【作者】 许静；

【导师】 徐卫东；

【作者基本信息】 吉林大学 ， 民商法学， 2004， 硕士

【摘要】 随着社会主义市场经济体制的日趋完善，作为资本要素市场之一的证券市场，其市场地位和市场表现却迥然而异，令人深思。个中原由，可谓仁者见仁，智者见智，如证券市场本身，或波涛汹涌，或风平浪静，颇有深不可测、大海捞针的局势。如此，才得见相关的专业研究日见繁荣，笔者即因专业关系和学业所迫，对此类论题兴趣渐浓。然囿于学识与能力所限，实在是心有余而力不足，只能发微探箸，浅尝辄止，借鸡生蛋，斗胆写下《上市公司信息披露之法律问题研究——兼评美国〈萨班斯－奥克斯利法案〉》，美其名曰“比较研究”，实乃“拿来主义”、生搬硬套。本文主要分三个部分：一、1999年-2002年证券市场信息披露问题研究——以美国和中国为例；二、信息披露基本制度研究；三、我国上市公司信息披露法律制度设计初探。在第一部分“1999年-2002年证券市场信息披露问题研究——以美国和中国为例”中，由于资料有限，仅对美国和中国大陆地区1999年-2000年证券市场信息披露问题进行了归纳分析。其中，针对美国证券市场信息披露存在的问题，提出了“关联信息披露制度的缺陷”、“选择性信息披露方式降低信息披露的效力”两个主要原因；针对我国证券市场虚假信息披露问题，一方面列举了我国证券市场虚假信息披露的特点，一方面对我国证券市场虚假信息披露的原因进行了分析，指出“上市公司内部控制薄弱”和“制度性缺陷”是造成虚假信息披露的主要因素。 在第二部分“信息披露基本制度研究”中，首先，对“信息披露制度的理论基础”进行了梳理，分别从“信息披露的制度演进”、“信息披露的内部要求”、“信息披露的外部法源”三个方面予以阐述；其次，对“信息披露的内容”进行了基本探究，针对“准入体系——证券初期信息披露”、“操作体系——持续信息披露”、“纠错体系——虚假陈述的定义和标准”、“预警体系——预测性信<WP=63>息披露”和“救济体系——诉讼的实现途径”五个方面内容，予以条分缕析；第三，重点剖析了“我国现行法律中的信息披露制度”，对“证券发行和上市信息披露”、“持续信息披露制度”、“预测性信息披露制度”、“虚假陈述的有关规定”等现行制度框架下的规制与实践进行了基本考察。 第三部分“我国上市公司信息披露法律制度设计初探”是本文的要旨所在，意从“美国信息披露制度反思”，引出对我国证券市场信息披露制度建设的宏观思考。从逻辑路径上讲，“我国上市公司信息披露的法律特色与市场条件” 不容忽略，“中国证券市场法律监管所存在问题” 不可或缺，而“完善信息披露的制度框架”和“建立可操作的制度体系”的提出，则是在此基础上得出的基本结论，亦即本文的核心内容：——“完善信息披露的制度框架”内容包括：“信息披露制度是公司治理的内在要求”、“强化信息披露可以促进公司的内部治理”、“公司治理—信息披露—投资者三者之间的关系”、“《SOX法案》的提示——内部监管和外部监管的关系”；——“建立可操作的制度体系”内容包括：“信息披露的具体制度”、“信息披露的基础制度——公司治理的有效性”、“信息披露的责任制度”、“信息披露监管制度”、“信息披露的救济程序——民事诉讼的提起”。毋庸讳言，在我国现有的信息披露制度中，最缺乏的是可操作性。因此，笔者强调：（一）目前我国需要在现有的已经建立的信息披露制度的框架下，建立一套切实可行的操作标准体系。虽然，标准化也有它的问题，比如容易被规避，重形式轻实质，而且规则的制定总是滞后于金融的创新。（二）我国的证券市场不同于美国，《SOX法案》解决的是旧的标准体系被突破的问题，而我国证券市场急需解决的是证券市场信息披露监管制度的建设问题。<WP=64>（三）我国的证券市场还不够成熟，上市公司的信息披露质量不高，公司治理观念不够深入，从业人员的水平有限，惩戒力度不足，民事救济难以实现等等。解决这些问题，当务之急是建立一个操作性强的规则体系。 （四）从公司治理的基础制度建设，到信息披露形式的具体规定，从内部的审计的强化到外部监督力度加大，以及救济制度的完善，笔者认为，信息披露制度应是一个立体的制度体系。它既应该包括对财务信息披露形式和内容的直接规定，还应该包括对信息披露的外部维护以及对真实信息披露的推进。 题外话：只有有效的公司治理制度才能够产生真实的信息披露。我国的《公司法》规定了公司治理的基本结构，这是信息披露真实性、完整性、及时性的基本保障，也是在现代企业制度下信息披露制度建立的前提。因此，完整、有效、合理的公司治理结构，才是终结上市公司玩弄虚假信息披露伎俩的杀手锏。更多还原

【Abstract】 Accompanied with the gradually perfection of the socialist market economy system, the security market, as an important part of the capital market, its market status and performance have represented much difference. The reason is very thoughtful. Different people have different opinion about this phenomenon, just like the security market itself----sometimes changed gigantically, sometimes kept stable---it’s difficult to predict. Just because of this, relative professional investigation became more and more flourishing. On account of my major I became interested in this area. My article is named “comparative study”, but because of limited knowledge and abilities, I use other peoples’ view for reference, of course, we add our opinion and effort in it. The article can be divided into three parts:1.Research of disclosure in security market from year 1999 to 2000----take America and China as an example. 2. Research of the basic system of disclosure. 3. Research of disclosure of public company in China.In the first part, “Investigation of disclosure in security market from year 1999 to 2000----take America and China as an example”, because of the limitation of the documents, I generally analyzed the problem of disclosure in America and China mainland. Based on the analysis of the disclosure problem in America security market, I bring forth the viewpoint of “the defect of the related disclosure system” and the two major reason of why “the selective disclosure method can decrease the effectiveness of disclosure”. To the problem of the false information in the security market, on one hand, I enumerate the characteristic of this problem in our country. On the other hand, I analyzed the reason, which caused this problem---in my opinion, “inertial management inefficiency of public company”, and “institutional defection” are the two most important reasons. In the second part, the study of basic system of disclosure, firstly, we settle with theoretic basis for disclosure and we will illustrate this subject from three respects: the evolution of the system about disclosure; the inner request of disclosure; the legal resource of disclosure. Secondly, we do some research about the context of disclosure, we analyzed it from five aspects: entry system--- disclosure at the early stage; operation system---continue disclosure; the corrective system---the definition and the standards of false presentation; danger-forecasting <WP=66>system---predictive disclosure; aiding system---the realization of litigation. Thirdly, in this article we have emphasis on the illustration about disclosure system under the current law, study the rule and practice in related areas under the current system framework: disclosure about the launch and marketing of securities, lasting disclosure system and so on.The third part “the beginning design explores of the disclosure law system about listed company” is the textual points，it is from “the anti think of the United States disclosure system”, deviate the developments considers to our stock market information system. Speak from the logic path, “the special features of law and market term of our public company” should not be neglected, “the problem which is existed in the Chinese stock market” is necessary, But there is two points putted forward——“perfect system frame of disclosure” and “found of information system that can be operated”which is the last basic conclusion , that is textual core contents too. ——The contents of “perfect system frame ” includes: “the disclosure system is an inside request of company manage”, “ enhancing the disclosure can promote the inner manages of the company” , “ the relation of company manages, disclosure and investor”, “<SOX bill>f hint——the relation of inner and exterior charges”;——The contents of “found of information system that can be operated” includes: “the concrete system that information”, “the foundation system that disclosure——the usefulness that company manage”, “the duty system of disclosure”,更多还原