证券信息披露简明性与有效性探析  

Discussion on the Conciseness and Effectiveness of Securities Information Disclosure

作　　者：孙宝玲 SUN Baoling

机构地区：[1]首都经济贸易大学法学院

出　　处：《中国政法大学学报》2022年第5期248-260,共13页Journal Of CUPL

基　　金：司法部法治建设与法学理论研究部级科研项目“提升证券市场信息披露有效性之监管规则优化”(项目号:20SFB2021)的阶段性成果。

摘　　要：新《证券法》提出的信息披露简明性与有效性之间存在紧张关系。简明性标准是针对普通投资者提出的信息披露规则,但普通投资者并不具备利用信息的能力和理性;以机构投资者为代表的信息交易者对信息的搜索、验证和定价过程是真正实现证券市场效率的动态机制。但经压缩和简化的信息对机构投资者远远不够,信息披露的简明性改革反而会恶化专业投资者的信息不足问题。因此,应在强化信息披露简明易得、促进普通投资者教育的同时,构建满足专业投资者信息需求的有效披露制度,综合运用从“中介披露模式”到“纯粹披露模式”的规则谱系,促进机读模式、标准化披露。以信息披露有效性为最终目的解析现行信息披露规则,才能助力我国注册制改革行稳致远。There is a tension between the conciseness and effectiveness of information disclosure proposed by the new Securities Law.The standard of conciseness is an information disclosure rule designed for ordinary investors,but ordinary investors do not have the ability and rationality to use securities information.The process of information search,information verification,and pricing by information traders represented by institutional investors is a dynamic mechanism that truly realizes the efficiency of the securities market.But simplified information is far from enough for institutional investors,and the reform of information disclosure may worsen the problem of insufficient information for professional investors.Therefore,it is necessary to build an effective information disclosure system that meets the information needs of professional investors while strengthening the conciseness and accessibility of information disclosure and promoting the duration for ordinary investors.The rule from the ‘intermediary disclosure model’ to the ‘pure disclosure model’ should be comprehensively used to promote the machine-readable model of disclosure and standardized disclosure.Analyzing the current information disclosure rules with the effectiveness of information disclosure as the final purpose effectiveness can help the reform of China’s registration system to be stable and far-reaching.

关 键 词：信息披露 有效性 简明性 差异化披露 注册制改革 

分 类 号：D922[政治法律—法学]