Research On Information Disclosure System Of Science And Innovation Board Registration System

On March 2,2019,the China securities regulatory commission and the Shanghai stock exchange officially issued the relevant rules of the science and innovation board.So far,the registration system of the science and innovation board has been running smoothly,and a relatively complete system has been established.The listing conditions are more inclusive,the auditing is open and transparent,and the auditing expectation is greatly enhanced.The introduction of the registration system of science and innovation board is a major reform of the rule of law in the capital market of our country.Based on the analysis of the successful information disclosure system of the nasdaq market in the United States,this paper discusses the innovation and challenges of the information disclosure system in the implementation of the technology innovation board registration system in China,and draws on the useful experience of foreign countries,and puts forward corresponding solutions to the problems of the information disclosure system in the implementation of the technology innovation board registration system in China.This paper is divided into four parts:The first part mainly expounds the general situation of information disclosure system in the implementation of the technology innovation board registration system,including defining the concept of information disclosure based on the characteristics of the technology innovation board.This paper introduces the characteristics of information disclosure of science and innovation board from the aspects of auditing standards,key contents and responsibilities of science and innovation board.It also analyzes the necessity of perfecting the information disclosure system from the perspectives of investors,listed companies and securities market.The second part focuses on China's current science and innovation board registration system of information disclosure system in the implementation of the status quo,from the securities and futures commission and Shanghai audit supervision,information disclosure quality,intermediaries occupational behavior and punishment mechanism four aspects to analyze the status quo,found science and innovation board information disclosure in our country in the independence of the audit information and strict sex also there is a big problem,low quality of information disclosure,intermediary level is not high and the standardization is not strong,the punishment mechanism is not sound,this a series of problems affecting our country science and innovation board registration system running smoothly.The third part expounds the information disclosure system design of the nasdaq market in the United States,mainly from its regulatory procedures and regulatory mechanisms for in-depth research,the absorption of its system of beneficial results,by referring to its regulatory model and regulatory procedures to improve the information disclosure system in China.The fourth part puts forward some Suggestions to improve the problems in the second part.Firstly,it is necessary to establish an efficient and strict examination and inquiry mechanism,enhance the independence of the examination and inquiry right of the exchange,and strengthen the rigor of the examination and inquiry procedure.Secondly,the quality of information disclosure should be improved.Enterprises applying for listing should clarify the disclosure standards,improve the industrial and risk information disclosure,and improve the readability of information disclosure.Third,we should strengthen the role of the intermediary,improve the capacity and level of practice,compaction responsibility;Finally,we should improve the after-event punishment mechanism,perfect the civil liability for information disclosure violations,realize the combination of multiple means and various legal liabilities,and jointly solve the problem of information disclosure in the registration system of science and innovation board.