论我国证券市场信息披露监管

【作者】 胡智强；

【导师】 张宇润；

【作者基本信息】 安徽大学 ， 经济法学， 2003， 硕士

【摘要】 本文从经济法角度，对我国证券市场信息披露监管中的几个基本问题进行了深入的研究，全文共分为四个部分。 第一章导论部分探讨了信息披露监管的定义、性质和意义。 本文将信息披露监管定义为：证券主管机关依法对证券市场信息披露的主体及其活动进行监督和管理，以保障证券投资者利益的行为总和。信息披露监管体现了公法向私法领域的渗透，这是由信息披露监管的社会本位特质所决定的，因此信息披露的监管应当归属于经济法范畴。保护投资者利益是信息披露监管本原的意义。 第二章讨论了作为信息披露监管基础的信息披露模式以及我国信息披露模式的现实选择。 信息披露监管是一项独立的基础性管理手段，其监管模式总是和证券发行制度结合在一起，其差别首先体现在证券发行审批制度上。存在着三种模式：充分信息披露模式、实质性审核模式和审批制模式，中国证券市场发展的现实状况决定了采用将强制性信息披露制度与实质性审核相结合的核准制，逐步完善强制性信息披露监管应当是一个较好的选择方向。 第三章分析了信息披露制度和信息披露监管之间的关系。我国的证券的监管经历了三个阶段：政府管制阶段、培育并完善市场阶段和法律基础上的政府主导阶段，目前正逐步从政府管制阶段向法律基础上的政府主导型转变。世界各主要证券市场一个规律性的趋势是信息披露监管成为证券监管的焦点，我国应尽快建立并完善强制性信息披露制度，加强对信息披露的监管。 第四章着重研究了信息披露监管体系制度建设中的一些问题。我国采取政府为主导、集中统一型的两级管理的体制，在坚持政府统一监管的同时，应当清晰界定行政监管和行业自律之间的界限，充分发挥自律组织在信息披露监管中的作用。监管者应当进一步明确立场并大力提高信息披露监管能力。更多还原

【Abstract】 My postgraduate thesis focuses on the supervision of information disclosure on securities market. In this article I made a research on several basic problems of the supervision of information disclosure from the viewpoint of economic law. The article consists of four sections.In section 1, I probe the definition, quality and significance of the supervision of information disclosure.According to my opinion, I define it as the summation action of the securities supervision institutions, which govern under laws the securities information disclosure in order to ensure the interests of investors, especially those on the subject and its activity. The supervision of information disclosure has embodied the penetration from the public law to the private law, which is determined by its special social quality; As a result, it should belong to the category of the economic law. To protect the interests of investors is of fundamental significance.In section 2,1 discuss the patterns of the information disclosure and our practical choice. The formation disclosure is an independent and basic management tool. The patterns of the supervision of information disclosure are always combined with the Approval System for Securities Issuing, but their difference is also embodied chiefly in it. There are three patterns: the Full Disclosure Type, the Substantive Regulation Type and the Strict Substantive Regulation Type. As far as China securities condition is concerned, it is a reasonable option to combine the Mandatory Disclosure with the pattern of the Substantive Regulation Type and perfect it gradually.In section 3, I analyze the relation between the supervision of information disclosure and the information disclosure system.The government of China securities market has undergone three stages: the stage of government control, the stage to nurture and perfect market and that of government domination under the law. Now we are gradually changing to the third stage from government control. A regular tendency in the world securities market is that the supervision of information disclosure act as the core of the supervision of the securities market, therefore, it’s a major object to perfect the Mandatory Information Disclosure, then to enhance the supervision of information disclosure.In section 4, I study some problems lying in our construction of legal supervision system.Our country has adopted a two-level system in which the government plays the major role with concentration and consolidation. At the same time, the terminus between the government supervision and market continence should be defined clearly in order to keep an adequate distance between them, thus making the self-discipline organization playing a full role.The supervisor should further understand its standing point to improve the supervision power greatly.更多还原