美国预测性信息披露免责制度研究

发布时间：2018-01-06 21:21

本文关键词：美国预测性信息披露免责制度研究　出处：《湖南师范大学》2010年硕士论文　论文类型：学位论文

【摘要】： 为了鼓励公司披露预测性信息,美国建立了以“安全港”制度为核心的预测性信息披露免责机制。“安全港”制度由两部分构成：一般规则和特殊规则。一般规则规定,由发行人、公司的管理者、董事或代表公司的职员所发布的预测性声明符合以下要件,即使所披露信息的结果与实际的结果不一致,预测性声明也不构成欺诈。首先,所披露的预测性信息属于“安全港”制度所规定的范畴；其次,预测性声明应伴随充分的警示语言；再次,披露的信息应具有合理的基础；最后,披露人主观上是诚信的。《1995年私人证券改革法案》的“安全港”条款还为口头披露预测性信息设立了特殊的行为规则。预测性信息披露要获得免责的保护,信息披露人制作的预测性声明除了要符合“安全港”条款的规定外,在披露的过程中,还必须遵守公平披露规则和强制披露的相关规则。美国判例法是美国法律体系的一部分,由判例法确立的涉及到预测性信息披露免责机制的有关规则,也是美国预测性信息披露制度的组成部分。例如,预测性信息与声明的范畴、主观善意的构成、有意义警示语言的标准、合理基础的界定也是美国预测性信息披露免责制度的一部分。美国的预测性信息披露免责制度全面而精巧,为完善我国的预测性信息披露免责机制提供了许多有益的借鉴。
[Abstract]:In order to encourage companies to disclose information to predict, the United States established the forecasting information disclosure to the "safe harbor" system as the core of the exemption mechanism. The "safe harbor" system consists of two parts: General rules and special rules. The general rules, by the issuer, the administrator of the company, the directors or forecast statement on behalf of the company staff to comply with the following requirements, even if the information disclosed results inconsistent with the actual results, prediction of the statement does not constitute fraud. First of all, the forecasting information disclosure belongs to the "safe harbor provisions" category of the system; secondly, forward-looking statements should be accompanied by adequate warning language; thirdly, disclosure the information should have a reasonable basis; finally, thestatementwasdisclosedingoodfaith.<1995 private securities reform act on the "safe harbor" provisions have also set up a special line for verbal information disclosure prediction It's the rule.
Predictive information disclosure should be protected by exemption. In addition to meeting the requirements of the "safe harbor" clause, the predictive statements produced by the information disclosure must comply with the fair disclosure rules and mandatory disclosure rules.
American law is a part of the American legal system, established by the case law relates to the forecasting information disclosure rules exemption mechanism, but also the United States part of the forecasting information disclosure system. For example, the forecasting information and the statement of the category, composition of the good faith, meaningful warning language standard, part the United States is a reasonable basis to define the predictive information disclosure exemption system.
The exemption system of forecast information disclosure in the United States is comprehensive and exquisite, which provides a lot of useful reference for improving our country's forecast information disclosure exemption mechanism.

【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D771.2

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