完善我国创业板信息披露制度的法律思考

【作者】 姜莹；

【导师】 胡鸿高；

【作者基本信息】 复旦大学 ， 法律， 2010， 硕士

【摘要】 2009年10月30日,我国首批28家企业在深圳证券交易所创业板挂牌上市,这标志着我国创业板市场的正式启动。创业板市场是一个以信息披露为本的市场。创业板市场中的上市公司较之主板市场上市公司具有高成长、高风险的特点,经营失败的机率更高,而且由于股本规模较小,股价比较容易被人为操纵。因此,创业板市场的信息披露制度应该比主板市场更加严格而有效。本文拟借鉴海外典型创业板市场的信息披露制度,思考如何从法律角度完善我国创业板市场现行的信息披露制度。本文共分五个部分：第一章：信息披露制度与创业板。首先介绍了信息披露制度的涵义、历史发展以及理论基础。进一步针对创业板市场高成长性、高风险的特点,分析了信息披露制度对于创业板市场的重要性以及创业板市场信息披露的特殊要求：重视对企业成长性信息、核心技术、风险的披露,重视信息披露的时效性,强调对信息披露的事先监督,兼顾投资者利益的保护与信息披露的效率。第二章：海外典型创业板市场的信息披露制度。选取比较有代表性的美国纳斯达克市场(NSDAQ)、英国高增长市场(AIM)及香港创业板市场(GEM),分别从规范体系、监管体系、制度内容三个角度对这三个市场的信息披露制度予以解读、对比、分析,从中总结出完善我国创业板信息披露制度的有益经验。第三章：我国创业板信息披露制度的的现状。阐述了我国创业板信息披露制度的主要内容。我国创业板信息披露的规范体系由基本法律、行政法规、部门规章和自律性规范组成,采用集中统一型的监管体制,建立了发行信息披露与持续信息披露制度,强调及时性、公平性的披露原则。在具体的制度设计方面,针对创业板市场的高风险性等特点,增加了一些新的规定或要求,如：提高了定期报告业绩信息披露的及时性；实行临时报告实时披露制度；制定了适应创业板上市公司特点的临时公告披露标准；强化对创业板公司上市首日的信息披露要求；强化控股股东、实际控制人信息披露责任等。第四章：我国创业板信息披露制度存在的问题及评析。首先归纳了我国上市公司在发行信息披露、定期报告与临时报告信息披露中凸显的主要问题,进而反思创业板信息披露制度有待完善的地方,如：创业板信息披露监管制度存在不足,有关信息披露违规的法律责任的规定存在缺陷等。第五章：完善我国创业板信息披露法律制度的思路与建议。主要针对我国创业板信息披露制度存在的问题,提出完善该制度的具体建议和措施：改善信息披露制度的基础环境；建立多层次监管体系；加大信息披露监管力度；鼓励和规制自愿性信息披露；完善民事赔偿制度。更多还原

【Abstract】 The first batch of 28 companies listed on Shenzhen Stock Exchange innovative board on October 30,2009 marks the beginning of Chinese innovative board. The Innovative Board is an important part of Chinese security market, thus supervision of which is a significant part of securities supervision system. Compared with companies listed on main board, the companies listed on the innovative board have high growth potential, but high risk as well, therefore the risk of failure is higher. In addition, the shares size of innovative board are relatively small, thus price is easily manipulated. In view of above, supervision of the innovative board should be more stringent and effective. This article addresses the issue of how to perfect the regulation system of innovative board in China, from legal perspective, through studying monitoring system adopted by typical innovative board overseas and main board in China.This Article consists of five chapters:The first chapter:Information Disclosure and Innovative Board. The first chapter introduces the definition, history and theoretical basis of information disclosure system. Based on this, the first chapter further elaborates the significance of information disclosure system to innovative board management and specific requirements of information disclosure system under innovative board regulation taking into account the high growth and high risk characteristics of innovative board, that is to pay attention to the information on high growth, key techniques and risks of the enterprise, attach importance to effectiveness of information disclosure, emphasize supervision of information disclosure in advance, taking both factors of protection of investors and efficiency of information disclosure into account.The second chapter:Information Disclosure System on Typical Overseas Innovative Board. The second chapter introduces the NASDAQ,the AIM and the GEM as a typical innovative board market, Then this chapter further explains, compares and analyzes the three innovative markets from the perspective of regulatory system, supervision system and contents of system. After that, the second chapter illustrates the experience that we can learn from these three innovative board markets for the purpose of perfection of our regulatory system.The third chapter:the Current Status of Chinese Innovative Board Information Disclosure System. The third chapter introduces the information disclosure system of our innovative board market and its primary contents. The regulatory system of information disclosure of our innovative board is comprised of basic laws, administrative regulations, divisional regulation and self-disciplined mechanisms, it adopts a uniform central supervision system, establishes an initial public offering information disclosure system and continuous information disclosure system, it emphasizes principle of timeliness and fairness of disclosing information. When it comes to the design of specific system, considering the characteristics of innovative board, such as high risks, our innovative board information disclosure system put some new system into place, for instance, the timeliness of regular report containing business achievement is improved, the ad hoc report is disclosed where necessary, a disclosure standard suitable for our innovative board listed companies is promulgated, the requirement of information disclosure on the first date of an initial public offering is strengthened, the responsibility of disclosing information by controlling shareholder and actual shareholder is increased.The fourth chapter:The Problems Existing Under Our Innovative Board and Analysis of Problems. The fourth chapter introduces the information disclosure system of our listed companies, problems existing in regular reports and ad hoc report system. Accordingly, this chapter brings forward systems to be improved for the purpose of perfection of the current system, for example, there are deficiency existing under information disclosure system of our innovative board, and defects within legal liabilities where there is breach of information disclosure obligation.The fifth chapter:Reflection and Advice on Perfection of Information Disclosure System of Chinese Innovative Board. The fifth chapter put forward specific suggestion and measures to be used for the purpose of perfection of the information disclosure system upon pointing out main problems existing in current information disclosure system of our innovative board market, the fundamental environment for information disclosure should be improved, a multi-level supervision system would better be established, the supervision on information disclosure should be strengthened, the voluntary information disclosure will be encouraged and regulated, the civil compensation should be perfected.更多还原