Research On IPO Information Disclosure SCI-Tech Innovation Board Company

On July 22,2019,the science and technology innovation board officially opened for trading.The first implementation of the registration system on the science and technology innovation board means that it puts forward higher requirements for information disclosure and faces greater challenges.As for the information disclosed in the IPO of science and technology innovation company,it is inevitable to encounter many problems and challenges in the process of transformation from substantive review to formal review.To explore the reasons,it is ultimately the choice between "protecting the transaction security" and "improving the transaction efficiency" of the state.Based on this point of view,this paper explores the choice between "safety" and "efficiency" in the process of IPO information disclosure system construction of scientific and technological innovation board.Combining with the newly revised "Securities Law of the people's Republic of China",it finds out the problems in the process of IPO disclosure of scientific and technological innovation board,and combining with the mature experience of Nasdaq stock market in the United States,it puts forward "Transaction security" and "transaction efficiency" depend on each other,both of which are indispensable.Under the premise of transaction security,the most possibility to improve efficiency is given.The successful implementation of scientific and technological innovation board cannot be separated from the establishment of a perfect information disclosure system,and the perfect information disclosure system cannot be separated from the continuous improvement of the supporting system,only in this way can we better promote the development of scientific and technological innovation board.Around the above problems,four parts are elaborated:In the first part,the author summarizes the IPO information disclosure of science and technology innovation board,introduces the development process of science and technology innovation board from scratch,as well as the characteristics of implementing the registration system to provide financing services for high-tech and science and technology innovation industries,and the diversification of listing standards;secondly,it determines that the emergence of science and technology innovation board has profound political decisions for China's economic transformation,the establishment of multi-level capital market andthe powerful country of science and technology Thirdly,it studies the theoretical basis of information disclosure,and draws the conclusion that information disclosure is of great significance to the effective operation of market mechanism and the maintenance of transaction security from the perspective of "effective market theory" and "information asymmetry theory".Finally,it compares the information disclosure system of the IPO of Science and technology innovation board with that of the Shanghai main board,which is of great significance in the identification of science and technology innovation attributes and "market value" Event indicators and differentiated voting rights are unique.When setting up the IPO information disclosure system of science and technology innovation board,we should fully consider its unique attributes,and reflect the individuality of science and technology innovation board in the commonness.The second part summarizes the relevant provisions of the IPO information disclosure system of kechuangban,finds out the innovation of the information disclosure of kechuangban,analyzes from three aspects of disclosure content,disclosure supervision and disclosure responsibility,and points out that in the specific implementation process of kechuangban,it is difficult to identify the attributes of science and technology innovation,it is difficult for investors to obtain information,and the intermediary does not play a good role of "gatekeeper" In the final analysis,these problems are caused by the immaturity of the securities market at present,which is manifested in the inadequacy of information disclosure,the failure of the regulation function of the market mechanism to play a good role,and the hindrance to the improvement of transaction safety and efficiency.The third part compares the IPO information disclosure system of foreign stock market,taking the Nasdaq market with representative banks and the Japanese stock market as an example.Nasdaq market was established earlier and the supporting system is relatively perfect,the market regulation can also play an effective role in the content of information disclosure,supervision and other aspects of other securities markets have reference significance.China and Japan belong to the same civil law system,and there are many similarities in the establishment of the supporting system of the securities market.The advanced disclosure technology and the unique supervision mode in the Japanese securities market are the direction of the science and technology innovation board learning.In the fourth part,the author thinks and draws lessons from the advantages of the United States in theprevious chapters.The author points out that the relationship between "transaction security" and "transaction efficiency" is the interdependence of the two.We should not blindly pursue security and lose the vitality of the capital market,nor pay too much attention to improving the efficiency of transactions and damaging the security of transactions.On the premise of ensuring transaction security,we should maximize transaction efficiency Rate.From this point of view,this paper gives four suggestions for the scientific and technological innovation board to improve the quality of information disclosure,improve the quality of investors,regulate the behavior of intermediaries and change the functions of regulatory departments.