Research On The Supervision Of Listed Companies On The Science And Technology Innovation Board By The Exchange

Securities supervision is related to the healthy operation and development of the securities market.The supervision of listed companies by the stock exchange as an important part of the self-regulatory supervision of the stock exchange also plays an important role in the sound development of the securities market.Looking at the nature of stock exchanges around the world,nothing can be summarized as a membership system or a company system.However,due to the special development process,China's stock exchanges have a strong administrative color,and their uniqueness is called a "third model" stock exchange.Stock exchanges have obtained the right to supervise listed companies in accordance with laws,agreements and other sources,prompting listed companies to regulate their participation in securities trading activities.After the pilot registration system for the STAR Market of the Shanghai Stock Exchange in China,the newly revised and promulgated "Securities Law" recently established the legislative registration system for China's stock issuance.This measure is undoubtedly an important impetus for the further standardized development of the STAR Market.As a front-line regulator of securities trading,the stock exchange supervises listed companies,although it is only part of the self-regulatory supervision of the stock exchange,a listed company regulating the issuance and faithfully fulfilling its information disclosure obligations is related to the stable operation of the securities market and the legitimate rights and interests of investors.Therefore,we can see the importance of stock exchanges to regulate listed companies.Under the specific securities environment of China,the stock exchange's supervision on listed companies of the STAR Market will inevitably have many problems,such as the lack of independence of the exchange,the unclear allocation of powers between the exchange and the CSRC,the need to improve the information disclosure system,a single regulatory approach,and insufficient judicial intervention mechanisms.The unclear allocation of powers and responsibilities between the stock exchange and the CSRC is the result of excessive involvement of the "administrative hand" in self-regulatory supervision,which has greatly hindered the front-line supervisory functions of the stock exchange.Therefore,the CSRC further decentralized its power to The focus of supervision shifted to ex-post supervision,which will greatly help to clarify the allocation of rights and responsibilities between the two,and the independence of the stock exchange will be improved.The imperfect information disclosure system of the STAR Market is reflected in flaws in the supervision concept and insufficient criminal liability for information disclosure.If the supervision concept transitions from focusing on the listed to focusing on investor protection,and the criminal liability for information fraud will increase appropriately,the information disclosure of the board will be further improved and it will be more in line with the requirements of the registration system.The supervision methods of stock exchanges can draw on the practices of overseas and China's Hong Kong region to appropriately enrich the means of China's exchanges to supervise listed companies.Aiming at the problem of insufficient judicial intervention in the supervision of the stock exchange,the judicial intervention mechanism can be improved by formulating the standards for distinguishing regulatory actions and corresponding systems.