Research On The Information Disclosure System Of Listed Companies In STAR Market

The implementation of the registration system of STAR Market is a major institutional innovation in the capital market.Under the registration system,the market has higher requirements for information disclosure.How to solve the contradiction between supply and demand of information disclosure and improve the effectiveness of information disclosure,which is an urgent problem for the construction of a science and technology board with information disclosure as its core.As an emerging market,there are still some problems with the current information disclosure system.For example,the specifications of information disclosure content need to be improved,and the information disclosure regulatory system lacks relevant safeguards.Optimizing the content of information disclosure and flexibly using a variety of information disclosure methods,which are good measures to promote the system to move toward a more perfect direction,improve the effectiveness of information disclosure,reduce investment risks for investors in a high-risk market environment and safeguard their legitimate rights and interests.Based on the requirements of the STAR Market for information disclosure,combined with the status of China's information disclosure system and the practical experience of information disclosure in the US and other countries,China can take industry differences as the standardand take into account the differences in company size,and implement a sector-by-industry information disclosure system based on the industry's discriminating standards in the STAR Market.In addition to the principles of truthfulness,completeness,timeliness,and accuracy of the disclosure of information by listed companies in STAR Market,they should adhere to the principles of protecting investors 'rights and materiality;In terms of specific disclosure methods,it is necessary to flexibly use the combination of mandatory disclosure and voluntary disclosure,as well as the combination of comprehensive disclosure and simplified disclosure;Due to the imperfection of the existing standard system,to promote the differentiated information disclosure system based on industry standards in the science and technology innovation board,it is necessary to improve the current information disclosure specification system.Specific suggestions are as follows:establish the principle of differentiated information disclosure in the securities law and lay the foundation for information disclosure by industry,integrate and optimize the industry information disclosure guidelines formulated by the Shanghai Stock Exchange and the ShenZhen Stock Exchange,and compile them into the“Information Disclosure Guidelines”,formulate "Case Opinions and Case Studies" and "Industry Supervision Memorandum" to provide guidance for listed companies and regulators in practice;Improve the supervision system,draw lessons from the US regulatory framework,and refine thefunctions of STAR Market Supervision department based on industry standards;Complete supporting measures for information disclosure system,Strengthen penalties for illegal disclosure of information.