注册制下上市公司差异化信息披露制度之构建

发布时间：2018-07-26 16:52

【摘要】：我国资本市场逐步完善,股票发行注册制改革已经启动。注册制以信息披露为核心,对信息披露的质量提出了更严格的要求,如何在保证投资者获得有效信息进行决策不受影响的情况下,更好实现上市公司融资权利,成为推行注册制和构建多层次资本市场过程中亟待解决的重大问题。构建注册制下上市公司差异化信息披露制度,不仅可以保护证券发行人的商事权利,实现实质公平,而且能够维护投资者的合法权益,提高证券市场的效率。确立一个公平合理的信息披露标准成为该制度的核心,标准可以分为宏观和微观两个维度:一是,在宏观层面上以板块、品种、行业为标准,建立分板块、分品种、分行业的上市公司信息披露标准;二是,在微观层面上分别以上市公司的质量和信用为核心建立上市公司信息披露标准,这样精确的信息披露标准体系便得以形成。在明确标准的基础上,借注册制改革的机会,重整证券监管权力,组建信息披露委员会,加强对标准的实践认定。同时,通过对现行相关规范性法律文件的修改和完善,构建注册制下上市公司差异化信息披露的法律体系。本文除引言外,分为四个部分:第一部分,“上市公司信息披露差异化的基本内涵和时代背景”。首先,认识上市公司信息披露差异化的基本内涵、价值追求和重要特征。然后,在探究我国语境下的注册制理念和框架的基础上,着重分析注册制与核准制的区别,明确构建上市公司差异化信息披露制度的时代背景——注册制。第二部分,“注册制下上市公司信息披露差异化的必要性和现实性”。首先,概括总结出我国语境下注册制对信息披露制度提出的新要求,同时归纳出现行信息披露制度存在的问题,然后在分析其原因的基础上,证成注册制下上市公司信息披露差异化的必要性。紧接着,总结我国证券监管积累的经验,同时观察境外对上市公司信息披露制度监管情况。最后,对比总结各国在信息披露制度上的异同,概括出各国信息监管上的一致规律,得出实现差异化信息披露制度具有现实性的结论。第三部分,“注册制下上市公司信息披露差异化的标准体系和认定机构”。首先,从宏观和微观两个维度确立上市公司信息披露差异化的标准“坐标”,然后,借注册制改革之力,组建信息披露委员会,加强对差异化标准的实践认定。第四部分,“注册制下构建上市公司信息披露差异化的法律体系”。以《证券法》修改为契机,从法律、行政法规、规章和自律规则等四个层次构建上市公司信息披露差异化的法律体系,为制度构建扫除法律障碍。同时,健全差异化信息披露制度相关配套制度也至关重要。
[Abstract]:Our country capital market gradually consummates, the reform of share issue register system has already started. The registration system takes information disclosure as the core, and puts forward more strict requirements on the quality of information disclosure. How to better realize the financing rights of listed companies under the condition that investors can obtain effective information and make decisions without being affected? It has become an important problem to be solved in the process of carrying out registration system and constructing multi-level capital market. The construction of the differential information disclosure system of listed companies under the registration system can not only protect the commercial rights of securities issuers and realize substantive fairness, but also safeguard the legitimate rights and interests of investors and improve the efficiency of the securities market. Establishing a fair and reasonable standard of information disclosure becomes the core of the system, and the standard can be divided into two dimensions: first, on the macro level, we should take plate, variety and industry as the standard, and set up sub-plate and sub-category. The second is to establish the information disclosure standard of listed company on the micro level, which is based on the quality and credit of the listed company, so that the accurate information disclosure standard system can be formed. On the basis of clear standards, this paper makes use of the opportunity of the reform of registration system, reorganizes the power of securities supervision, sets up the information disclosure committee, and strengthens the practical recognition of the standard. At the same time, through the revision and improvement of the current relevant normative legal documents, the legal system of differential information disclosure of listed companies under the registration system is constructed. In addition to the introduction, this paper is divided into four parts: the first part, "the basic connotation and background of information disclosure differentiation of listed companies". First of all, understand the basic connotation, value pursuit and important characteristics of information disclosure differentiation of listed companies. Then, on the basis of exploring the concept and framework of registration system in the context of our country, this paper focuses on the analysis of the difference between registration system and approval system, and defines the background of constructing the differential information disclosure system of listed companies-registration system. The second part, "the necessity and reality of information disclosure differentiation of listed companies under the registration system". First of all, it summarizes the new requirements of the registration system to the information disclosure system in the context of our country, at the same time, summarizes the problems existing in the current information disclosure system, and then analyzes the reasons for the problems. The necessity of information disclosure differentiation of listed companies under the system of certificate registration. Then, it summarizes the accumulated experience of securities supervision in China, and observes the supervision of information disclosure system of listed companies abroad. Finally, the paper compares and summarizes the similarities and differences of the information disclosure system in various countries, generalizes the consistent rules of information supervision in various countries, and draws a realistic conclusion that the differentiated information disclosure system is realistic. The third part, the standard system and recognition institution of information disclosure differentiation of listed companies under the registration system. Firstly, the standard "coordinate" of information disclosure differentiation of listed companies is established from the macro and micro dimensions, and then, through the reform of the registration system, the information disclosure committee is set up to strengthen the practical recognition of the differentiation standard. The fourth part, under the registration system, constructs the listed company information disclosure differentiation legal system. Taking the revision of the Securities Law as the turning point, this paper constructs a differentiated legal system of information disclosure of listed companies from four levels: law, administrative regulations, regulations and self-discipline rules, which will remove the legal obstacles for the construction of the system. At the same time, it is very important to perfect the relevant supporting system of differential information disclosure 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】：D922.287;D922.291.91

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