证券信息披露机制研究
发布时间：2018-07-24 11:24
【摘要】：随着电子计算机技术的应用和电子互联网技术的普及，以计算机技术为基础的互联网性质的证券交易已经成为证券市场的主体，中国的证券市场更是在短短20年的时间里完全实现了证券的无纸化。 中国资本市场的发展，，信息化和无纸化为证券权利人的证券交易带来了无限便利，但是由于无纸化证券信息先天具有易篡改的特性，自然降低了信息发布者发布虚假信息的成本，增大了证券权利人对于有效证券信息的甄别难度。互联网极强的迅捷性、隐蔽性及自身的安全性问题增加了证券市场的系统性风险和非系统性风险，也加大了证券监管机构的监管难度，极易损害证券权利人的合法权益。 本文以信息时代的证券信息披露为研究对象，力图从完善证券信息披露法律制度的构建角度来探索这个问题，除了序言和结语以外，全文共分四个部分。在第一部分里，笔者探究了信息时代无纸化证券的基本理论问题，从无纸化证券的内涵、产生与发展、基本法律特征等方面加以详细阐述；第二部分中笔者对我国目前的信息披露状况做出了具体描述，包括证券市场多元化的信息披露义务主体及其义务、目前我国证券信息披露过程中较易出现的问题等；第三部分在力求描述准确的基础上，梳理美国在证券信息披露方面的法律制度和实践经验，主要侧重从它的证券信息披露实践入手，列举美国在完善无纸化证券信息披露上的一些制度；在最后一部分中，笔者在前文论述的基础上，进而提出在信息时代的大背景下，无纸化证券权利人保护视域下的信息披露法律制度亟待从立法体系、执法监管完善、对相关市场主体的法律规制等方面进行完善的建议。 除此之外，我们还应该认识到，完善信息披露机制，保护无纸化证券权利人的权利是一项系统工程，并不能仅仅依靠法律和制度本身，从立法、执法、监管等各方面进行完善也应当是其中的一个重要方面。本文将对完善信息时代证券权利人保护及健全信息披露法律制度具有一定的理论和实践意义。
[Abstract]:With the application of electronic computer technology and the popularization of electronic Internet technology, the securities trading based on the computer technology has become the main body of the securities market. China's securities market has completely realized the paperless securities in a short period of 20 years.
The development of China's capital market, information and paperless has brought unlimited convenience to the securities trading of the securities holders. However, because of the innate characteristics of the innate information of the paperless securities, it naturally reduces the cost of information publishers to publish false information and increases the difficulty of identifying the effective securities information by the security holders. The very fast, concealed and self security problems increase the systematic and non systematic risks of the securities market, and increase the difficulty of the supervision of the securities regulators, which can easily damage the legitimate rights and interests of the securities holders.
Based on the information disclosure of information age as the research object, this paper tries to explore this problem from the angle of perfecting the legal system of securities information disclosure. Besides the preface and conclusion, the full text is divided into four parts. In the first part, the author explores the basic theoretical problems of paperless securities in the information age, from the paperless securities. The connotation, production and development, the basic legal characteristics and other aspects are elaborated in detail. In the second part, the author makes a specific description of the current information disclosure situation in our country, including the subject and obligation of the information disclosure obligation of the securities market diversification, and the problems which are easy to appear in the process of the disclosure of securities information in our country, and the third part On the basis of accurate description, the legal system and practical experience in the disclosure of securities information in the United States are combed, mainly focusing on the disclosure practice of its securities information, and enumerating some systems in the United States to perfect the information disclosure of paperless securities. In the last part, the writer puts forward the information on the basis of the previous article. Under the background of the times, the legal system of information disclosure under the protection of the paperless securities holder should be perfected from the legislative system, the law enforcement regulation and the legal regulation of the relevant market subjects.
In addition, we should also realize that improving the information disclosure mechanism and protecting the rights of the paperless securities holder is a systematic project. It should not only rely on the law and system itself, but also be an important aspect of the legislation, law enforcement, supervision and so on. This article will improve the securities rights holders in the information age. It is of theoretical and practical significance to protect and improve the legal system of information disclosure.
【学位授予单位】：中共中央党校
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287
本文编号：2141226
[Abstract]:With the application of electronic computer technology and the popularization of electronic Internet technology, the securities trading based on the computer technology has become the main body of the securities market. China's securities market has completely realized the paperless securities in a short period of 20 years.
The development of China's capital market, information and paperless has brought unlimited convenience to the securities trading of the securities holders. However, because of the innate characteristics of the innate information of the paperless securities, it naturally reduces the cost of information publishers to publish false information and increases the difficulty of identifying the effective securities information by the security holders. The very fast, concealed and self security problems increase the systematic and non systematic risks of the securities market, and increase the difficulty of the supervision of the securities regulators, which can easily damage the legitimate rights and interests of the securities holders.
Based on the information disclosure of information age as the research object, this paper tries to explore this problem from the angle of perfecting the legal system of securities information disclosure. Besides the preface and conclusion, the full text is divided into four parts. In the first part, the author explores the basic theoretical problems of paperless securities in the information age, from the paperless securities. The connotation, production and development, the basic legal characteristics and other aspects are elaborated in detail. In the second part, the author makes a specific description of the current information disclosure situation in our country, including the subject and obligation of the information disclosure obligation of the securities market diversification, and the problems which are easy to appear in the process of the disclosure of securities information in our country, and the third part On the basis of accurate description, the legal system and practical experience in the disclosure of securities information in the United States are combed, mainly focusing on the disclosure practice of its securities information, and enumerating some systems in the United States to perfect the information disclosure of paperless securities. In the last part, the writer puts forward the information on the basis of the previous article. Under the background of the times, the legal system of information disclosure under the protection of the paperless securities holder should be perfected from the legislative system, the law enforcement regulation and the legal regulation of the relevant market subjects.
In addition, we should also realize that improving the information disclosure mechanism and protecting the rights of the paperless securities holder is a systematic project. It should not only rely on the law and system itself, but also be an important aspect of the legislation, law enforcement, supervision and so on. This article will improve the securities rights holders in the information age. It is of theoretical and practical significance to protect and improve the legal system of information disclosure.
【学位授予单位】：中共中央党校
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287
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