Research On The Legal Guarantee Mechanism Of Information Disclosure Quality Of Prospectuses Under The Registration System

Amendments to the Securities Law were made on March 1,2010 and officially entered into force.This provides a strong institutional guarantee of reforms in the registration system of securities issues.The registration system reform requires securities issuers to make comprehensive and reliable disclosures to investors."Disclosure" is the central issue of the securities registration system.It is very important to improve the mechanism for ensuring the effectiveness and quality of a company’s public offering of securities and to help investors make good value and investment decisions.From the perspective of legal logic and economic theory,it is necessary to improve the legal mechanism to ensure the quality of disclosure of information by prospectuses within the "registration system".From the point of view of legal logic,when a securities issue is transformed into a "registration system",the concept of disclosure as the main disclosure document in prospectuses has changed,and it has become a need for investor confidence.As a special invitation.By preserving all the information an investor needs and ensuring the quality of disclosure in the prospectus,issuers can balance the asymmetry of market information to some extent.Moreover,according to the efficient market hypothesis,the efficiency of the Chinese stock market in the stock market remains low.Ensuring the quality of disclosure in prospectuses can help shape the market effectively.From the current level of legal safeguards for the quality of prospectus disclosure within the current registration system of my country.Our country has established a full set of multi-level legal systems governing prospectus disclosure.This includes the Securities Law,relevant prospectus disclosure legislation.The relevant self-discipline rules developed by the stock exchange.In addition,Chinese securities laws and regulations include insufficient consistency of laws and regulations,simplicity,completeness,diversity,unclear standards of disclosure of important information and imperfect relevant rules and accountability mechanisms.You can also see that some problems still remain.Whether the quality of disclosure in the Office of Science and Technology Innovation Prospects meets the new standards proposed in Standard No.41 on content and format requires further analysis in conjunction with the actual disclosure situation in the Prospect.There is.Office of Science and Technology Innovation.Committee on Science and Technology Innovation is the testing ground for securities registration reform in Japan.Consequently,it is necessary to find the current problem,combining it with the current state of implementation of the legal quality assurance system of disclosure in the prospectus of the Committee on Science and Technology Innovation.In terms of review and oversight of the Shanghai Stock Exchange Committee on Science and Technology Innovation prospectus disclosure,the main situation with the issuer and other "important" issues in the review and reference to the Shanghai Stock Exchange.I am also very concerned about.information other than financial ".The degree of disclosure affects the quality of disclosure in the prospectus.In addition,the observation of the SSE Science and Technology Innovation Committee’s self-regulatory oversight of stock issuance reviews shows that there are still some problems with the prospectuses of listed companies of the Science and Technology Innovation Committee.In addition,through a multi-faceted analysis of the corporate prospectuses of the three selected by the Science and Technology and Innovation Committee,this is the extent of non-core information and other non-financial "important information" or language disclosure issues.You can also determine whether there is.Prospectus analysis in "common issues" "Simplicity" and"clarity" of disclosure does have many flaws.Or "objectivity" and "discrimination" of disclosure.Thus,we can start with three aspects: improving the rules governing the content of disclosure in the prospectus and improving the oversight and reporting mechanism for the quality of information.