Research On The Information Disclosure System In The Stock Issuance Stage Of My Country's Science And Technology Innovation Board Companies

How to show the real value of securities through information disclosure system is an eternal proposition of securities market.With the first adoption of the registration system of the The Science and Technology Innovation Board,coupled with its own particularity,it is bound to have more special requirements for the information disclosure system of the The Science and Technology Innovation Board.Therefore,how to build an information disclosure system that meets its requirements according to the particularity of the The Science and Technology Innovation Board has become the key issue of the The Science and Technology Innovation Board market.In view of this problem,it is necessary to investigate the specific disclosure status of the The Science and Technology Innovation Board for analysis.This paper takes the prospectus at the IPO stage as the starting point.The first part focuses on the general characteristics of the legal innovation board and its information disclosure system.In the characteristics of The Science and Technology Innovation Board,it reveals the special attributes of The Science and Technology Innovation Board,including approval method,listing conditions,pricing method,equity setting,service object and so on.This paper discusses the special regulation of information disclosure from the particularity of The Science and Technology Innovation Board.The legal basis discusses the value orientation of information disclosure system and the necessary principle of regulation from two aspects: faith basis and efficiency basis.The second part takes 100 Prospectuses of The Science and Technology Innovation Board companies as samples to study.This part mainly starts from the disclosure content.Firstly,this paper studies the current situation of information disclosure from five aspects:page number,risk factors,intellectual property rights,special equity and evaluation methods.It is found that there are some problems,such as lack of information and information redundancy,not investor oriented,lack of special voting rights,lack of evaluation method of estimated market value and so on.The main causes are the lack of relevant norms,the mismatch between the particularity of The Science and Technology Innovation Board and the setting of information disclosure system,and the confusion of information Phi supervision.The third chapter selects the American securities market as the comparative object from the perspective of comparative law.Firstly,compare the differences between China and the United States in information disclosure rules.Secondly,take the American Facebook prospectus as the specific comparison object,compare the text preparation and content disclosure,and analyze the deficiencies of the prospectus of China's The Science and Technology Innovation Board company in text preparation and content disclosure,including the shortcomings of the preparation form is not simple enough,the content disclosure is not focused,and the text expression is too profound.Finally,it compares and draws lessons from the differences in information disclosure of special voting rights between China and the United States.The fourth part is based on the second and third parts,combined with the legal basis of the information disclosure of the science and innovation board,puts forward some suggestions on the information disclosure system in the stock issuance stage of The Science and Technology Innovation Board.Specific suggestions are put forward from the aspects of the information disclosure specification of the The Science and Technology Innovation Board,the preparation of the disclosure text should be investor-oriented,and the supervision mode of information disclosure should be improved.In addition,for the prospectus of The Science and Technology Innovation Board company,it also puts forward suggestions on information disclosure from three aspects: risk factors,intellectual property rights and special voting rights.