Research On The Voluntary Information Disclosure System Under The Registration Syste

Voluntary information disclosure is an important way to solve the problem of information asymmetry in the capital market and protect the interests of investors.The academic circles in China have also been trying to improve the voluntary information disclosure system,and in response to various problems in the capital market,the SFC and the SEHK have issued various guiding documents,but none of them has fundamentally solved the practical dilemma of the voluntary information disclosure system.2020 saw the introduction of the new Securities Law,which established the voluntary information disclosure system at the legislative level,and in order to make the system more operative in practice,the The SEC and the SEHK have made detailed provisions.The essence of China’s voluntary information disclosure system is to protect investors in the market through the supervision of listed companies.However,the legislation is too strict on the voluntary information disclosure system,which may lead listed companies to reduce the enthusiasm of voluntary disclosure in order to avoid unnecessary troubles.In practice,low quality of voluntary information disclosure,selective disclosure and vague disclosure standards occur.Based on the theoretical foundation of voluntary information disclosure system,this paper analyzes the problems of voluntary information disclosure system in practice,draws on the mature "safe harbor" system in the United States,and constructs the innovation path from three aspects: improving the institutional system,perfecting the regulatory mechanism and clarifying the exemptions.The first part of this paper is an overview of the voluntary information disclosure system,starting from the theoretical basis,characteristics of the system and its relationship with mandatory information disclosure,including the theoretical basis of information asymmetry theory,efficient market hypothesis and cost-benefit analysis theory.The second part is the problems of the current system and its analysis.Firstly,it is pointed out that the current system has the problems of low disclosure quality,vague disclosure standards and low cost of non-compliant disclosure,and the reasons for the current problems are broadly classified into three categories: inadequate institutional system,imperfect regulatory mechanism and unclear exemptions.The third part is the study of the extraterritorial system.This part analyzes the U.S.experience,from the regulation of the three major regulatory authorities to the maturity of the "safe harbor" system and the necessity of the advance warning theory,and analyzes the significance of the U.S.system for China.The fourth part is the improvement of China’s voluntary information disclosure system,including improving the internal governance of listed companies and constructing the evaluation mechanism;improving the regulatory efficiency and constructing the regulatory system of intermediaries;defining the materiality standard,introducing the U.S.experience and constructing a liability exemption system in line with China’s national conditions.