上市公司信息披露制度研究
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。
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.
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。
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.
引文
[1] 于万红．信息不对称与证券市场．会计师，2002(4)：29～31
[2] 潘振民译．产业组织和政府管制．上海三联书店，1989
[3] Stigler. George J. What can regulaters regulate, Chicago University Press,1962
[4] George Stigler, Pubic Regulation of Securities Markets, J. of bus.Univ.Chicago, 1964(37):117～142
[5] Ross D.Eckert,The Life Cycle of Regulatory Commissioners. Journal of Law and economics, 1981(26):197～216
[6] Peltzman, Sam, Toward a more general theory of regulation, The Journal of Law and Economics. 1976 (19): 211～234
[7] 秦宛顺，靳云汇，刘志明．金融监管的收益成本分析．金融研究，1999(1)：33～37
[8] 赵锡军．论证券监管．中国人民大学出版社，2000
[9] Akerlof, The Marker for Lemons: Qualitative uncertainty and the market mechenism, 1970, Journal of Economics,1989(81):520～529
[10] 张维迎．博弈论与信息经济学．上海人民出版社，上海三联书店联合出版，1996
[11] 李太勇．完善信息披露降低信息不对称，http://www.mykj.gov.cn，2001．5．9
[12] Fama,E.F., Laffer, A.information and Capital Markets. Journal of Business, 1970(25):383～405
[13] William F. Sharpe, Efficient Capital Markets: A Review of Theory & Empirical Work, Journal of Investment 1995(9):141～157
[14] Benston, george J, Required disclosure and the stock market: An evaluation of the securities exchange act of 1934, American Economic Review, 1973(63):132～155.
[15] 高西庆．证券市场强制性信息披露制度的理论依据．证券市场导报，1996(10)：12～16
[16] Mendelson. Morris,Economics and the Assessment of Disclosure Requirements. Journal of Comparative Corporate Law and Securities Regulation, American Economic Review, 1964(35):251～263
[17] Friend, Irwin, Westerfield, Randoiph. Required dislosure and the stock Market, American Economic Review,1975(65):777～795
[18] Sommer Advisory Committee Report: J.Seligman, The Transformation of Wall Street: A History of The Securities and Exchange Commission and Modern Corporate Finance, American Economic Review,1974(63):565～567.
[19] 中国证券协会．证券市场基础知识．上海财经大学出版社，2002
[20] 周正庆主编．证券市场导论．中国金融出版社，1998
[21] 胡继之．证券法规导引．西南财经大学出社，1998
[22] 吴志攀，白建军．证券市场与法律．中国政法大学出版社，2000
[23] 深交所研究所．信息披露我国处罚实际效果分析．证券时报，2002．5．21
[24] 上海、深圳交易所上市公司2001年年报披露情况总结．上海证券报，证券时报，2002．5．16
[25] 肖时庆．上市公司财务报告粉饰防范体系研究．投资与证券，2001(4)：13～15
[26] 易东燕．企业财务报表信息失实的隐性因素寻机性会计．财会研究，1999(4)：23～25
[27] 韩志国．中国资本市场的制度缺陷．经济科学出版社，2001
[28] 刘兴祥，张瑞彬．上市公司信息披露：加强和细化证券民事责任．证券时报，2001．7．13
[29] 陆正飞，汤燕，卢英武．中国证券市场信息披露监管：问题、原因及对策．证券时报，2002．7．15
[30] 孙亚菲．会计业职业堕落：假帐成风．中国新闻周刊，2001(36)：27～31
[31] 李勇．在财政部、证监会强化证券市场审计评估执业质量管理工作会议上的讲话，http://www.on-acct.com，2001．11．15
[32] 深圳交易所．中国证券市场实证分析．中国证券报，2002．5．13
[33] 郑振龙．各国股票市场研究．中国发展出版社，1996
[34] 卢现详．西方新制度经济学．中国发展出版社，1996
[35] 王建炜．从西方历史经验谈我国会计信息质量的制度保障．财政部科研所，http://manage.jscj.com
[36] 樊刚．走进风险的世界．广东经济出版社，1999
[37] 上海交易所．2003中国公司治理报告．上海证券报，2003．10．28
[38] 张育军．推动投资者关系管理，提升市场定价与配置效率．证券时报，2003．10．22
[39] 王国刚．深化监管体制改革切实维护投资者权益．上海证券报，2003．10．14
[40] 张新，Mylene Chan．安然事件后美国证券市场监管体制改革与信用制度的重建．新财富，2002(6)：26～29
[2] 潘振民译．产业组织和政府管制．上海三联书店，1989
[3] Stigler. George J. What can regulaters regulate, Chicago University Press,1962
[4] George Stigler, Pubic Regulation of Securities Markets, J. of bus.Univ.Chicago, 1964(37):117～142
[5] Ross D.Eckert,The Life Cycle of Regulatory Commissioners. Journal of Law and economics, 1981(26):197～216
[6] Peltzman, Sam, Toward a more general theory of regulation, The Journal of Law and Economics. 1976 (19): 211～234
[7] 秦宛顺，靳云汇，刘志明．金融监管的收益成本分析．金融研究，1999(1)：33～37
[8] 赵锡军．论证券监管．中国人民大学出版社，2000
[9] Akerlof, The Marker for Lemons: Qualitative uncertainty and the market mechenism, 1970, Journal of Economics,1989(81):520～529
[10] 张维迎．博弈论与信息经济学．上海人民出版社，上海三联书店联合出版，1996
[11] 李太勇．完善信息披露降低信息不对称，http://www.mykj.gov.cn，2001．5．9
[12] Fama,E.F., Laffer, A.information and Capital Markets. Journal of Business, 1970(25):383～405
[13] William F. Sharpe, Efficient Capital Markets: A Review of Theory & Empirical Work, Journal of Investment 1995(9):141～157
[14] Benston, george J, Required disclosure and the stock market: An evaluation of the securities exchange act of 1934, American Economic Review, 1973(63):132～155.
[15] 高西庆．证券市场强制性信息披露制度的理论依据．证券市场导报，1996(10)：12～16
[16] Mendelson. Morris,Economics and the Assessment of Disclosure Requirements. Journal of Comparative Corporate Law and Securities Regulation, American Economic Review, 1964(35):251～263
[17] Friend, Irwin, Westerfield, Randoiph. Required dislosure and the stock Market, American Economic Review,1975(65):777～795
[18] Sommer Advisory Committee Report: J.Seligman, The Transformation of Wall Street: A History of The Securities and Exchange Commission and Modern Corporate Finance, American Economic Review,1974(63):565～567.
[19] 中国证券协会．证券市场基础知识．上海财经大学出版社，2002
[20] 周正庆主编．证券市场导论．中国金融出版社，1998
[21] 胡继之．证券法规导引．西南财经大学出社，1998
[22] 吴志攀，白建军．证券市场与法律．中国政法大学出版社，2000
[23] 深交所研究所．信息披露我国处罚实际效果分析．证券时报，2002．5．21
[24] 上海、深圳交易所上市公司2001年年报披露情况总结．上海证券报，证券时报，2002．5．16
[25] 肖时庆．上市公司财务报告粉饰防范体系研究．投资与证券，2001(4)：13～15
[26] 易东燕．企业财务报表信息失实的隐性因素寻机性会计．财会研究，1999(4)：23～25
[27] 韩志国．中国资本市场的制度缺陷．经济科学出版社，2001
[28] 刘兴祥，张瑞彬．上市公司信息披露：加强和细化证券民事责任．证券时报，2001．7．13
[29] 陆正飞，汤燕，卢英武．中国证券市场信息披露监管：问题、原因及对策．证券时报，2002．7．15
[30] 孙亚菲．会计业职业堕落：假帐成风．中国新闻周刊，2001(36)：27～31
[31] 李勇．在财政部、证监会强化证券市场审计评估执业质量管理工作会议上的讲话，http://www.on-acct.com，2001．11．15
[32] 深圳交易所．中国证券市场实证分析．中国证券报，2002．5．13
[33] 郑振龙．各国股票市场研究．中国发展出版社，1996
[34] 卢现详．西方新制度经济学．中国发展出版社，1996
[35] 王建炜．从西方历史经验谈我国会计信息质量的制度保障．财政部科研所，http://manage.jscj.com
[36] 樊刚．走进风险的世界．广东经济出版社，1999
[37] 上海交易所．2003中国公司治理报告．上海证券报，2003．10．28
[38] 张育军．推动投资者关系管理，提升市场定价与配置效率．证券时报，2003．10．22
[39] 王国刚．深化监管体制改革切实维护投资者权益．上海证券报，2003．10．14
[40] 张新，Mylene Chan．安然事件后美国证券市场监管体制改革与信用制度的重建．新财富，2002(6)：26～29