我国证券市场信息披露制度研究

我国证券市场信息披露研究

摘 要

证券市场健康发展的关键在于证券发行人的信息披露。信息披露的意义在于使投资者充分了解发行人的真实经营和财务状况并以此做出正确的投资决策、如果发行人虚假披露信息，其结果误导投资者，影响社会的资源配置，最终阻碍经济的发展。另一方面，虚假的信息披露被揭穿后，会使得投资者对未来披露的信息不信任，结果会打击投资者的积极性，最终会影响经济的健康发展。鉴于此，本文以证券信息披露的基本内容为出发点，认真分析了我国信息披露的现状、存在问题及原因，对如何完善我国信息披露提出一些设想和建议。
【关键词】：证券市场  信息披露  制度完善   
Information disclosure in China securities market

Abstract

The key to securities market’S healthy developing lies in informationdisclosure from securities issuer. The information disclosure enablesinvestor to get understand on the business＆financial soundness of issuerand thus to formulate the right investing decision.If issuers make misrepresentation, it will mislead investors thus improper aliocation of social resource going to be happen as well, which will ultimately destroy the whole economic system;  on the other hand, the misrepresentation cannot be keep confidential forever, once it being seen through, the investors will loss interests who put money into the securities. market during that period when the misrepresentation existed，and naturally this wil t seriously injure these investors and their enthusiasm and ultimately destroy the whole economic system．As the start to the basic matters, the paper analyzes the status of information disclosure and the causes of the problems comprehensively,the specialty and put forward the conceptions and suggestions to make the information disclosure more perfect in China．
【Key words】 market of securities, information disclosure, systems perfect
信息披露的公正、及时、准确和完整,是保护投资者利益和促进证券市场顺利发展的必要条件。当前,我国证券市场的信息披露还存在许多问题,诸如信息虚假、信息私用和信息操纵等。导致这些问题的原因很多,最为突出的原因包括:法律法规的不完善、监管及处罚力度不够、审计执行不规范、有关管理部门执法不严，部分责任人员法制观念淡薄以及上市公司治理结构的不健全等。因此,为完善我国证券市场信息披露制度,必须完加强信息披露建设、完善信息披露的审计监管制度、 强化中介机构的自律机制、加快相对法制制度的论证和制定工作、建立完善的信息披露民事责任体系、充分发挥媒体对信息披露制度的自由监督权。

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