| Information is one of the important foundations for the survival and development of the capital market,which is the basis for investors’ rational investment behavior in the market,influencing and guiding investors’ investment decisions and capital flows.Therefore,adequate information and effective disclosure are the basis of market effectiveness.Market participants can form prices through purely supply and demand games without the influence of excessive external factors through truthful,accurate,complete,timely and fair information,and make resources flow effectively through market evaluation,selection,and regulation mechanisms,so that the market’s resource allocation function can be realized.The purpose of effective disclosure is to ensure that investors have all the information they need by eliminating opaque information and effectively eliminating false information.Therefore,laws and regulations and government supervision also focus on preventing the concealment of critical information and increasing penalties for non-disclosure or incomplete disclosure.But it can lead to the other extreme-disclosing all potentially material information to avoid being judged as withholding information.And when companies disclose too much information,the adulteration of non-material information can lead to disclosure content quality problems and make it much more difficult for investors to read and increase the burden of disclosure costs for companies.With the rapid growth of stock exchange venues and systems of different sizes worldwide,the market drive to reduce disclosure costs for small and medium-sized enterprises is growing stronger.The Beijing Stock Exchange(BSE)is an important deployment for the construction of China’s capital market and a significant channel for SMEs to raise capital.The BSE’s information disclosure policy and its regulation should be adapted to the demands of SMEs in the capital market to a greater extent and on a larger scale,as part of the BSE’s mission to "build a major position to serve innovative SMEs".In view of this,this research is oriented to the following questions and answers in the main part of the paper: What is the demand for differentiated information disclosure from investors on the BSE? What are the existing regulatory approaches and problems of differentiated disclosure on the BSE? How can the BSE improve its system to respond to the needs of BSE s’ development? Does the differentiated disclosure on the BSE cause harm to investors? And how to balance the two? These questions are based on the research of this paper and follow the logic of "what","why" and "how".Chapter 1 of the main paper provides an overview of differentiated information disclosure in the capital market.Between the heterogeneous listed companies and the profit-seeking market investors.What is mapped out is that the interests of financiers,investors and regulators are in a constant game to find a reasonable balance.This chapter analyzes the theoretical causes and basic principles of the differential disclosure system,and lays the theoretical foundation for the depth and breadth of the disclosure rules and the rationality of the disclosure tools for specific markets and sectors;it will be used as the starting point to further demonstrate the theoretical basis and reasonable boundaries of the differential disclosure system.The second chapter is an analysis of the main causes of the differentiated information disclosure mechanism of the NSE and its necessity.It analyzes the logic of the stratification of China’s stock exchange,its differentiated development and its limitations,and discusses the structural positioning and functional positioning of the BSE in China’s multi-level capital market and the resulting need for differentiated information disclosure.The third chapter of the main text compares the commonalities and characteristics between the BSE and the NASDAQ market,which is a major overseas second board market,and summarizes the current design model of the differentiated disclosure system in similar markets,with a view to drawing lessons for improving the the BSE.The fourth chapter of the main text is a compilation of the current institutional practices of the NSE’s issuance and trading markets and a discussion of their shortcomings,which will lead to a consideration of the mature establishment of the NSE’s disclosure system.On the other hand,the current system of differentiated information disclosure in China is still fragmented,i.e.,a relatively systematic system has not been formed.Chapter 5 of the main text is based on the previous section,which summarizes and compares the legal models of differentiated disclosure in mainstream overseas securities markets,and organizes and analyzes the existing practices and problems of differentiated disclosure in the BSE market.Following the logical progression of "problem identification-problem analysis-problem solving",Chapter 5 proposes the improvement of the legal system of differentiated information disclosure in the North China Stock Exchange.The improvement of the legal system of differentiated information disclosure in China is at an unprecedented opportunity,and taking the newly established BSE as an entry point will open a new window for us to study the legal system of information disclosure. |
