Research On IPO Information Disclosure System Of Science And Technology Innovation Board

After years of development,China’s securities market has entered a period of rapid development.It is the inherent requirement and inevitable result of the gradual maturity of the securities market that the issuance of securities moves from the approval system to the registration system.The registration system with information disclosure as the core was first tried out in the science and technology innovation board,which is a major reform of China’s securities market.This transformation puts forward higher requirements for the supervision,quality,structure and operation logic of information disclosure.Therefore,our paper analyzes the history of my country’s securities issuance registration system reform,combined with the basic theories of the initial public offering(IPO)information disclosure system,analyzes the current situation and shortcomings,and then makes recommendations.Our paper mainly includes the following parts:The first part analyzes the basic theory of the development of my country’s securities market and the issuance system of securities,and points out that the trial implementation of the registration system reform centered on information disclosure on the Science and Technology Innovation Board is an objective requirement for the development of my country’s securities market.It turns out that under the registration system,the sci-tech innovation board stock issuance information disclosure system can better highlight the status of market players and protect investors.The second part combs and summarizes the IPO information disclosure legislation of my country’s Science and Technology Innovation Board,and analyzes the deficiencies of relevant legislative norms and regulatory systems,including the main responsibility,scope and procedures of information disclosure,and the lack of supervision of stock exchanges.The third part studies punishment cases,sorts out the reasons and legal basis of punishment,and then analyzes the problems in the practice of IPO information disclosure on my country’s Science and Technology Innovation Board.The fourth part analyzes the operating mechanism of the information disclosure system in the United States,and provides lessons for our country.The fifth part puts forward perfect suggestions suitable for our country.It mainly includes the following points: First,improve my country’s relevant legislation and regulations and improve the quality of information disclosure.Second,strengthen the management of per-disclosure procedure;Third,it is necessary to improve the civil remedy system for false information disclosure.Fourth,improve the supervision mechanism of information disclosure;Fifth,improve the civil compensation system;Sixth,improve information technology means and strengthen risk control publicity and other measures.