我国证券市场效率提升与完善信息披露机制
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摘要
我国证券市场资源配置效率是与信息披露机制紧密相关的，市场效率的提升有赖于信息披露机制的完善。本文通过对社会主义市场经济条件下证券市场信息披露机制含义进行分析，指出证券市场信息披露机制系信息披露所涉及的各个方面相互影响、相互作用的关系，它具有联系性、利益制约性、客观性、内在性、动态性和强制性等特征，并列示了上市公司信息披露的三条标准：及时性、有效性和充分性。
文章进一步论述了信息披露机制的必要性和重要性，指出信息披露机制与价格机制的共同作用是证券市场运行的内在基础，信息披露机制体现了市场经济的“三公”原则，它决定了我国资本市场融入世界资本市场的进程，是提升证券市场效率的关键。
文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。
根据以上分析，文章尝试给出一些完善信息披露机制的建议，如
完善企业法人治理结构、规范中介行为，培育机构投资者，完善法律
规章，加大执法力度等，以使证券市场信息披露机制功能得以顺利发
挥，切实提高证券市场资源配置效率，优化产业结构，加速国民经济
发展，并确保我国证券市场的健康有序运行。
In our country ,the allocative efficiency of security market resources is closely related with the information disclosure mechanism, the upgrading of market efficiency hangs on the improvement of information disclosure mechanism.
By defining the concept of information disclosure mechanism in our socialist market economy, which is referred to as the interaction > interdependence of one another concerning the relevant parties of information disclosure, this paper has listed out the characteristics of information disclosure mechanism: correlation s interest conditionally > objectivity > internalitys development compulsion etc., and has also clarified three criteria of information disclosure, that is, 'in times effectives sufficient'. Furthermore, this paper dissertated the necessity and importance of information disclosure mechanism for our society and economy, and pointed out that the co-function of information disclosure mechanism and price mechanism forms the basis on which security market keeps itself running, information disclosure mechanism shows 'opens
fairs equal'------the principles of market economy, it determines the speed at which the
security market of our country is entering into the world capital market, and it is the key to upgrade the market efficiency.
By giving examples such as public-listed companies' unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the present
problems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems. Based on the above analysis, the paper attempts to give some proposals on improving information disclosure mechanism in China, like consummating corporate governance, standardizing the behavior of agencies, developing institutional investor, promulgating relevant laws and regulations, reinforcing executing laws, etc., which altogether serve to create an environment where information disclosure mechanism will play its role smoothly, allocative efficiency of the security market will be highly enhanced, the industrial structure will be optimized greatly, the development of our national economy will be accelerated, these will also consequently ensure a healthy development of our country's security market.
文章进一步论述了信息披露机制的必要性和重要性，指出信息披露机制与价格机制的共同作用是证券市场运行的内在基础，信息披露机制体现了市场经济的“三公”原则，它决定了我国资本市场融入世界资本市场的进程，是提升证券市场效率的关键。
文章通过举例深入分析了当前我国证券市场存在的诸多问题，如上市公司不主动与非真实履行披露义务、中介机构行为失当、立法执法存在缺陷等，运用经济学一般原理剖析引起问题的深层次原因，指出证券市场存在大量不对称信息，容易导致市场道德风险和逆向选择，是阻碍信息披露机制发挥正常作用、影响市场效率的提升和资源的配置的主要根源；另外，我国证券市场存在的制度性缺陷也是引起上述问题的重要缘由。
根据以上分析，文章尝试给出一些完善信息披露机制的建议，如
完善企业法人治理结构、规范中介行为，培育机构投资者，完善法律
规章，加大执法力度等，以使证券市场信息披露机制功能得以顺利发
挥，切实提高证券市场资源配置效率，优化产业结构，加速国民经济
发展，并确保我国证券市场的健康有序运行。
In our country ,the allocative efficiency of security market resources is closely related with the information disclosure mechanism, the upgrading of market efficiency hangs on the improvement of information disclosure mechanism.
By defining the concept of information disclosure mechanism in our socialist market economy, which is referred to as the interaction > interdependence of one another concerning the relevant parties of information disclosure, this paper has listed out the characteristics of information disclosure mechanism: correlation s interest conditionally > objectivity > internalitys development compulsion etc., and has also clarified three criteria of information disclosure, that is, 'in times effectives sufficient'. Furthermore, this paper dissertated the necessity and importance of information disclosure mechanism for our society and economy, and pointed out that the co-function of information disclosure mechanism and price mechanism forms the basis on which security market keeps itself running, information disclosure mechanism shows 'opens
fairs equal'------the principles of market economy, it determines the speed at which the
security market of our country is entering into the world capital market, and it is the key to upgrade the market efficiency.
By giving examples such as public-listed companies' unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the present
problems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems. Based on the above analysis, the paper attempts to give some proposals on improving information disclosure mechanism in China, like consummating corporate governance, standardizing the behavior of agencies, developing institutional investor, promulgating relevant laws and regulations, reinforcing executing laws, etc., which altogether serve to create an environment where information disclosure mechanism will play its role smoothly, allocative efficiency of the security market will be highly enhanced, the industrial structure will be optimized greatly, the development of our national economy will be accelerated, these will also consequently ensure a healthy development of our country's security market.
引文
1、《社会主义市场经济通论》，重庆 西南师范大学研究生课程进修班教材，1998。
2、《十年纷纭话股市》，吴敬琏 北京，上海远东出版社，2001。
3、《管理经济学》，詹姆斯R．麦圭根等 美国，机械工业出版社，2000。
4、“Efficient Capital Market: A Review of Theory and Empirical Work”, Fama E.F.,Journal of Finance, XXV, NO.2, 1970．
5、“认真实践‘三个代表’，进一步发展和规范证券市场”，中国证监会党委 北京，载《经济日报》，2001年8月6日。
6、“美国证券市场的最新发展与面临的挑战”，潘英丽 上海，《华东师范大学学报》，1995年第1期。
7、“股票交易量对年报信息的反应研究”，陈晓、陈淑燕 北京，《金融研究》，2001年第7期。
8、“证券市场价格信号的资源配置有效性——价格信号引导产业转移的考察”，何旭强、高道德，载《投资与证券》，2001年9月1日。
9、“为何要监管——由欧洲历史看股份制的掠夺本质”，郎咸平、Leslie Young香港，载《新财富》，2001第8期。
10、“中国证券市场低效率的制度分析”，张宗新，载《经济管理》，2001年第19期．
11、“我国证券市场信息披露制度探析”，周媛婷、李栋亮 福建，载《经济与管理研究》，2001年第5期。
12、“中国股市过度投机的分析及治理对策”，杨长利，载《证券研究》，1997年第4期．
13、“中国股市弱式有效性研究”，胡朝霞，载《证券研究》，1998年第1期；
14、“中国证券市场效率分析”，吴世农，载《经济研究》，1996年第4期。
15、“上市公司信息披露问题若干思考”，郭强化，载《证券研究》，1998年第4期。
16、“对股票市场信息定价制度的重新诠释”，包建祥，载《证券研究》，1999年第5期。
17、“证券市场的信息与效率”，金雪军、陶海青、周建松，载《金融研究》，2000年第8期。
18、“对我国股票市场有效性的实证分析及政策建议”，陈旭、刘勇，证券研究，1999年第3期。
2、《十年纷纭话股市》，吴敬琏 北京，上海远东出版社，2001。
3、《管理经济学》，詹姆斯R．麦圭根等 美国，机械工业出版社，2000。
4、“Efficient Capital Market: A Review of Theory and Empirical Work”, Fama E.F.,Journal of Finance, XXV, NO.2, 1970．
5、“认真实践‘三个代表’，进一步发展和规范证券市场”，中国证监会党委 北京，载《经济日报》，2001年8月6日。
6、“美国证券市场的最新发展与面临的挑战”，潘英丽 上海，《华东师范大学学报》，1995年第1期。
7、“股票交易量对年报信息的反应研究”，陈晓、陈淑燕 北京，《金融研究》，2001年第7期。
8、“证券市场价格信号的资源配置有效性——价格信号引导产业转移的考察”，何旭强、高道德，载《投资与证券》，2001年9月1日。
9、“为何要监管——由欧洲历史看股份制的掠夺本质”，郎咸平、Leslie Young香港，载《新财富》，2001第8期。
10、“中国证券市场低效率的制度分析”，张宗新，载《经济管理》，2001年第19期．
11、“我国证券市场信息披露制度探析”，周媛婷、李栋亮 福建，载《经济与管理研究》，2001年第5期。
12、“中国股市过度投机的分析及治理对策”，杨长利，载《证券研究》，1997年第4期．
13、“中国股市弱式有效性研究”，胡朝霞，载《证券研究》，1998年第1期；
14、“中国证券市场效率分析”，吴世农，载《经济研究》，1996年第4期。
15、“上市公司信息披露问题若干思考”，郭强化，载《证券研究》，1998年第4期。
16、“对股票市场信息定价制度的重新诠释”，包建祥，载《证券研究》，1999年第5期。
17、“证券市场的信息与效率”，金雪军、陶海青、周建松，载《金融研究》，2000年第8期。
18、“对我国股票市场有效性的实证分析及政策建议”，陈旭、刘勇，证券研究，1999年第3期。