反思我国证券监管的规制目标:信息公开到信息公平--以规制大股东减持为例  

Paradigm Shift in China's Securities Regulatory Framework:From Information Disclosure to In-formation Fairness--A Case Study of Major Shareholder Divestment Regulation

作　　者：芮晨宸 RUI Chen-chen(School of Law,Beijing University,Beijing 100081,China)

机构地区：[1]北京大学法学院,北京100081

出　　处：《汉江师范学院学报》2025年第1期98-103,共6页Journal of Hanjiang Normal University

基　　金：2021年度国家社科基金重点项目“公司法修订中的重大问题研究--基于私人自治与公共规制之间的平衡”(项目编号:21AFX019)。

摘　　要：证券规制的经典正当性理由“信息公开”理念,深受主流经济学“有效市场假说”的影响。考察我国证券市场的现有规制状态可以发现,“信息公开”被过度信赖;在证券立法“赢弱”、证券监管机构“膨胀”的格局下,规制者更容易追求规制效率从而忽视制度公平。以“规制大股东减持”为一个典型规制场景,聚焦我国证券监管的进化路径,可以发现,监管方向已实质由“信息公开”向“信息公平”转移,即所有投资者平等获取证券信息,具备相近分析能力,并在公平制度下决策,消除身份、资源差异导致的信息壁垒与利用偏差,确保市场信息价值充分兑现。但“打击式”监管模式极易引发“过度规制”。立法者应当以“信息公平”为尺度塑造新的资本市场规制体系,创造符合正义价值的公平交易市场,引导资本市场的法治进步。The conventional justification for securities regulation-information disclosure doctrine-has been profoundly shaped by the Efficient Market Hypothesis in mainstream financial economics.A critical analysis of China's current securities regulatory landscape reveals an excessive reliance on the disclosure paradigm.Within the context of relatively nascent securities legislation and expanding regulatory authorities,regulators have tended to prioritize administrative efficiency at the expense of market equity considerations.Through an examination of major shareholder divestment regulation as a paradigmatic case study,this paper traces the evolutionary trajectory of China's securities su-pervision framework,demonstrates a substantive transition from an information disclosure-centered approach towards an information fairness paradigm.All investors have equal access to securities information,possess similar analytical abilities,and make decisions under a fair system,eliminating information barriers and utilization biases caused by differences in identity and resources,ensuring the full realization of market information value.However,the prevailing enforcement-oriented regulatory model poses some significant risks of regulatory overreach.This paper argues that leg-islators should reconstruct the capital market regulatory framework by using information fairness as its foundational principle,with the dual objectives of fostering an equitable trading environment that embodies fundamental principles of justice and advancing the rule of law in the capital markets.

关 键 词：证券监管 信息公平 规制大股东减持 

分 类 号：D922.287[政治法律—经济法学]