Research On Information Disclosure Of Science Sci-tech Innovation Board Under The Reform Of Registration System

The third plenary session of the 18th CPC central committee proposed for the first time to improve the multi-level capital market system and promote the reform of the registration system for stock issuance.This is the first time the share offering registration system has been included in the central document.In 2015,the standing committee of the National People’s Congress authorized the state council to adjust the applicable provisions of the securities law during the reform process for a period of two years.But in 2015,China’s a-share market index dropped from 5,178 points to 2,638 points,with its market value down 49%.After the stock market crash,most scholars and experts believe that China is not suitable for the reform of the registration system,which leads to the slowdown of the reform of the registration system.The reform of the registration system was not implemented until General Secretary Xi Jinping proposed the establishment of Sci-Tech innovation board market in the Shanghai stock exchange in2018.The introduction of the reform of the registration system of Sci-Tech innovation board market is a major reform of the legal system of China’s securities market,Sci-Tech innovation board is mainly for the new generation of high-tech enterprises,the information disclosure system has higher requirements than the main board market.Compared with before,the information disclosure system of Sci-Tech innovation board market is more perfect,but there are still problems.This paper starts with the basic definition of the information disclosure system of Sci-Tech innovation board,discusses the basic concept of the information disclosure system,the characteristics of the information disclosure system and the differences between the registration system and the approval system.Secondly,the paper discusses the information disclosure system and its existing problems in Sci-Tech innovation board market.This paper starts with the basic definition of the information disclosure system of the Sci-Tech innovation board,and discusses the basic concept of the information disclosure system,the characteristics of the information disclosure system of Sci-Tech innovation board,and the differences between the registration system and the approval system.Secondly,the paper discusses the information disclosure system and its problems in Sci-Tech innovation board market.This paper mainly analyzes the subject,content,supervision system and legal responsibility of the information disclosure system of Sci-Tech innovation board.Sci-Tech innovation board market information disclosure system in our country at present the main existence information disclosure quality is not high,the information disclosure regulatory system has defects,imperfect information disclosure measures,in order to solve the problem of Sci-Tech innovation board information disclosure system in our country,the Sci-Tech innovation board information disclosure system in our country with the United States securities market information disclosure system of comparative analysis,having studied the securities market information disclosure,the content of the regulatory system and legal liability,conclude that its excellent experience in information disclosure system,the securities market has a complete system of information disclosure regulation,practice,the maneuverability is strong,To the listed company can play a substantial guiding role;The quality of information disclosure is high,the information disclosed by the listed company can fully reflect the actual situation of the company,and investors can make a value judgment based on the information disclosed by the listed company;There is a complete punishment mechanism for disclosure of illegal information,with strong law enforcement and strict liability for disclosure of illegal information.Finally,it discusses the idea and conception of perfecting the information disclosure system of Sci-Tech innovation board.Some Suggestions are put forward to perfect the information disclosure system of Sci-Tech innovation board.Improve the supervision system of information disclosure system;Improve the information disclosure system supporting measures.