| One of the 2000's highlights---Growth Enterprise Market, was not the focus any more with the index diving in the global high-tech market .At the same time, the process for setting up GEM in China was delayed. As an emerging capital market, GEM plays an important role in resource allocating, industry structure readjusting and high-tech industry development. In China, setting up GEM is indispensable for the development of New-Economy. The GEM is based on "information disclosure" all around the world. To set up an effective information disclosure system is of cardinal importance for GEM operation. This is why the author chooses this topic to study. This dissertation will focus on problems relevant to information disclosure in GEM. Based on the framework of successful experience abroad, the author puts forward his opinions and some problems waiting to be researched.The dissertation is composed of an introduction and four chapters.Chapter One: GEM and information disclosure.This chapter reviews the developing process of GEM abroad firstly. Secondly, the author points out the necessity of setting up GEM in China, and then this chapter analyzes the risk and characteristics of GEM. Based on the analysis, the author draws the conclusion that GEM is a high-risk securities market. It is far more risky than the main board market. Faced with such a high risk, information disclosure is of cardinal importance to run GEM efficiently. Lastly, the author discusses the shortcomings in Chinese GEM and the solutions to the problems: drawing from other countries' successful experiences, the author maintains that setting up information disclosure system of our own is the best choice for China.Chapter Two: Constructing information disclosure system.Information disclosure system is composed of 3 levels. The first level is corporation law and securities law. The second level is the principles of the contents and forms of information disclosure. The third level is the professional system of accounting information disclosure. The above has been already completed in the main board market, but still has a leeway to standardized requirements. Drawing lessons and successful experiences from the main board market, the GEM information disclosure system construction should clear the relationship between the Financial Ministry and the China Securities Regulation Committee. The author holds that information disclosure system should include not only the common-sensed information disclosure, but also concrete operational rules such an sponsor system and independent director system.Sponsor system is widely used abroad. This system is intended to increase the quality of listed companies. Sponsors should have the responsibility for the quality of the information disclosed. Independent director system is a corporation governance structure. It has no direct effect on information disclosure. However, it was pointed out that independent director should play a more important role for the contents and high frequency of information disclosed.Chapter three: The principles, frequency, form and contents of information disclosure.Information disclosure is put in a great position in this thesis. The basic rules for information disclosure are that it should be disclosed completely, truly, accurately and timely. The frequency of GEM information disclosure should be higher than that of the main board market. Listed companies in GEM should disclose their financial report quarterly. As for the way for information disclosure, the author holds that forced disclosure is the main way and voluntary disclosure is a complementary channel of information disclosure. The form of information disclosure should be on-line disclosure, for it is more timely and cheaper than other forms. This chapter also discusses the contents of GEM information disclosure in detail. GEM information disclosure includes pre-listed information disclosure and continual information disclosure. The author discusses the differences of pre-listed disclosure between GEM and the main bo... |
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