEQ" market is bright and beautiful,the problems in the information disclosure system of listed companies cannot be underestimated.The laws and regulations of the information disclosure system of the listed companies in the "NEEQ" market are not perfect,the relevant laws and regulations are too low;the tiered system is not perfect;the supervision methods are too gentle,and the violation liability system is lacking.This is one of the important reasons why the information disclosure violations in the market have been repeatedly banned and the market has become increasingly chaotic and declining.In this context,based on the relevant legal regulations,literature and case studies collected,and the successful experience of the information disclosure system of the OTC market in other countries and regions,this paper puts forward the system design level,supervision and accountability.Corresponding countermeasures and improvement pathsThis paper is divided into six chapters.The first chapter introduces the development history of the "new three board" market and its significance to China's capital market.It briefly introduces the research background,significance,research ideas and methods,literature review and paper innovation..The second chapter is an overview.The first part mainly describes the related concepts,characteristics and functions of the "NEEQ".The second part mainly analyzes the related concepts of the information disclosure system of listed companies and the necessity of enterprises to fulfill their information disclosure obligations.The third chapter is about the status quo and problems,mainly analyzing the status quo and problems of the information disclosure system of listed companies in the "NEEQ".Among them,the first part focuses on the legislative,law enforcement and judicial status of its listed enterprise information disclosure system;the second part is based on the status quo,pointing out its legal norm system,market stratification system,supervision system,non-compliance responsibility system,sponsoring brokers and There are problems in the listed companies themselves.The fourth chapter examines the information disclosure system of the over-the-counter market in the United States,Japan and Taiwan.This part combines the problems related to the information disclosure system of China's""NEEQ" listed companies,and reviews the development history of the US OTCBB market,Japan's JASDAQ market and China's Taiwan stock market,and explains the useful experience of its information disclosure system.The fifth chapter proposes improvement.Based on the problems existing in the information disclosure system of listed companies in the "NEEQ",combined with the experience of the information disclosure system of the over-the-counter market in the United States,Japan and Taiwan,some suggestions for improvement are proposed.Among them,the first part emphasizes the improvement of the legal norm system,the second part focuses on the improvement of the market stratification system and the information disclosure standard,the third part focuses on the improvement of the supervision system,the fourth part emphasizes the improvement of the violation responsibility system,and the fifth part emphasizes The promotion of the supervision ability of the brokerage firm,the sixth part focuses on the improvement of the internal governance level of the listed companies.The sixth chapter concludes,summarizes the full text,and looks to the future.