Research On The Differentiated Information Disclosure Supervision System Of The Science And Technology Innovation Board

On June 13,2019,The Science and Technology Innovation Board was officially launched,and the registration system reform was fully implemented.Under the registration system,it is urgent to realize the balance between supply and demand of information disclosure and improve the effectiveness of information disclosure.The CSRC and the Shanghai Stock Exchange have also issued relevant laws and norms to actively explore ways to achieve differentiated information disclosure.However,so far,there are still many difficulties for the differentiated information disclosure system of The Science and technology innovation board.This paper is from the perspective of supervision,absorbing foreign experience to explore the differentiated information disclosure system of The Science and technology innovation board.First of all,this paper discusses the basic theory of differentiated information disclosure supervision of The Science and technology innovation board,starting from the meaning,characteristics and the definition of supervision of The Science and technology innovation board.On this basis,the necessity of differentiated information disclosure supervision of The Science and technology innovation board is summarized.The supervision of differentiated information disclosure on The Science and Technology Innovation Board is the need for scientific and technological innovation enterprises to invest in the capital market,an important measure to avoid the loss of high-quality listing resources,and also the requirement of China’s capital market reform.At the same time,through the analysis of cost-benefit theory and public interest theory,the theoretical foundation for the differentiated information disclosure supervision of the post-liberal arts innovation board is laid.Secondly,the comparative research is used to analyze the institutional arrangement of foreign differentiated information disclosure supervision,and summarizes useful experience from four aspects of regulatory legal system,regulatory responsibilities,regulatory standards and investors’ interests.Based on the current situation of China’s legislation and practice,the shortcomings of the differentiated information disclosure supervision of China’s science and technology innovation board in the regulatory legal system,the independence and professionalism of the regulatory subjects,the regulatory content and the supporting measures are analyzed,paving the way for the following improvement suggestions.Last,In view of the questions presented above,To build a perfect legal system for differentiated information disclosure on The Science and technology innovation board from three aspects: providing principled guidance in the Securities Law,formulating the Management Measures for Differentiating Information Disclosure and the Case Analysis and Suggestions of Differentiated Information Disclosure;Improve the professionalism and independence of the regulatory subjects from the three dimensions of rationally allocating the supervision power among different subjects,strengthening the professionalism and independence of the Shanghai Stock Exchange,and establishing the reputation evaluation mechanism of intermediary institutions;The specific content of the differentiated information disclosure supervision of The Science and technology innovation board:industry segmentation,risk rating,content and form;From the two aspects of the establishment of a systematic connection of the connection mechanism and the construction of differentiated information disclosure safety port system,In order to improve the differentiated information disclosure supervision system of The Science and Technology Innovation Board,Promote the continuous development of the securities market.