Research On The Legal System Of Differentiated Information Disclosure Of Listed Companies Under The Registration System

In the newly revised Securities Law,it has been made clear that China’s securities market will adopt the registration system,and the relevant pilot work has been carried out in science and technology innovation board and growth enterprise board one after another.Next,the registration system will be spread out in the whole securities market,and China’s securities market will enter the era of registration system.In this context,information disclosure will become the core of the registration system and play a very important role.For a long time,due to the influence of the approval system,there has been the phenomenon of template and homogeneity in information disclosure,which makes investors unable to obtain effective information,so it is criticized by investors.At the same time,the previous information disclosure system also ignores the gap in the industry and company size,which can not reflect the characteristics of listed companies.It also causes unnecessary burden on small and medium-sized companies and inhibits the development of emerging industries.The differentiated information disclosure system is to start from the industry and scale of listed companies,formulate corresponding information disclosure rules according to different types of companies,increase the diversity of information disclosure documents and contents,and meet the needs of investors.At present,China’s registration system reform is still in its infancy.Although there are some provisions of differentiated information disclosure system in the supporting laws,regulations and business rules,these Provisions are still in the state of "fragmentation",which leads to the system’s failure to achieve the expected effect in China,and makes the registration system pilot plate still have insufficient effectiveness and content Redundancy and so on.This paper aims to analyze the relationship between the registration system and the differentiated information disclosure system,and to give the corresponding improvement measures for the problems in the current differentiated information disclosure system.This paper consists of four chapters.The first chapter introduces the theoretical basis of the differentiated information disclosure system under the registration system,analyzes the new requirements of information disclosure under the registration system,and explains the definition and manifestation of differentiated information disclosure,and then thinks that the differentiated information disclosure system meets the requirements of the registration system for information disclosure.The concept of "information disclosure system" should meet the needs of investors in the future.The second chapter combs the different requirements of information disclosure reflected in different industries and different scale standards in China,which constitute the preliminary differentiated information disclosure system in China.By combing the above content,we can analyze that China’s differentiated information disclosure system is still in the initial stage,especially in the transition stage from the approval system to the registration system,China’s differentiated information disclosure system by industry is still not perfect,and the differentiation standard of China’s differentiated information disclosure system is slightly monotonous,only concentrated in the industry,the whole system is relatively thin.The differentiated information disclosure system of company size is only reflected in the objective differences between market segments,and lacks the differentiated information disclosure system specifically for company size.In the third chapter,the author summarizes the differentiated information disclosure systems in Europe,America and Chinese Hong Kong,and points out that such differentiated information disclosure systems based on industry and company size can point out the way for China to improve similar systems.The fourth chapter puts forward some suggestions from the perspective of legislation to solve the problem of China’s differentiated information disclosure system.It includes: clarifying the requirements of information disclosure differentiation in the securities law;clarifying the responsibility subject of the system of information disclosure differentiation;unifying the rules of industry differentiation information disclosure;formulating the disclosure criteria for small and medium-sized enterprises;providing the special prospectus for small and medium-sized companies.