注册制下信息披露法律制度研究

发布时间：2018-02-02 15:57

本文关键词： 注册制信息披露上市公司监管制度完善　出处：《郑州大学》2017年硕士论文　论文类型：学位论文

【摘要】：注册制是新股发行的一种制度,其最为突出的特点是证券监管机构在发行审核中,不再对发行人的投资价值把关。我国现行的股票发行制度是核准制,强调对发行人提供的申报材料进行实质审查,证券监管机构对于公司能否上市握有决定权。2013年,党的十八届三中全会着眼于资本市场的未来,首次在中央层面提出了股票发行注册制改革的战略性布局,至此改革拉开了大幕。注册制下,上市公司的入市门槛将大大降低,会有更多的公司参与到上市融资中来。上市公司的大量涌入将使得股票市场变得“鱼龙混杂”,因此注册制对于配套制度的建设提出了更高的要求。纵观世界上实行注册制的国家,都将信息披露法律制度摆在了中心位置。信息披露法律制度既是进行证券监管的有力手段,又是保护投资者权益的有效措施。我国目前正处于注册制改革的关键期,信息披露法律制度表现出了许多不相适应的地方。因此有必要借鉴实行注册制的成熟市场的先进经验,来完善我国的信息披露法律制度,并最终为注册制的实施保驾护航。本文紧扣注册制改革这一背景,综合运用了案例分析法、历史分析法和比较分析法等方法对完善信息披露法律制度进行了研究。首先,论述了注册制下信息披露法律制度的一般理论,分别介绍了注册制和信息披露法律制度的内涵和特征,并从成本效益分析理论、行为经济学理论和社会网络分析理论的视角下阐述了信息披露法律制度的理论基础,点明信息披露法律制度在注册制中的核心地位。其次,对我国信息披露法律制度的现状进行了介绍,指出了现阶段信息披露法律制度存在的问题,主要包括立法存在缺陷、整体质量偏低、监管不到位、法律责任分配不合理以及退市法律制度存在问题等。再次,论述了实行注册制的美国和日本的信息披露法律制度,分别介绍了它们各自的发展及现状,总结了对我国的启示,包括完备的信息披露法律规范、有效的信息披露监管体系和完善的投资者保护机制等。最后,结合域外国家的先进经验,就现阶段信息披露法律制度存在的与注册制不相适应的地方,提出了有针对性的建议。本部分着重从健全信息披露法律规范、提高信息披露整体质量、强化信息披露监管和加强配套制度建设等方面进行论述,为完善我国的信息披露法律制度,推动注册制的顺利实施打下了坚实基础。
[Abstract]:The registration system is a new issue system, the most prominent feature of which is that the securities regulatory body in the issuance audit, no longer check the value of the issuer's investment. China's current stock issuance system is the approval system. It is emphasized that the securities regulator has the right to decide whether the company can be listed or not. In 2013, the third Plenary session of the 18 CPC Central Committee focused on the future of the capital market. The first time in the central level proposed the strategic layout of the reform of the registration system of stock issuance, so that the reform opened the curtain. Under the registration system, listed companies will greatly reduce the threshold to enter the market. More companies will be involved in public financing. The influx of listed companies will make the stock market "mixed". Therefore, the registration system for the construction of supporting systems put forward higher requirements. Throughout the world, the implementation of the registration system in countries. The legal system of information disclosure is not only a powerful means to supervise securities, but also a legal system of information disclosure. It is also an effective measure to protect the rights and interests of investors. At present, our country is in the key period of registration system reform. The legal system of information disclosure shows a lot of incompatibility. Therefore, it is necessary to learn from the advanced experience of the mature market of registration system to perfect the legal system of information disclosure in our country. And finally for the implementation of the registration system escort. This paper closely adhere to the background of the reform of the registration system, the comprehensive use of case analysis. Historical analysis method and comparative analysis method to improve the legal system of information disclosure are studied. Firstly, the general theory of information disclosure legal system under the registration system is discussed. This paper introduces the connotation and characteristics of the registration system and the legal system of information disclosure, and analyzes the theory of cost and benefit. From the perspective of behavioral economics theory and social network analysis theory, this paper expounds the theoretical basis of the legal system of information disclosure, and points out the core position of the legal system of information disclosure in the registration system. This paper introduces the current situation of the legal system of information disclosure in China, and points out the problems existing in the legal system of information disclosure at the present stage, including the defects of legislation, the low quality of the whole and the inadequate supervision. Third, discusses the registration system of the United States and Japan of the legal system of information disclosure, respectively, introduced their respective development and status quo. Summarized the enlightenment to our country, including the complete information disclosure legal norm, the effective information disclosure supervision system and the perfect investor protection mechanism and so on. Finally, unifies the foreign country advanced experience. On the current information disclosure legal system does not adapt to the registration system put forward targeted recommendations. This part focuses on improving the legal norms of information disclosure to improve the overall quality of information disclosure. Strengthening the supervision of information disclosure and strengthening the construction of supporting system lay a solid foundation for perfecting the legal system of information disclosure and promoting the smooth implementation of the registration system.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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