A Study On The Supervision Of Information Disclosure Of Listed Companies Under The Registration System

The registration system takes information disclosure as the core concept,so the value of securities is mainly evaluated and judged by the market.The quantity and quality of public information determines whether the registration system can operate normally.Information disclosure plays a key basis in the registration system.The comprehensive promotion of the registration system needs to rely on the support of a sound information disclosure system.Therefore,the reform of the securities issuance registration system must be conducted by the reform of the securities information disclosure system.The importance of information disclosure is self-evident.The aim for securities market information disclosure supervision under the registration system is to protect the rights and interests of investors,but there are certain problems in China’s information disclosure system,which does not meet China’s requirements for the authenticity,adequacy and timeliness of securities market information disclosure.On the one hand,the quality of information disclosure in China is not high,and on the other hand,certain limitations in the enforcement of information disclosure supervision also exist.With the development of China’s securities market,the information disclosure system has become the core of China’s securities legal system,and the information disclosure supervision model has undergone certain innovations.First,for information disclosure channels,the entire process of information disclosure has been electronically disclosed.In terms of the time point,the exchange has changed from ex-ante supervision to ex-post supervision of violations,which has created conditions for the development of the inquiry letter system.It is necessary for our country to implement the inquiry letter system.First of all,in response to the low quality of information disclosure in China,first,the inquiry letter enables the company to actively explain or explain in the form of one question and one answer,rather than being caught in passive information disclosure or clarification announcements.Second,the inquiry letter is an ex post review method,and the exact reply time will be marked in each letter,which can prevent the company from delaying disclosure at the level of rules.Third,the stock exchange does not have an upper limit on the number of inquiry letters issued to companies,and it is often a "root-level inquiry" method,which can largely prevent companies from selectively disclosing information.What’s more,in terms of law enforcement,First of all,the issuing agency of the inquiry letter is the stock exchange,and the practice of the inquiry letter can greatly improve the supervision system of China’s securities market;The electronic disclosure of information has greatly improved the efficiency of information disclosure in China.Finally,for investor protection.The inquiry letter will take into account investors’ complaints or media reports and other matters when making further inquiries,and ask targeted questions about investors’ concerns.In recent years,Shanghai and Shenzhen stock exchanges have established relatively comprehensive inquiry systems.The inquiry letter will focus on the company’s violations,classify the violations according to transaction behaviors,and cover the violations of information disclosure within the supervision scope of the inquiry letter.The supervision of annual reports,semi-annual reports and quarterly reports constitutes four specific supervision categories of inquiry letters,namely periodic reports,major asset restructuring,mergers and acquisitions,and other supervision letters.It is divided into stages,and China applies the inquiry letter system to the two stages of listing review and post-issuance continuous supervision.Through the legal mechanism behind the inquiry letter,it can be found that the inquiry letter is an emerging soft regulation method and has no mandatory binding force.Therefore,the research on the supervision effect of the inquiry system is meaningful.Compared with the mature securities market,China’s securities market started late,and the conducting inquiry letter supervision system is still immature,and there are still many deficiencies in terms of legal environment and law enforcement environment.This paper takes the supervision of inquiry letters as the main research object,first interprets the main provisions of the supervision of inquiry letters and domestic laws,combines the background of the registration system and the transformation of supervision,raises questions through the study of post-issuing inquiry supervision documents,and focuses on the research of Chinese inquiries.The practice of inquiry letter to the status and deficiencies of the continuous supervision stage of the securities market,preliminary exploration of the improvement of inquiry letter supervision and other analysis issues,so as to put forward feasible suggestions for improving China’s securities inquiry letter supervision system under the registration system.The full text is divided into three parts: introduction,main body,and conclusion.The main text is divided into four chapters.The main contents are as follows:The first chapter is the origin and development of the inquiry letter system.First of all,the original origin and development of the inquiry letter was expounded in the United States;What’s more,the background and reasons for the implementation of the inquiry letter in China were expounded in detail.The purpose of China’s securities market information disclosure supervision under the system is to protect the interests of investors,and it is important to expound the existence of the current inquiry system.The second chapter is about the legal attributes and types of the inquiry letter system.First,the legal nature of the inquiry system is analyzed.The inquiry letter is a self-regulatory measure to improve the quality of information disclosure,and it has the nature of non-punishment.What’s more,the practice of the current inquiry system is sorted out from the practical level.The current inquiry letter system is used in the two stages of listing review and post-issuance continuous supervision.The inquiry letters are classified according to their content,namely regular report,There are four major categories of major asset restructuring,mergers and acquisitions,and other regulatory letters.The third chapter analyzes the supervision effect of China’s stock exchange inquiry system applied to the continuous supervision stage of the securities market.By reviewing and researching the inquiry letter documents,starting with the annual report inquiry letter that has never been replied in time within the specified time and the inquiry letter involving related party transactions,it is found that the inquiry letter has a certain regulatory effect and information effect,and Combined with the mechanism of inquiry letter,the reason is explained theoretically.However,it is worth noting that there are certain problems in China’s inquiry system.First,the deterrent effect of the inquiry letter supervision is insufficient,and the second is the frequent occurrence of delayed responses to inquiry letters.Third,due to the lack of restraint on the company’s internal personnel,the effect of supervision on violations involving related party transactions is limited.The fourth chapter is the perfect suggestion for the current inquiry system.In view of the problems in the supervision of the inquiry system that have been analyzed before,the author puts forward specific suggestions for improving the inquiry system of the stock exchange.The first is to continuously track and supervise the companies in question to improve the deterrent effect of supervision.The second is to set up a punishment mechanism for delayed reply;the third is to establish a letter of integrity system for the company’s internal staff.