Research On Information Disclosure Of Listed Companies Under The Background Of Registration System

With the promulgation and continuous revision of the "Company Law" and "Securities Law" and other laws and regulations,as well as the promulgation of the listing rules promulgated by the science and technology sector,the information disclosure system has been continuously standardized and improved.For example,in the new "Securities Law",the content of information disclosure and the regulatory system have new regulations.The listing rules promulgated by the Science and Technology Innovation Board shall require that the content of information disclosure is easy to understand and avoid professional terminology..In the period of the transition from the approval system to the registration system,information disclosure bears irreplaceable responsibilities.Therefore,this article selects case companies under the two systems in this context to explore the differences in information disclosure of their companies.The complete set of information disclosure is a powerful measure to promote the implementation of the comprehensive reform of the registration system.The Science and Technology Innovation Board is a typical place for the first pilot of the registration system.This article selects one company on the main board of the Shanghai Stock Exchange and one company on the Science and Technology Innovation Board.The annual report,prospectus and other representative information disclosure contents are compared.An important purpose of standardizing information disclosure is to improve the quality of information to better assist investors in decision-making.Therefore,this article starts from the provisions of policy documents and starts from the information disclosed.The content framework,adequacy,comprehensibility,and similarity of the information disclosure are compared.Finally,based on the problems found in the case companies during the information comparison process,corresponding suggestions are put forward to promote the perfection of information disclosure.At the same time,suggestions are made to promote the full implementation of the registration system from the aspects of the legal system related to information disclosure and the stakeholders of information disclosure.The process of realizing the registration system cannot be accomplished overnight,and the improvement of information disclosure cannot be rushed.The research in this article can provide some reference value for the research of information disclosure.The problems found and the suggestions for improvement can help information disclosure.Perfect,I believe that after the implementation of measures such as institutional regulations,detailed specifications,increased penalties,and internal governance structure constraints and the training of investors’ quality,the goal of better information disclosure will be achieved.