论我国上市公司注册制改革下的信息披露制度

发布时间：2018-04-12 15:46

本文选题：注册制 + 上市公司　；参考：《西南政法大学》2015年硕士论文

【摘要】：世界各个国家和地区的证券交易法律体系中,信息披露制度始终处于核心的地位,它既是政府实施证券监管的重要手段,也是投资者行使知情权的主要保障。我国立法机构一直致力于上市公司信息披露制度的完善,不断出台适应证券市场发展的新规定,但我国证券市场信息披露制度运行的效率仍然不高,投资者作出投资行为时更多考虑的是政府政策的导向性,很少真正主动关心上市公司的信息披露状况,投机心理仍是驱动投资者们在证券市场活动的主要原因。但是,在证券发行注册制改革的背景下,政府不再对上市公司的投资价值进行把关,而是将该项注意义务交由投资者自己进行判断。此后,投资者进行投资活动时,将主要依赖于其自身对上市公司投资价值的判断,而信息披露制度则将成为此种价值判断最为重要的制度性基础。本文除去引言和结语部分,共有四章,分别从我国上市公司信息披露现状、美国的上市公司信息披露制度、注册制下信息披露的特征和发展方向以及我国上市公司注册制改革下的信息披露制度的重构四个方面对上市公司信息披露制度进行分析研究。第一章对我国的上市公司信息披露制度的现状进行了分析。从上市公司信息披露的具体要求入手,剖析了我国信息披露现状中表现出的不足,并从法律规定、上市公司内部约束、信息披露监管监督机制以及法律责任体系四个方面分析了出现不足的原因。第二章主要介绍了美国的上市公司信息披露制度。美国的上市公司信息披露制度较为成熟,其信息披露法律体系和监管体制都有值得我国学习借鉴的地方。在对美国信息披露制度进行选择性借鉴的同时,我们更应立足于我国证券市场的发展实践,充分考虑注册制下信息披露的特征,构建适合我国的信息披露模式。第三章是总结归纳对注册制下信息披露的认识。该部分通过对美国上市公司信息披露制度的剖析,归纳出注册制下上市公司信息披露的特征,并根据前述特征厘清了我国上市公司信息披露制度改革发展的基本方向。第四章是对我国上市公司注册制改革下信息披露制度的重构。该部分结合我国上市公司信息披露的现状和注册制下信息披露的要求,从我国上市公司信息披露制度的立法、信息披露监管机制、信息披露外部环境以及法律责任体系方面提出了具体完善的建议,以适应证券发行注册制改革,更好的保护投资者利益。
[Abstract]:In the securities trading legal system of every country and region in the world, the information disclosure system is always in the core position. It is not only an important means for the government to implement securities supervision, but also the main guarantee for investors to exercise the right to know.The legislature of our country has been committed to the perfection of the information disclosure system of listed companies, and has been introducing new regulations to adapt to the development of the securities market, but the efficiency of the information disclosure system of the securities market in our country is still not high.Investors pay more attention to the orientation of government policy and seldom care about the information disclosure of listed companies. Speculation is still the main reason to drive investors' activities in the securities market.However, under the background of the reform of the registration system of securities issuance, the government no longer checks the investment value of the listed companies, but leaves the duty of attention to the investors themselves.After that, investors will mainly rely on their own judgment on the investment value of listed companies, and the information disclosure system will become the most important institutional basis for such value judgment.Apart from the introduction and the conclusion, this paper has four chapters, including the current situation of information disclosure of listed companies in China and the information disclosure system of listed companies in the United States.The characteristics and development direction of information disclosure under the registration system and the reconstruction of the information disclosure system under the registration system reform of listed companies in China are analyzed and studied.The first chapter analyzes the current situation of information disclosure system of listed companies in China.Starting from the specific requirements of information disclosure of listed companies, this paper analyzes the deficiencies in the present situation of information disclosure in China, and from the legal provisions, the internal constraints of listed companies,Four aspects of supervision and supervision mechanism of information disclosure and legal liability system are analyzed.The second chapter mainly introduces the information disclosure system of listed companies in the United States.The information disclosure system of listed companies in the United States is relatively mature, and its information disclosure legal system and supervision system are worthy of our country to learn from.At the same time, we should base ourselves on the development practice of our securities market, fully consider the characteristics of information disclosure under the registration system, and construct an information disclosure model suitable for our country.The third chapter is a summary of the recognition of information disclosure under the registration system.By analyzing the information disclosure system of listed companies in the United States, this part sums up the characteristics of information disclosure of listed companies under the registration system, and clarifies the basic direction of the reform and development of the information disclosure system of listed companies in China according to the above characteristics.The fourth chapter is the reconstruction of the information disclosure system under the reform of the registration system of listed companies in China.This part combines the current situation of information disclosure of listed companies in our country and the requirements of information disclosure under the registration system, from the legislation of information disclosure system of listed companies in our country, the supervision mechanism of information disclosure.In order to adapt to the reform of the registration system of securities issuance and better protect the interests of investors, the paper puts forward some concrete and perfect suggestions on the external environment of information disclosure and legal liability system.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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