Research On The Information Disclosure System In Chinese Securities Market

Since 2019,China has been implementing the registration system in the science and technology innovation board and Chi Next,which means China has changed from the approval system to the registration system,and the registration system has formally become the basis of the reform of the securities system.In this context,the importance of the information disclosure system is more prominent.As the reforms of Chinese securities market move forward,and the information disclosure system is implemented,some problems gradually emerge,for example,false disclosure of information and concealment of material information,which both infringe on the interests of investors and disrupt the operation order of the securities market.In recent years,the theoretical research on information disclosure of the registration system has become more and more mature,but through the practice in this period,it can be seen that Chinese information disclosure system is still immature,and there are certain problems in the legal system and practical implementation.If these problems are not solved,it will cause a huge shock on the construction of the information disclosure system,which will affect the full implementation of the registration system in China,hinder the smooth implementation of the securities market reform,and ultimately have a negative effect on China’s financial system.In the context of the implementation of registration system in Chinese securities market,based on the legal regulation and practice of information disclosure system,this paper puts forward the necessity of improving the information disclosure system by defining the concept,legal system composition and development process of securities market and information disclosure system.Then we sort out the legal and practical situation of the information disclosure system in Chinaese securities market,and point out the problems in three aspects: poor quality of information disclosure,inadequate supervision,and imperfect accountability mechanism with specific cases.Next,we analyze the legal systems of the securities market information disclosure system in the United States,the United Kingdom and Japan,three countries with different ways of securities issuance,and summarize their inspirations to China.Finally,taking into account the actual situation in China,under the dialectical reference to the information disclosure system of mature securities market,a detailed analysis is made and practical suggestions are put forward in the following three aspects,namely,improving the quality of information disclosure,enriching the information disclosure supervision system and perfecting the legal accountability mechanism.