Information Disclosure Under The Visual Threshold Of The Registration System Of Science And Innovation Board Research On Legal Regulation

The establishment of the board of science and technology innovation financial market is an important link to implement the development strategy of science and technology innovation in China,a major measure to reform the supply-side structure of financial services,and the core content to enhance China's ability of science and technology innovation and achieve high-quality economic development.Its promotion fired the first shot of the registration system reform,indicating that China's capital market issuance system reform has taken a solid step.Compared with the approval system,the registration system pays more attention to the growth and future development potential of enterprises.It is more inclusive and receptive to innovative enterprises that meet the conditions of the science and innovation board market,and provides a smoother channel for financing of smes,which is an important milestone in the development of the financial market.However,the implementation of the registration system is bound to bring unstable investment risks to the capital market.Therefore,the political bureau of the CPC central committee put forward the guiding ideology that "the board of science and innovation should truly implement the registration system of securities issuance with information disclosure as the core".The board of science and innovation has just started.Both the practical and academic circles need to deepen their understanding of the registration system of securities issuance with information disclosure as the core.Therefore,combining the existing data,I take the legal system of information disclosure under the registration system of science and innovation board as the research object,and make a contribution to the reform of the securities system of the capital market.This paper is divided into two parts: introduction and text.In the introduction,this paper introduces the background of information disclosure under the registration system of science and innovation board one by one,the current research status at home and abroad,the research methods and ideas such as literature and demonstration,as well as the key points,difficulties and innovation points expounded in this paper.The text will be divided into four parts,as follows:The first part theoretically explains the registration system and information disclosure system of the board of science and innovation.Firstly defines the concept and market positioning of the board of science and innovation scientifically,and secondly introduces the listing conditions of enterprises under the registration system and the value analysis of the registration system for promoting the development of the board of science and innovation.Finally,through the basic introduction of the registration system of science and innovation board,and combining with the general principle of information disclosure,market motivation theory and cost-benefit analysis,the internal special needs of science and innovation board market for information disclosure are logically deduced.Therefore,the understanding of registration system and information disclosure is the theoretical basis of this paper.The second part studies the status quo and problems of the legal regulation of information disclosure of science and innovation board in China.This part,from the perspective of the information disclosure laws and regulations,combined with the latest promulgated the "securities law",summarized the current kechuang plate of the characteristics of information disclosure system and regulatory responsibilities distribution,finally found kechuang board information disclosure in our country still has the overall quality is not high,the nature of the Shanghai stock exchange,positioning fuzzy,intermediary liability,imperfect supporting measures.The third part discusses the operating mechanism of securities information disclosure from the perspective of extraterritorial registration system.Through the comparative analysis of the United States,Japan and Taiwan,the special system design in the securities market supervision system,information disclosure legal system,investor protection and other aspects,summarizes the beneficial experience.The fourth part puts forward the corresponding improvement path for the information disclosure legal system of science and innovation board.For example,the transformation of the market-oriented supervision concept can improve the effectiveness of information disclosure quality,strengthen the responsibility for violation of laws and regulations of information disclosure,and finally be supplemented by differentiated delisting standards and board transfer mechanism,so as to improve the protection path for investors and escort the healthy operation of science and technology innovation board securities market.