创业板信息披露与商业秘密保护的冲突与协调

发布时间：2018-03-20 00:22

本文选题：创业板　切入点：信息披露　出处：《华东政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：为了防范证券市场风险，信息披露制度要求上市公司须真实、准确、完整、及时、公平地向投资者和证券市场披露相关信息，以保护广大投资者的利益。然而，应披露信息可能涉及到上市公司的商业秘密。上市公司为了自身利益，会对商业秘密进行保护。如此一来，信息披露制度与商业秘密保护制度之间就产生了冲突。这一点对创业板上市公司信息披露制度来说尤为明显，原因在于创业板上市公司信息披露制度对信息披露的要求更为严格。虽然创业板信息披露制度与商业秘密保护制度之间存在冲突，但是也存在相同的一面。冲突主要表现为两方面：立法的首要目的冲突及范围的冲突。前者体现在信息披露制度的首要目的是保护投资者利益，而商业秘密保护制度的首要目的是保护上市公司利益，因此两者之间产生了冲突。相同体现在两者立法的深层目的都是为了维护公共利益，维护市场秩序，而立法的最终目的都是为了促进社会主义市场经济发展。因此，两者之间存在协调的可能性。至于如何协调，应从对商业秘密及应披露信息的范围限定入手，减少两者交叉的部分，以缓和两种制度的冲突。对商业秘密范围的限定应采用公共利益抗辩规则，对应披露信息范围的限定应参照交易价格较大影响标准。本文对商业秘密范围的限定主要针对经营信息，并主张可以参考司法实践对于客户名单的认定标准来认定其他经营信息。而对应披露信息范围的限定，笔者认为无需对部分容易涉及企业商业秘密但对投资者作出投资决策帮助不大的信息进行披露，并且应对部分应披露信息的内容进行细化。针对创业板市场中的特殊行业，立法者发布了特别的信息披露指引。对于其中的影视公司而言，鉴于部分应披露信息对于投资者利益及公共利益的影响甚小，从利益平衡的角度出发，应对该部分应披露信息的内容进行明确，以保护影视公司的利益。对于其中的医药公司而言，鉴于其所处的行业的特殊性，，其所生产的药品关系到公众健康，而目前信息披露制度对于医药公司披露有关药品安全性的信息的规定还不完善，对此，不妨借鉴美国对于医药公司商业秘密的限制的相关理论与实践。美国提出了如果基于公共健康的事由需要披露医药公司商业秘密，那么商业秘密权利人需符合诸多条件后才可能被豁免进行披露。笔者建议参照美国司法实践所确定的标准对医药公司有关药品安全性的信息的保护加以限制，在现行医药公司信息披露指引中增加需要医药公司及时报告的关于药品安全的情形。
[Abstract]:In order to guard against the risk of securities market, the information disclosure system requires listed companies to disclose relevant information to investors and the securities market in a true, accurate, complete, timely and fair manner in order to protect the interests of the majority of investors. Disclosure of information may involve the trade secrets of the listed company. The listed company will protect the trade secret for its own benefit. There is a conflict between the information disclosure system and the trade secret protection system. This is especially obvious to the information disclosure system of listed companies on the gem. The reason lies in the gem listed companies information disclosure system more stringent requirements for information disclosure. Although there is a conflict between the gem information disclosure system and the trade secret protection system, But there is the same side. The conflict is mainly manifested in two aspects: the conflict of the primary purpose of legislation and the conflict of scope. The former embodies in the primary purpose of the information disclosure system is to protect the interests of investors. The primary purpose of the trade secret protection system is to protect the interests of listed companies, so there is a conflict between the two. The same manifestation is that the deep purpose of both legislation is to safeguard the public interest and maintain the market order. The ultimate purpose of legislation is to promote the development of socialist market economy. As for how to coordinate, we should start with the limitation of the scope of trade secret and the information to be disclosed, reduce the intersecting part of the two systems, so as to ease the conflict between the two systems. The rules of public interest defense should be used to limit the scope of trade secret. The limits of the range of information to be disclosed should refer to the standard of greater influence of transaction price. The limitation of the scope of trade secrets in this paper is mainly aimed at business information, And advocates that other business information can be identified by referring to the criteria for the identification of customer lists in judicial practice. And corresponding to the limits of the scope of disclosure of information, The author thinks that there is no need to disclose some information which is easy to involve in business secrets but not helpful for investors to make investment decisions, and the contents of disclosure should be refined. For special industries in the gem market, legislators have issued special information disclosure guidelines. For film and television companies among them, since some of the disclosure of information has little impact on the interests of investors and the public interest, From the angle of balance of interests, it is necessary to clarify the content of the information that should be disclosed in this part in order to protect the interests of the film and television companies. For the pharmaceutical companies among them, in view of the particularity of the industry in which they are located, The drugs they produce are related to public health, but the current information disclosure system is not perfect for pharmaceutical companies to disclose information about drug safety. We can learn from the relevant theories and practices of the United States regarding the restrictions on the trade secrets of pharmaceutical companies. The United States has proposed that if the disclosure of trade secrets of pharmaceutical companies is required for reasons of public health, Well, the right holders of trade secrets must meet many conditions before they can be exempted from disclosure. The author suggests restricting the protection of pharmaceutical companies' information on drug safety in the light of the standards established in judicial practice in the United States. To add to the current guidelines on pharmaceutical company information disclosure, pharmaceutical companies need to report on drug safety in a timely manner.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.294;F832.51

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