【作者】 张建文；

【导师】 陈富良； 袁明圣；

【作者基本信息】 江西财经大学 ， 经济法， 2003， 硕士

【摘要】 证券市场信息披露制度，又称证券市场信息公开制度或证券市场信息公示制度，它是指在证券市场上借助各种金融工具向公众筹集资金的公司及其相关的个人依照法律规定以完整、准确、及时的方式向所有投资者和整个证券市场公开、公平、公正地披露与该筹资行为及其持续性身份相关信息的制度或规则。作为一种制度，它是指规范发行人或上市公司及其相关人员等披露行为的一系列原则、规则、标准和制度的总和，是一种综合性的法律制度。信息披露制度是证券市场监管中最重要和基本的法律制度，是证券市场赖以建立和健康发展的基石。信息披露制度随着证券市场的形成而出现，至今已有一百多年的历史，它起源于英国1845年的《公司法》，为美国1933年的《证券法》和1934年的《证券交易法》正式建立并日臻完善，由于美国在世界经济中的重要影响，其他国家也纷纷建立了信息披露制度。信息披露制度的基本特征主要包括：①主体上的多元性；②时间上定期披露与不定期披露的结合性；③内容上的综合性。信息披露制度的经济学基础主要是“证券市场失灵”理论，而证券市场失灵主要是由证券市场上的信息不对称造成的。信息披露制度中的法学理念是“公平”。 从不同国家的立法来看，信息披露制度已经形成了一个比较完整的法律制度体系。信息披露制度的常规体系结构包括证券发行披露制度、持续性披露制度和法律责任及救济制度。信息披露制度体系的具体内容通常包括招股说明书、上市公告书、定期报告书、临时报告书等。证券市场上信息的首次披露制度包括证券发行时的信息披露和证券上市时的信息披露。证券发行时的信息披露文件是招股说明书，本文在分析了各国在对招股说明书的基本规定的基础上并结合我国现有的规定，就盈利预测问题在我国的法律完善提出了一些建议；而证券上市时的信息披露文件则是上市公告书，本文在分析了各国对上市公告书的基本规定的基础上并结合我国现有的规定，对我国上市公告书的完善做出进一步的剖析和探讨。在证券发行和上市后公司仍然必须依照法律规定的程序与方式持续地披露信息，这就是证券市场信息持续披露制度。按照持续披露的时间的不同，持续披露制度可以分为定期披露制度和临时披露制度。本文对我国和其他各国关于这两种制度的规定进行了概要地阐述和分析，并在此基础上对我国定期报告中的提交期限问题和临时报告中的重大性标准问题提出了一些具体的完善建议。 世界各国对违反证券市场信息披露制度的行为人，在刑事责任、行政责任和民事责任三个方面都有所规定，三种形式的责任相互配合，共同构成了信息披露的法律责任体系。我国对证券信息披露制度的刑事责任和行政责任的规定相对来说比较充分和完善，而对信息披露的民事责任的规定则十分粗略，根本不具有可操作性，作为完整意义上切实可行的信息披露民事责任制度还没有真正建立。本文从信息披露民事责任的责任主体、信息披露民事责任的归责原则、信息披露民事责任的赔偿标准和计算方法、信息披露民事责任的诉讼时效等几个方面分析了各国现有的规定，并探讨在我国如何做进一步立法完善。 我国证券市场建立和发展的这十二年，同时也是证券法律法规从无到有，不断发展和完善的十二年。目前，在借鉴美国等发达国家和地区先进法律制度和经验的基础上，我国己经初步建立起了信息披露的法律规范框架体系。在证券市场尚处于发展初期的我国，立法方面取得如此成绩首先是应该肯定的。但另一方面，我国在信息披露的立法方面确实还存在许多问题，这也导致了现在我国证券市场上广泛存在着的信息披露不真实、不充分、不及时、不公平、不严肃等现状。本文最后在对整篇文章的分析基础上并结合我国现状，对如何完善信息披露文件，特别是如何完善我国证券市场的民事责任制度在立法方面提出了一些极具现实意义的建议。更多还原

【Abstract】 Disclosure system of the securities market which is also named information opening system means the corporation in the securities market which raise capital with all kinds of financial instrument and its related individuals disclose the interrelated information during its behavior to raise capital and of its continuing identity to all the investors and the whole securities market overtly, impartially and justly in a entire, accurate and timely way. As a system it means the totality of a series of principle, provisions, standards and system that standardizes the disclosure behavior of the issuers and its related persons, it is also a composite legal system.. Disclosure system is the most important and fundamental legal system in the regulation of the securities market and the cornerstone of the establishment and healthy development of the securities market. Disclosure system has had a history of over a hundred years since it appeared with the securities market. It originated from the Corporate Law of 1845 in UK and formally established and perfected by Securities Act of 1933 and Securities Exchange Act of 1934 in the USA. For the great impact of USA in the world economy, other countries in the rest of the world established the disclosure system by and by. The main contents of the disclosure system includes pluralism of the subjects, mixture of periodic disclosure and temporary disclosure and complexity of contents. The economic basis of disclosure system is mainly the theory of Market Failure in the securities market which is caused by the Asymmetric Information and the legal theory of disclosure system is impartiality.From the legalization of different countries we can see that disclosure system has formed a comparatively entire architecture of legal system. The normal architecture of disclosure system includes initial disclosure system, continuing disclosure system and legal liabilities system. The main contents of the disclosure architecture usually includes prospectus, listing particulars, periodic reports and temporary reports etc. Initial disclosure system in the securities market includes information disclosure at issuing time and information disclosure while going on the securities market. The information disclosure file at issuing time is prospectus. On the basic analysis of the fundamental provisions of prospectus in different countries and present provisions of our state the thesis hereby gives some suggestions on the legal perfection of the profits forecast in our state. The information disclosure file while going on the securities market is listing particulars, On the basic analysis of the fundamental provisions in different countries and present provisions of our state the thesis analyzes and probes further into the perfection of listing particulars in our state. After the securities is issued and go on thesecurities market the corporations still have to disclose the continuing information with the procedure and style according to the provisions of law which is called continuing disclosure system. According to the different time of continuing disclosure, continuing disclosure system is divided into periodic disclosure system and temporary disclosure system. On the basis of essential elaboration and analysis the thesis put forward some definite proposals on the submission time of the periodic report and materiality standards of the temporary report.All of the countries in the world have stipulated the criminal liabilities, administrative liabilities and civil liabilities to the subjectives who violate the disclosure system in the securities market which coordinate with each other and construct the legal liabilities architecture of disclosure system. We have had adequate and perfect provisions on the criminal liabilities and administrative liabilities of disclosure system in our state comparatively, but had extremely simple provisions on the civil liabilities of disclosure system which is impossible to carry out in reality. The thesis hereby analyze the provisions in different countries更多还原