Research On Information Disclosure In China's "new Three Board" Market

With the development of economy, the size of the OTC market in China is also gradually expanding.The contraction between OTC market in China and foreign capital OTC market has become increasingly closer and closer. Market participants are more and more emphasis on information disclosure as the core of the idea of regulation. They believe that a sound system of information disclosure rules will help promote China's capital OTC market orderly and healthy development. In order to play a important role in the OTC market in the capital of economic restructuring and play a decisive role of the market in allocating resources. We must improve our OTC capital market information disclosure system of rules. At present, China's OTC capital market is gradually moving approval system to the registration system, ex ante regulation to the matter, after the regulation of the direction of change. This shift means that our future will be more stringent regulatory agency of information disclosure regulation and monitoring. Investors will also be required to be disclosed more demanding.The "new three board" market as China's centralized national OTC capital market,which has become the improving multi-level capital market system is an important. Since China started OTC Capital Market much too late.In a period of time is restricted policy. Slow pace of development, resulting in China's "new three board" market listed company information disclosure imperfect. The "new three board" market has now clearly disclose any information as the regulatory core. But also an urgent needed to make laws and regulations to remove barriers for clear rules and the information disclosed. In order to promote the "new three board" market healthy and orderly development. We look at the relevant literature at home and abroad. Their main concern is the imperfect legal system of information disclosure, the general content of information disclosure and information disclosure system maker, sustained and disclosure. They are not analyzed from listed companies, as well as China's " new three board " feature of the market itself. China should study experiences of developed countries and regions improve the information disclosure system on and combined with China's "new three board" market, the number of listed companies more than the actual situation. We made four recommendations to improve which is layered governance?voluntary and mandatory disclosure combined? clear division of responsibilities and strengthen supervision with punishment.In this paper, the case study method is used to exploration stage of the "new three board" listed companies to disclose information problems through the violation of the "new three board" market disclosure of relevant information specified analysis about a limited corporation in Hunan Province. We propose countermeasures and suggestions to solve these problems to promote the healthy development of the "new three board" market.