Research On Optimization Strategy Of Information Disclosure Management Of S Stock Exchange Under Registration Reform

On March 1,2020,the revised Securities Law came into force.The revision of the securities law lasted for more than four years,which is also the most significant revision since the implementation of the securities law for more than 20 years.The revision mainly includes the implementation of the registration system,the improvement of the cost of securities violations,the improvement of the investor protection system,the establishment and improvement of the multi-level capital market system,etc.,all of which have great significance and far-reaching impact.The introduction of the registration system is a major change of the existing capital market system in China,the core of which is information disclosure.Compared with the traditional approval system,the registration system requires that the core of market supervision focuses on the quality of information disclosure of issuers in the whole process from securities issuance,listing and trading to compulsory delisting.As a place to organize and supervise securities trading,stock exchange is an important auxiliary institution of financial market.At present,from the situation of all countries in the world,stock exchanges are mainly divided into company system and membership system,and there is a trend of membership system to company system.At the same time,as a self regulatory organization,stock exchange is an important supplement to administrative supervision.Compared with serious judicial or administrative procedures,the self-regulation of stock exchanges has strong flexibility and adaptability,and can respond quickly to market changes.At present,China’s capital market is developing rapidly,the self-regulation function of stock exchanges is constantly strengthened,and the content of supervision is constantly enriched.In the aspect of information disclosure regulation,the stock exchange should give full play to its first-line supervision role.Taking S stock exchange as an example,this paper first analyzes and introduces the implementation of the registration system reform in China and its practical significance.Combined with the literature review at home and abroad,it demonstrates the importance of information disclosure supervision.Then through the elaboration of the relevant theory of information disclosure system,to analyze the relationship between the quality of information disclosure and the efficiency of market operation,and provide the theoretical basis for the following.On this basis,through comparative analysis of the current situation of information disclosure regulation in mature exchanges,summarized the characteristics,and provided reference for the optimization of information disclosure regulation in S stock exchange.Then,through the analysis of the current situation of S stock exchange,this paper points out the possible problems and analyzes the reasons.Finally,combined with the revision of the new law,this paper puts forward four suggestions for S stock exchanges’ information disclosure regulation measures:improving the information disclosure supervision system,improving the information disclosure management level,standardizing the information disclosure management standards,and improving the information disclosure violation handling measures,so as to create a good market environment for the smooth implementation of the registration system reform.