论我国证券法信息披露规则的完善

发布时间：2018-04-03 11:37

本文选题：自愿性披露　切入点：预测性披露　出处：《广西大学》2017年硕士论文

【摘要】：我国《证券法》自2006年起施行至今,对证券信息披露制度作出了较为详细的规定。但是时隔十年,随着各类证券产品的不断推出,以股票为主要规制对象的《证券法》已经不能完全适应现行证券市场的发展。例如公司债券,其本质与股票存在较大区别。但现行《证券法》将两者的信息披露规则混为一谈,显然忽略了债券信息披露的特殊性。因此,完善证券法中的信息披露规则涉及的范围其实非常广泛。而本文主要研究的对象是发行人和上市公司公开发行的股票。研究目的主要是针对在证券法改革阶段,尤其是股票发行由核准制向注册制转变之时,如何完善我国证券法中相关信息披露规则提出几点建议。本文选择的论述角度包括:(1)自愿性信息披露,涉及的是发行人和上市公司的披露主动性问题,本文主要将其与强制性信息披露进行比较,参考美国的经验,为我国如何鼓励和引导自愿披露提供一定建议;(2)预测性信息披露,本文参考了美国“安全港”制度与预先警示制度,分析了这一制度在我国的适用性;(3)民事救济,主要是从私力救济的角度着手,分析美国律所集体起诉阿里巴巴一案,结合我国目前民事索赔效率低下的情况,为上述措施在我国的适用提出合理的建议;(4)证券监管体系,本文主要论述的是如何明确我国证监会与证券交易所之间的权责以及如何加强自律性组织和投资者的监督效益;(5)强化信息披露违法处罚力度,本文比较了境内外地区在行政处罚、刑事处罚方面的规定,为强化处罚力度的必要性和具体措施提供了一些参考;(6)强制退市,本文分析了主动退市的不足以及我国退市制度的现状,对于如何利用强制退市改善信息披露问题进行了探讨。
[Abstract]:China's securities law since 2006 implementation date, made detailed provisions on the system of securities information disclosure. But after a lapse of ten years, with all kinds of securities products, securities law > stock as the main object of regulation "has not fully adapt to the development of the securities market. For example, the essence of corporate bonds with the stock there is a big difference. But the current" Securities Law > information disclosure rules of both confused, apparently ignored the particularity of the bond information disclosure. Therefore, to improve the scope of information disclosure rules in securities law actually involved is very extensive. And this paper focuses on the research of the issuer and the publicly listed companies to issue shares. The main purpose of the study is in the securities law reform stage, especially the stock issued by the approval system to registration system changes, how to improve the information disclosure rules in Chinese securities law. A few suggestions. This paper chooses the perspective of include: (1) the voluntary disclosure relates to the issuer and the listed company disclosure initiative, this paper compares it with the mandatory information disclosure, with reference to the experience of the United States, for our country to encourage and guide the voluntary disclosure to provide some suggestions; (2) forecasting information disclosure, this reference to the United States "safe harbor" system and warning system, analyzes the applicability of the system in our country; (3) the civil relief, relief mainly from private power angles, analysis of American law firm collective sued Alibaba case, combined with China's current civil claims the low efficiency, the measures put forward reasonable suggestions for its application in China; (4) the securities supervision system, this paper mainly discusses how to clear our country is between the Commission and the securities exchange responsibilities and how to strengthen self-discipline The efficiency of supervision organizations and investors; (5) to strengthen the information disclosure of illegal punishment, this paper compares the domestic and foreign areas in the administrative punishment, the provisions of criminal punishment, provide some reference to the necessity of strengthening the punishment and specific measures; (6) forced to withdraw from the market, the paper analyzes the shortcomings of active delisting and the status quo the delisting system of our country, how to use the mandatory delisting to improve information disclosure issues were discussed.

【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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