上市公司信息披露制度研究

【作者】 欧阳雪凌；

【导师】 彭建刚；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 上市公司信息披露制度是整个信息披露制度中的关键，我国监管部门近年来出台了一系列监管政策，大部分都与完善上市公司信息披露制度有关，说明政府监管部门对此的高度重视。信息披露制度的完善也是金融界、学术界众人关注的热点。本文试图从分析揭示证券市场监管的核心——信息披露制度入手，结合对国外几个主要证券市场信息披露制度的介绍，对比分析我国证券市场信息披露及监管的现状，指出其存在的问题，并进一步提出完善改进的建议。 本文首先介绍了信息披露制度的基本概念及监管的一般原理，通过经济学理论分析，揭示了信息披露理论的建立和发展，为证券市场监管提供了分析的基本框架。通过上市公司自愿与强制两种不同的信息披露制度的比较研究，描述并证实信息披露制度的合理性。从中得出信息披露制度是证券监管的核心的结论。 文章随后介绍了我国信息披露的管理体系与制度框架，描述了我国证券市场监管的现状及当前上市公司信息披露存在的问题及成因。 接下来，本文通过中外信息披露及监管制度的比较研究，介绍了国外(主要是英美等国)信息披露以及监管的方法，作为洋为中用的借鉴。 本文最后针对信息披露制度存在的问题，提出了治理与规范的相关策略。主要从完善信息披露制度，加强法规体系建设，以及加强公司法人治理结构等方面提出完善的思路。 通过以上描述及国内外经验教训的总结，充分证明：及时而有效的信息披露制度是有效防止证券市场欺诈，保证市场公平、公开、公正的市场基础，全文通过分析论述，展望了我国的证券市场将在规范化的道路上日臻完善，与国际惯例逐步接轨，步入健康稳定发展的轨道。更多还原

【Abstract】 The information disclosure of listed companies is the key of the whole system of information disclosure. Most of the policies which promulgated by the security regulation department of late years in our country are about of this system. It show that the Security regulation department pay more attention to it.This article aims to analyze and disclose from the cores of securities market regulation-information disclosure system. In alliance with introduction of some foreign major securities market information disclosure policies, the article like to analyze current situation of Chinese securities market information disclosure and management in comparison. Meanwhile,it will identify the existing problems andfurthermore make proposals for improvement of securities market management.At first, this article,Introduce basic concepts of information disclosure and general principles of regulation. Unveil the theories of establishment and development of securities market regulation in order to provide basic frame for analysis. Through comparative analysis between spontaneous and restrictive information disclosure policies,illustrate and confirm the relationality of them and thus conclude that they are the cores of securities market regulation.Base on the above analysis,the article intrduce the policy foundation disclosurein china. Describe not only the current situation of securities market regulation,but also existing issues and the their reasons in information disclosure for current public traded companies.Then by comparative analysis between Chinese and overseas information disclosure and management policies,introduce foreign(especially America and England)methods of information disclosure and management in order to absorb their extraction to serve Cina.Finally,this article propose related countermeasure for seurities market management and standardization in view of existing issues of information disclosure of listed companies. Primarily solve the problems form perfection of policies and securities market management system two aspects. Present strategic thoughts and make some proposals for concrete policies of Chinese secuties market management.Through above illustration and thorough conclusion of domestic and foreign experiences, it proves that public and transparent information disclosure is the core for securities market regulation. Informative and time-efficient information disclosure policies are the market basis for preventing securities market’ s cheating and assuring an equal, open and unbiased market. Finally, based on analysis, I expect hopefully that Chinese securities market will follow a perfect path of standardization continually, meet international usual practices gradually and march into the track of stable development healthily.更多还原