Research On China’s Commercial Registration In A Perspective Of Public Power And Private Right

On January1,2013, The Non-Listed Public Company Supervision and ManagementMethod enacted by China Securities Regulatory Commission (CSRS) was effective, whichwould play a considerable role in establishing a multi-level capital market. Then CSRS enactsa series of regulations aiming at joint stock companies with200shareholders entering theover-the-counter market for transfer and introduction to the public, including the disclosure ofinformation. Based on Securities Law, Unlisted Public Companies Supervision andManagement Method, rules established by CSRS and other maket business rules, Chinaformulated a hierarchic, differential information disclosure system. Unlisted public companyis an important participator of capital market, so how to design its information disclosuresystem deserves research.This article studies the unlisted public company’s information disclosure system throughfour parts.The first part is to solve the fundamental problems of the unlisted public company,including the definition and discrimination of the public company, unlisted public companies,definition of OTC market, etc and the theoretical basis of information disclosure. The paperdraws the substantial judgment standard of unlisted public company, namely whether thesecurities can be traded freely is related to the interests of the public through describing theconcept of unlisted public company in legislation of America and Taiwan District. Thetheoretical basis of information disclosure system focuses on the particularity of unlistedpublic company’s information disclosure.The second part compares and anylizes the information disclosure system among theUnited States OTCBB, OTC Marketsn and Taiwan emerging stock market from the microperspective. It is inspired that the legislative level of information disclosure regulation is lowand it needs to consider the requirements of small and medium-sized company’s informationdisclosure and take good advantage of self-guarding and self-disclosure.The third part takes The new third board as an example to analyzes empirically unlistedpublic company’s information disclosure system in our country. Then the paper points theproblems of that system, such as poor information disclosure legislative system, the simplicityof information disclosure level and the needing-improvement of self-supervision mode.The fourth part put forward feasible proposals on nlisted public companies informationdisclosure system of our country combined with the second and the third part.