信息披露制度构建中的矛盾与平衡——基于监管机构、上市公司与投资者的视角

发布时间：2018-01-29 10:58

本文关键词： 信息披露方便公司筹资市场监管投资者导向　出处：《法律适用》2017年17期 　论文类型：期刊论文

【摘要】：信息披露制度是证券市场有效运行的基石,亦是投资者进行投资决策的依据,建立起以信息披露为核心的股票发行注册制是市场改革应当坚持的方向。在信息披露制度有效性面临传统"致害因素"和新时代难以预测的技术革新影响之双重压力下,我们不得不追根溯源,对信息披露过程中显现的诸多矛盾进行剖析,借以厘清各利益主体间的平衡关系。这个过程有助于我们理性地认识信息披露的症结所在,继而从根源上缓解或根治此类问题中所反映出来的种种弊病,并直面改革给信息披露制度有效实施所带来的新一轮冲击和考验。
[Abstract]:Information disclosure system is not only the cornerstone of the effective operation of the securities market, but also the basis for investors to make investment decisions. It is the direction of market reform to establish the registration system of stock issuance with information disclosure as the core. The effectiveness of information disclosure system faces traditional "harmful factors". And the unpredictable impact of technological innovation in the new era. We have to trace back to the source and analyze the contradictions in the process of information disclosure in order to clarify the balance between the main interests of the relationship. This process helps us to understand the crux of information disclosure rationally. Then from the root to alleviate or cure these problems reflected in the various ills, and face the reform of the effective implementation of the information disclosure system brought a new round of impact and test.
【作者单位】：北京大学法学院;北京大学;
【分类号】：D922.287;F275;F832.51
【正文快照】： 2017年4月24日,备受资本市场关注的《证券法》修订草案(以下简称“修订草案”)提请全国人大常委会二审。经历2015年股市异常波动事件后,资本市场的诸多漏洞由此显现,《证券法》修订工作也随之搁置。如何针对“股灾”中暴露的问题进行法律层面的规制,给市场提供一个稳定预期,是

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