证券市场信息披露义务研究

发布时间：2018-07-20 13:04

【摘要】：在证券法中有一项非常重要的原则就是公开原则,它在证券法中最直接的表现形式就是信息的披露。上市公司的决策成为一个充满活力的信息来源,影响着证券价格的波动,这必然要求公平公开公正的披露证券信息。但在现实的证券交易中,由于信息披露的质量数量均不高,内幕交易等使交易双方所获信息不对称,严重损害投资者利益的现象屡见不鲜。而在证券市场中,投资者是诸多重要的市场主体之一,倘若他们的合法权利和利益缺乏有效的保护。其投资信心受到冲击,最终的结果就是投资者选择远离这个市场。因此,保证广大投资公众获取信息的权利,强化证券市场的管理与效率,是我们立法的关键。信息披露义务是信息披露义务人向不特定投资者承担的一项法定义务,它要求义务主体必须依法定形式和内容履行该义务；信息披露义务主体是指依照相关法律的强制规定,有义务以其自己的名义向公众披露与证券发行交易有关的信息,并对该信息的真实性和准确性等承担保证责任的单位或个人。本文主要围绕以上观点,着重分析了现在在证券市场信息披露中存在的若干问题,试图通过对这些问题的一一探讨来完善相关立法。证券市场信息披露义务的性质究竟如何,证券市场信息披露的主体有哪些,这些主体如何履行披露义务,以及这些主体如果没有履行信息披露义务应当承担什么法律责任等。希望通过本文的研究,能够对构建证券市场信息义务的理论体系有所帮助,惩处证券市场的一系列违法披露行为将有法可依,不在处于尴尬之地,在实践中提高可操作性,规范证券市场中不正当披露行为,促进证券市场的长期稳定发展。
[Abstract]:There is a very important principle in securities law, which is the disclosure of information. The decision of listed companies becomes a dynamic information source, which affects the fluctuation of securities prices, which inevitably requires fair, open and fair disclosure of securities information. However, in the real securities trading, because the quantity of information disclosure is not high, the information obtained by both sides of the transaction is asymmetric, and the phenomenon of seriously harming the interests of investors is common. In the securities market, investors are one of the most important market subjects, if their legal rights and interests are not effectively protected. Its investment confidence has been hit, the end result is that investors choose to stay away from the market. Therefore, the key to our legislation is to guarantee the right of the investing public to obtain information and to strengthen the management and efficiency of the securities market. The obligation of information disclosure is a legal obligation assumed by the obligor of information disclosure to a non-specific investor. It requires the subject of the obligation to perform the obligation in accordance with the legal form and content; the subject of the obligation of information disclosure refers to the compulsory provision of the relevant law, The entity or individual who is obliged to disclose to the public in his own name the information relating to the issue and transaction of securities and to undertake the responsibility of surety for the authenticity and accuracy of the information. This paper focuses on the analysis of some problems existing in the information disclosure of the securities market, and tries to perfect the relevant legislation through the discussion of these problems one by one. What is the nature of the obligation of information disclosure in the securities market, what are the subjects of the disclosure of information in the securities market, how do these subjects fulfill the obligation of disclosure, and what legal liability should these subjects bear if they fail to perform the obligation of information disclosure? It is hoped that the research in this paper will be helpful to the construction of a theoretical system of information obligations in the securities market, and that a series of illegal disclosures in the securities market will be punished in accordance with the law, not in an awkward place, but in practice to improve the maneuverability. Regulate improper disclosure in the securities market and promote the long-term and stable development of the securities market.
【学位授予单位】：长春工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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