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

Since the introduction of the amendments to the new Securities Law in 2019,the registration system in China’s capital market has been piloted on the STAR Market and the GEB.It is expected that in the future,with the continuous improvement of China’s legal system and the accumulation of practical experience of the registration system,the registration system will be gradually pushed to the main-board market.After the implementation of the registration system pilot,the right of value judgment is returned to the public investors,the responsibility of the market can be corrected and the market vitality is stimulated,but at the same time this will also cause impact on the existing stock companies,the content of information disclosure of listed companies faces new requirements and challenges.Therefore,compared with the STAR Market,which is a brand-new segment,it will be of vital importance to study the information disclosure quality of the GEB,which is a stock segment,under the background of the registration system for the comprehensive promotion of the registration system in future.Through clarifying the institutional background,evaluation principles and policy requirements of information disclosure of listed companies and combining them with relevant domestic and international laws and regulations,the paper establishes an evaluation system for the quality of information disclosure of listed companies under the background of the registration system in China.The evaluation system consists of4 criteria level indicators,16 sub-criteria level indicators and 54 program level indicators.The weights of each indicator are determined by combining with the analytic hierarchy process.Among them,the design of the indicator system fully takes into account the reform direction of the registration system and the characteristics of the GEB itself,strengthens the consideration of information disclosure responsibilities of relevant subjects,the stability of company operations,the core competitiveness,the industry positioning,the potential for future development,corporate governance,corporate policies,the internal logic of the documents and other aspects.The design of the indicator system also sets corresponding indicators accordingly in order to better evaluate the information disclosure of stock enterprises under the background of the registration system and provide a feasible reference method for the steady introduction of the registration system to the main-board market.Then,the evaluation system is applied to the case company Qingdao Tianneng Heavy Industries Co.,Ltd.By combining the company’s financial reports of each period,prospectus,prospectus and other available multi-channel information,the quality of information disclosure of Qingdao Tianneng Heavy Industries Co.,Ltd before and after the implementation of the 2016-2021 registration system is studied.It is found that the quality of information disclosure of Qingdao Tianneng Heavy Industries Co.,Ltd has generally developed in a positive trend in recent years.To be sure,Qingdao Tianneng Heavy Industries Co.,Ltd has been able to make positive improvements in social responsibility,innovation investment and other aspects.It has always complied with the laws and regulations,and the readability of the company’s information disclosure has been improved year by year.However,it is still necessary to point out that the Company should pay attention to and correct some problems such as poor performance of corporate management personnel’s responsibilities,inadequate disclosure of internal environmental information,incomplete disclosure of risk assessment information,incomplete disclosure of internal control information.Therefore,in order to further improve the quality of information disclosure of the company,Qingdao Tianneng Heavy Industries Co.,Ltd should raise the awareness of management level responsibility,strengthen the comprehensive quality of financial personnel,establish an information disclosure department,complete the internal management system and enhance the information disclosure management system.The purpose of this paper is to establish a set of quality evaluation system to comprehensively assess the information disclosure capability of listed companies under the current registration system and to determine the quality measurement criteria of information disclosure,so as to promote the improvement of information disclosure level of listed companies and provide reference for further implementation of the registration system in the main-board market.At the same time,with the aid of the practical application of the evaluation system to the case company Qingdao Tianneng Heavy Industries Co.,Ltd,the operability of the evaluation system is verified,which provides a basis for the reform of the GEB and the adjustment of information disclosure content of other listed companies under the background of the registration system.