The Study On Risk Information Disclosure Of Listed Companies On The Sci-tech Innovation Board

To deepen the reform of the capital market,China has set up the science and technology innovation board and tried out the registration system.As the core of the registration system,information disclosure is closely concerned by investors and regulators.As the Sci-tech Innovation Board weakens the financial indicators on the threshold of listing and conditionally allows enterprises without profits to issue shares,the Sci-tech Innovation Board has the characteristics of high investment risk and strong uncertainty.In the information environment of frequent events such as stock price fluctuation,bond fluctuation and credit default,market investors’ requirements for the disclosure of risk information of listed companies are increasing.However,the current the Sci-tech Innovation Board follows the information disclosure mode under the approval system.The disclosure of risk factors is insufficient,the content is redundant and lacks quantitative analysis.It is difficult for investors to identify risk factors,which is not conducive to the development of the registration system.This paper takes the Rongbai Information Disclosure Violation as the research object,combined with the Prospectuses of 100 enterprises listed on Sci-tech Innovation Board before December 31,2021,to analyze the problems existing in the current disclosure of risk information.Firstly,it interprets the relevant theories involved in this paper and clearly defines the research samples of this paper.Secondly,it discusses the case of Rongbai information disclosure,analyzes its specific violations and other problems existing in risk information disclosure,including lack of quantitative analysis and risk information,mechanized disclosure and other problems,which does not play a full role of risk prompt.Thirdly,read the risk information disclosure part of 100 samples manually and summarize the problems existing in Rongbai.From the summarized data,it can be found that the above problems are not unique,but the current situation of enterprise risk information disclosure on the Sci-tech Innovation Board.Finally,it summarizes the full text and puts forward reference suggestions for the healthy development of the registration system from four aspects: improving the information disclosure system,increasing the punishment,improving the investment ability of investors and make all parties full play their role.Using the single case study method,this paper selects the first case of Information Disclosure Violation on the Sci-tech Innovation Board,which has practical significance.This paper not only analyzes a single case,but also summarizes and analyzes the current situation of risk factor disclosure of the Sci-tech Innovation Board from three aspects:the number of risk factor disclosure,information redundancy and self-interest,so as to provide the latest data reference for relevant research,which has certain theoretical significance.