隐私权与知情权:证券交易信息披露边界研究

发布时间：2018-12-12 12:18

【摘要】：信息披露对金融监管极其重要。然而一个被忽视的问题是信息披露越多市场就越"公正"吗?即信息披露是否存在边界?对此无论是理论界还是实务界都没有明确界定,致使金融监管在实践中遭遇困境。文章以TopView为案例,首先指出TopView的推出、修改以及关闭的整个过程反映了机构隐私权与投资者(主要是中小投资者)知情权之间的冲突,这是信息披露边界模糊的结果;其次揭示了隐私权与知情权之争在信息不对称、市场流动性以及监管者非理性方面的经济学含义;最后探讨了信息披露边界确定的意义,指出了信息披露边界的划分原则、影响因素和法律保障。
[Abstract]:Information disclosure is extremely important to financial supervision. But a neglected question is that the more markets are disclosed, the more "fair" they become? Is there a boundary in information disclosure? There is no clear definition of this either in theory or in practice, which results in financial supervision encountering difficulties in practice. Taking TopView as a case, this paper first points out that the whole process of introduction, modification and closure of TopView reflects the conflict between institutional privacy and the right of investors (mainly small and medium-sized investors) to know, which is the result of blurred boundary of information disclosure. Secondly, it reveals the economic meaning of the dispute between the right to privacy and the right to know in the aspects of information asymmetry, market mobility and irrational regulators. Finally, it discusses the significance of the boundary determination of information disclosure, and points out the principle of dividing the boundary of information disclosure, the influencing factors and the legal guarantee.
【作者单位】：上海立信会计学院;上海财经大学金融学院;
【基金】：国家自然科学基金项目(70803027,70673056) 上海市哲学社会科学规划项目(2008BJB004) 教育部新世纪优秀人才支持计划项目(NCET-08-0803) 上海市教委高水平特色发展项目(0B09008002) 上海市教育委员会科研创新项目(09ZS76) 上海市教委曙光计划项目(08SG34) 上海财经大学“211工程”三期重点学科建设项目的资助
【分类号】：F830.91

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