Research On The Improvement Of Voluntary Information Disclosure System From The Perspective Of Registration System

Information disclosure system has always been an important system to maintain the stable operation of the securities market,and as an important part of the information disclosure system,voluntary information disclosure can be combined with mandatory information disclosure to build a complete information disclosure system.China’s securities market shows the characteristics of post-development and is facing the important task of simultaneous promotion of mandatory information disclosure and voluntary information disclosure.The importance of voluntary information disclosure is increasing in the development of securities market.China has for the first time stipulated a voluntary information disclosure system in the new Securities Law,encouraging listed companies to voluntarily disclose information that can help investors better understand the value of the enterprise.From the information disclosure requirements of the approval system,mandatory information disclosure has become more and more the bottom line requirements for investors to judge the investment value of listed companies.However,with the gradual growth,they are no longer satisfied with the legal information disclosed by listed companies,and more hope to obtain information with incremental value through voluntary information disclosure.At the same time,listed companies need to establish a good corporate image through voluntary information disclosure.Therefore,voluntary information disclosure is increasingly favored by the market.However,under the approval system,the motivation of voluntary information disclosure of listed companies has deviated,paying too much attention to the needs of supervision and ignoring the needs of investors.Therefore,in order to better promote the reform of registration system,voluntary information disclosure system needs to be re-value oriented.First,investors’ interests should be fully protected.As the core pursuit of securities rule by law,investor protection cannot be abandoned.The second is to take into account the development needs of listed companies,blindly pursuing investor protection and neglecting the interests of listed companies is not desirable.The third is to optimize the efficiency of resource allocation in the securities market,which is conducive to the realization of substantial equity in the securities market.Taking this as the value orientation,a voluntary information disclosure system should be established and improved,which pays equal attention to fairness and efficiency,coordinates the interests of investors with the development of the company,and coordinates market self-discipline with government supervision.Voluntary information disclosure refers to the mandatory disclosure of information,the disclosure obligor may voluntarily disclose related to investors to make value judgments and investors decision-making information ",but in practice,optional the disclosure,selective disclosure,and disclosure of low quality and so on,does not reflect incremental value is invalid disclosure often exists.As for supervision,regulators often confuse the supervision of voluntary information disclosure with that of mandatory information disclosure,and regulatory measures are relatively difficult to implement,resulting in insufficient deterrence of punishment for illegal voluntary information disclosure under the current system.The reasons are as follows: first,the top-level design of voluntary information disclosure system is not perfect enough to form a systematic system and give more guidance to practice;Second,the internal control mechanism of voluntary information disclosure is not sound enough,and the willingness of listed companies to voluntarily disclose is low,which cannot guarantee the quality of disclosed information;Third,the voluntary information disclosure supervision system is not effective enough to play the role of regulating and guiding listed companies;Fourthly,the reasons for exemption of voluntary information disclosure are not clear enough to guarantee the bona fide disclosure of listed companies.It can be seen that China’s current voluntary information disclosure system still needs to be improved.Therefore,our country should take emphasis on fairness and efficiency,the interests of the investors and the company development coordination and market discipline and the concept of government regulation to cooperate,in order to solve the problem of domestic oriented,draw lessons from the United States and other major countries of voluntary disclosure of information system construction and implementation experience,to improve the voluntary information disclosure system in China.First of all,it is necessary to do a good job in top-level design,improve the standard of voluntary information disclosure,flexibly define the scope of voluntary information disclosure,and clearly define the standard of "usefulness of investors’ decisions".Second,must strengthen the construction of quality guarantee mechanism,through the optimization of internal governance of listed company guarantee voluntary disclosure of information production quality,build good voluntary information disclosure evaluation system to improving the quality of information disclosure of listed companies,at the same time set up voluntary information disclosure obligation of continuously updated,let meet the requirements of continuous information disclosure,better play its incremental value.Thirdly,it is necessary to optimize the regulatory model,adhere to the investor protection as the center of guidance,implement the strategy of flexible supervision,build a threedimensional regulatory model,and achieve the objective of substantial fairness between investors and listed companies.Finally,to strengthen the legal responsibility,on the one hand,through improving the legal responsibility system to strengthen the listed company’s illegal behavior of deterrence;On the other hand,it is necessary to give listed companies sufficient disclaimer protection on specific information disclosure to enhance the willingness of listed companies to disclose voluntarily.