Research On Optimization Of Information Disclosure Of Prospectus Of STAR Market's Listed Companies

The Chinese registration reform process has taken a landmark step.In China's capital market,two types of stock issuance systems,the "approval system" and the "registration system," will jointly help the development of Chinese enterprises.On November 5,2018,President Xi Jinping proposed that if China continues to deepen reforms,it is necessary to continuously improve the basic institutional construction of China's capital market.In 2019,China's multi-level capital market construction has entered a more complete road.The construction of China's science and technology innovation board and reform of the registration system will vigorously promote the development of the real economy.The audit inquiry focused on requiring listed companies to strengthen information disclosure.Information disclosure is the most important thing in the construction of basic systems.The science and technology innovation board,as the "advanced force" of the pilot reform of the registration system in China,will use the science and technology innovation board as a blueprint for analysis,which will greatly promote the theory and practice of the registration reform.Anji Microelectronics is one of the first 25 companies listed on the science and technology board,and at the same time,it is the highest in the first 25 stocks of the science and technology board.Anji Microelectronics has very good research value.This article takes Anji Microelectronics as an example,and adopts literature research method,case study method and other methods to disclose the prospectus of Anji Microelectronics listed on the science and technology board.Contrast research with relevant US policy documents,and further compare the regulatory regulations on information disclosure between the US NASDAQ and China's science and technology board,and explore the different information disclosures resulting from the different requirements of information disclosure in China's two listing systems Characteristics:Through a series of dynamic information disclosure processes such as the inquiry of Anji Microelectronics' prospectus and the Securities and Futures Commission,the information disclosure of science and technology board listed companies is studied.By comparing the experience of US listed companies in the listing process,in this process,Find out the problems and causes of Anji Microelectronics' information disclosure,and finally propose a plan to optimize the quality of disclosure.It is hoped that the research in this article can promote the listed companies of science and technology board to regulate their own information disclosure and improve the quality of information disclosure.This article also contains macro and micro suggestions on information disclosure.Through case studies,there are some innovations in this article: First,the current research on information disclosure in China is mostly focused on the main board and the growth enterprises market board.There are few domestic researches on the information disclosure of listed companies on the science and technology board;in addition,the domestic listing system has long been dominated by the approval system..This article selects the special period of the reform of the science and technology board as the research background,and selects Anji Microelectronics as the research object,which enriches the research on the disclosure of prospectus information of listed companies under special circumstances and expands the research thinking.Second,the current research on information disclosure in China is mainly based on content analysis techniques and main component analysis methods.Only a few case study methods are used for research,especially the lack of in-depth analysis and case studies.Therefore,this article has selected specific topics for information disclosure in the prospectus of listed companies.After that,Anji Microelectronics,which is relatively representative in the science and technology innovation board,was selected as a case for in-depth analysis.In addition,this article makes a comparatively detailed and in-depth comparison and analysis of the registration approval systems of domestic and foreign listed companies,which has certain uniqueness.