Legal Analysis Of Information Disclosure Of The NEEQ~2:A Comparison With The Main Board Market

Thanks to the rapid development of economy, capital market is playing an increasingly important role in the entire market economy and its influence is reflected in different aspects of people’s economic life. The policy changes of the capital market will directly affect relevant regulatory institutions, investors and listed companies. Therefore, an efficient and developed capital market plays an important role in capital circulation and capital efficiency. The newly appointed chairman of China Securities Regulatory Commission declares that his priority task is to regulate the capital market. The 13 th Five-Year Plan deleted the part introducing Strategic Emerging Industries Board, which is believed to be good news for the development of the NEEQ.The honesty of listing companies, the confidence of investors and the general development of the capital market are closely related. Honesty is the heart of market credit and the foundation of integrity mechanism. The most efficient way to increase honesty is to improve the information disclosure system. This thesis aims to explore the current development of the information system of the NEEQ via theoretical and practical analysis.Eugene Fama first introduced the “Efficient Capital Market Hypothesis” at the beginning of the 1960 s to explore the relationship between information and capital market. The past thirty years have witnessed different restatements and explanations of the Efficient Capital Market Hypothesis. The rapid developments in capital market continue to examine whether the hypothesis is effective and practical. With the development of Chinese Capital Market, the Efficient Capital Market Hypothesis has also attracted the attention of Chinese scholars, investors and regulators. This Hypothesis has been gradually applied to analyse the Chinese Capital Market, including the Main Board and the Growth Enterprise Board. This Hypothesis also provides profound theoretical foundation for the development of information disclosure system in China.In the context of the initial development of the Multiple Capital Market Structure, the NEEQ has achieved great development. However, pursuant to the contradictions between the rapid development of the market and the out-dated regulations, the current NEEQ can no longer serve the financing demand of some companies. It is difficult to serve and regulate different types of corporations within the NEEQ, which are at various developing phases, under the current NEEQ Market. The failure to serve and regulate ends up compromising the market efficiency of the NEEQ and thus we are at this crucial point of improving the information disclosure system. The NEEQ needs to overcome several issues to improve its market efficiency. For instance, how to operate this board and the general capital market more efficiently so as to eventually realize the healthy capital flow between different boards? Can the Efficient Capital Market Hypothesis be applied in Chinese Capital Market and facilitate the development of Multiple Chinese Capital Market Structure? What are the differences between the Main Board and the NEEQ information disclosure systems? What are the differences between the OTCBB3 and the NEEQ information disclosure systems? What can the NEEQ learn from the sophisticated systems of the Main Board and the OTCBB? Is the current information disclosure system in accordance with the features of the NEEQ?This thesis hopes to briefly analysis the efficiency of the information disclosure system of the NEEQ via the Efficient Capital Market Hypothesis. This thesis will discuss whether the establishment of information disclosure system can facilitate the Multiple Chinese Capital Market Structure. This thesis will apply normative analysis, case analysis and comparative analysis to discuss various ways of improving information disclosure efficiency.This thesis will be divided into an introduction and five chapters:The introduction includes a brief review of current literatures on the issue of information disclosure. It introduces the development background of the NEEQ and its potential relationship with the Efficient Capital Market Hypothesis. This thesis will provide suggestions on efficient information disclosure based on the existing opinions and conclusions.The first chapter will briefly look back on the history of the NEEQ. The thesis will explore current existing issues based on the data and regulations as well as different listing companies. The thesis will also conclude the status quo of the NEEQ and explain the current challenges.The second chapter will briefly look back on the history of the Main Board. The thesis will explore current existing issues based on the data and regulations as well as the example of the only listing company successfully transferred from the NEEQ. The thesis will also conclude the status quo of the Main Board and explain the current challenges.The third chapter will compare the NEEQ information disclosure system with the Main Board information disclosure system through the collection, disposal and verification of information so as to analyse their similarities and differences, aiming to learn from the good example of sophisticated information disclosure system of the Main Board.The fourth chapter will compare the NEEQ information disclosure system with the OTCBB information disclosure system in order to analyse their similarities and differences. Also, this chapter will introduce the application of the Efficient Capital Market Hypothesis in US courts.The fifth chapter will conclude the affecting elements of the NEEQ and strive to improve its efficiency and further explore what kind of information disclosure system can facilitate the efficiency of the capital market. Eventually, the thesis aims to provide helpful legal advices to improve the current NEEQ information disclosure system.