Research On The Voluntary Information Disclosure System Under The Background Of The New Securities Law

From the perspective of market practice,the information disclosure obligations of listed companies are mandatory information disclosure obligations,and listed companies are required to submit relevant information on time in accordance with the requirements of the rules.With the development of the capital market,single and mechanical mandatory information disclosure cannot meet the needs of the market.In order to improve the effectiveness of information disclosure,regulatory authorities have begun to pass legislation to encourage listed companies to voluntarily disclose information related to corporate strategy,social responsibility,and predictive information,etc.The new "Securities Law",which came into effect on March 1,2020,introduced the concept of "voluntary information disclosure" at the legal level for the first time,and initially established our country’s voluntary information disclosure regulatory system.At the same time,the implementation of the new "Securities Law" also marks the full implementation of our country’s issuance registration system.Under the background of the registration system,in an environment where information disclosure is highly valued,how to conduct voluntary information disclosure? At present,there are still many deficiencies in the practice of voluntary information disclosure,and the voluntary information disclosure system faces the risk of failure.This paper sorts out the concept of voluntary information disclosure,analyzes the relationship between voluntary information disclosure and mandatory information disclosure;analyzes the existing voluntary disclosure system and disclosure practice in our country,and identifies the reasons for the failure of the voluntary information disclosure system;comparatively analyzes the voluntary information disclosure system in overseas markets.Information disclosure system and status,rebuild and think about our country’s current system and supervision,explore ways to improve our country’s voluntary information disclosure laws and regulations,and put forward regulatory suggestions.This article is divided into the following five chapters:The first chapter is to sort out the basic issues of voluntary information disclosure.By combining the discussion on the concept of voluntary information disclosure,it is clear that its concept is vague and convertible,and the relationship and distinguishing standard between voluntary information disclosure and mandatory information disclosure are analyzed and summarized,and the evolution of voluntary information disclosure is found from the evolution of voluntary information disclosure.its value.The second chapter mainly investigates the practice of our country’s voluntary information disclosure system under the background of the new "Securities Law".Through system analysis,it sorts out our country’s existing voluntary information disclosure regulatory system,and clarifies the voluntary nature of our country’s principled regulations + regulatory regulations.Information disclosure system.Through empirical research,from the channels of voluntary disclosure,the practice of disclosure and the analysis of violation cases,it is concluded that our country’s current voluntary information disclosure is not highly motivated,and the characteristics of frequent violations.Combined with cases of voluntary information disclosure violations,the types of major violations were analyzed.Chapter 3 combines the practice of our country’s voluntary information disclosure in Chapter 2,and based on the system of our country’s voluntary information disclosure system,it is found that the reasons for the failure of the voluntary information disclosure system of listed companies in our country can be divided into three problems.The second is that the voluntary information disclosure channel and evaluation mechanism need to be optimized,and the third is the lack of voluntary information disclosure review and supervision system.The fourth chapter undertakes the analysis of the shortcomings and causes of voluntary information disclosure,examines the voluntary information disclosure system and excellent practices of foreign countries and regions,and compares and analyzes the voluntary information disclosure system in our country.possibility of introduction into our country.For example,the Safe Harbor system in the United States and the practice of information disclosure intermediaries in the United Kingdom and Chinese Hong Kong distinguish between voluntary disclosure and mandatory information.The fifth chapter analyzes the voluntary information disclosure system in the first four chapters,and gives its own improvement path suggestions from the legislative level,the implementation level and the supervision level according to the reasons for the failure of the current voluntary information disclosure system in our country.The perfect path for our country’s voluntary information disclosure system is to optimize the legislation.On the basis of the Securities Law,maintain the flexibility and openness of the concept of voluntary information,and gradually determine the scope and supervision mode of voluntary information disclosure,and learn from it.The experience of the Science and Technology Innovation Board provides guidance and encouragement to listed companies for voluntary information disclosure through enumerated regulations;the second is to standardize the evaluation mechanism for voluntary disclosure of information and the internal decision-making process of listed companies,optimize the internal review and decision-making procedures of listed companies,and explore the use of market forces,promote the disclosure and regulation of voluntary information,and explore a rating system for voluntary information disclosure;the third is the improvement of regulatory measures,changing from a strong regulatory concept to a weak regulatory concept,relaxing pre-regulatory restrictions and post-regulatory efforts,and guiding issuers Voluntary disclosure of information,but weak supervision does not mean no supervision.It is necessary to improve the supervision of voluntary information disclosure through a multi-level supervision system.