论证券信息自愿披露及免责事由  

Study on Exemption Rules of Voluntary Disclosure of Securities Information in China

作　　者：李有星[1] 康琼梅 Li Youxing;Kang Qiongmei

机构地区：[1]浙江大学光华法学院,浙江杭州310008

出　　处：《社会科学》2020年第9期104-111,共8页Journal of Social Sciences

摘　　要：在证券市场中,自愿披露是信息披露中的重要组成部分,强制披露和自愿披露模式相结合才能构建一套完整的信息披露制度体系。我国新《证券法》第84条规定了自愿披露制度、自愿披露信息的内容和标准。该规定与证券监管机关、证券交易所制定的规则构成了我国证券市场信息自愿披露规则体系。我国自愿披露制度对披露者的义务规定过于严格,这虽有利于防范披露者违法披露、保护投资者利益,但很可能忽视披露者的合法权益保护,出现自愿披露违法事件频发和披露者自愿披露积极性不高的矛盾。我国应该通过免责事由规则的制定解决该矛盾。首先,应当将警示性声明确定为预测性信息披露者的免责事由。其次,应当具体化“重大性”信息标准,将非重大性信息确定为所有自愿披露者的免责事由。恰当的信息自愿披露免责事由才能保证投资者和披露者权益平衡。In the securities market,voluntary disclosure is an essential part of information disclosure.Only a combination of mandatory disclosure and voluntary disclosure model can build a complete information disclosure system.Article 84 of Securities Law(2019 Revision)stipulates the voluntary disclosure system,the content and standards of voluntarily disclosed information.The regulations formulated by the securities regulatory authorities and stock exchanges constitute a voluntary disclosure system in China’s securities market.In general,China’s voluntary disclosure system has too strict obligations on the disclosers.Although this helps prevent illegal disclosures of disclosers and protects the interests of investors,it is likely to ignore the legal rights of the disclosers.The frequent occurrence of illegal voluntary disclosure contradicts the discourager’s low enthusiasm.China should resolve this contradiction through the formulation of exemption rules.First of all,the cautionary statements should be determined as the exemption cause for predictive information disclosers.Second,the“material”information standard should be specified,and immaterial information should be determined as the exemption for all voluntary disclosers.The formulation of exemption rules is an important means of weighing the interests of investors and those of disclosers.

关 键 词：证券法 自愿披露 预测性信息 免责事由 

分 类 号：D923.996[政治法律—民商法学]