美国OTCBB信息披露制度及对我国新三板建设的启示

The Construction of Three New Board in China should Draw Lessons from the U.S.OTCBB Information Disclosure System

三板市场是证券市场的基石。完备的信息披露制度是三板市场建设成功的关键。我国建立新三板市场,能为数百万达不到上市条件的企业提供股权交易平台,有利于中小企业发展,也有助于我国形成一个多层次的资本市场。文章依据我国证券市场建设中信息披露的现状和问题,审视了美国OTCBB信息披露制度的主要内容,对其信息披露制度的特征及其经验进行分析研究,就我国新三板市场信息披露制度建设的原则,提出了基础性建议。

The third board market is the cornerstone of the stock market.Complete information disclosure system is the key to successful construction of the third board market.The new third board market can provide the stock exchange platform for millions of enterprises that can＇t be up to the listing standard.At the same time,it is conducive to the development of small and medium-sized enterprises,and also contributes to the formation of multi-level capital market in China.Aiming at the issue of information disclosure in construction of the stock market,the author carefully studied the information disclosure system of US OTCBB.Based on the principle of constructing the information disclosure system for the new third board market in China,some basic recommendations are provided in this paper.