| The corporate disclosure system is the core of the modern securities market. It plays a role to fix the problem of the information asymmetry between the securities issuers and the public investors. This system also makes positive contribution to defend the market risk and protect the benefit of the investors. As an important part of modern securities market, GEM market needs the protection of an impeccable corporate disclosure system. Moreover, relative to the rigorous standard of public issuing in the main board market, IPO is much easier in the GEM market, which means it has weaker ability to resist the risk and the future of public corporation is uncertain. The investors need a mass of information to estimate the different index such as corporation capacity, corporate growth and future profitability. For this reason, a higher standard of the corporate disclosure system is necessary.The foundation of GEM market has great significance at the enhancement of China's capital market, the development of innovative and high technology and the satisfaction of multi-investment. The GEM market has founded in China more than one year, in a sense, perfection of corporate disclosure system will create great impact on healthy development and the historic mission of GEM market. As a result, the research of China's corporate disclosure system on GEM market has the value at theory and practice.This article is wrote upon the relative law on China GEM market and will discuss the meaning, shaping, legal basis, substance, supervision system and legal liability in logical order. The author hopes the article can help to sort through the corporate disclosure system of GEM market in China which has existed. Furthermore, on that basis, the article will try to list some impeccable suggestions for the corporate disclosure system in China's GEM market and the system for relative legal liability.This essay is divided into five parts. The first part will give an overview about the corporate disclosure system. The author will introduce the meaning of information disclosure, the significance and principle of corporate disclosure system in GEM market and the corporate disclosure system in several foreign markets (NASDAQ in USA, AIM in UK, GEM in Hong Kong). Chapter two discusses the relationship between justice and efficiency by the perspective of jurisprudence, civil and commercial law and economic law separately. The author suggests that a complete corporate disclosure system is the signifying of fair trade registration in securities market. Additionally, this system will cogently protect the right to know of investors. The third part summarises the details about the corporate disclosure system in China. It mainly divides into two parts. One is the standard of information disclosure during the stage of being public and another is the standard of continuous information disclosure. The corporate disclosure system involves the prospectus, listed company statement, annual bulletin, semi-annual bulletin, quarterly bulletin and others. In section four, the author focuses on the multilevel supervision system of China's GEM market. In the mode of unified supervision of CSRC, she points out that it is necessary to exercise the functions as first line supervision of bourse, self-supervision of SAC and assistant to supervise of agent and sponsor. In the last part the essay analysis the relative legal responsibility. The author divides the liability into administrative, criminal liability and civil liability. Among the liabilities above, she will lay emphasis on the legislation of civil liability, show the suggestions for perfecting the civil liability and strengthen the importance of civil liability in the whole corporate information disclosure system of GEM market. |
