特别处理证券信息披露制度研究

发布时间：2018-06-24 10:07

本文选题：证券监管 + 信息披露　；参考：《复旦大学》2011年硕士论文

【摘要】：证券是一种特殊商品,证券的发行者上市公司披露的信息是投资者对其进行价值判断的主要依据。而信息不对称和自我交易是阻碍资本市场的主要因素,资本市场蓬勃发展的基础是遏制这两种威胁的制度建构,核心动力则来源于证券监管当局的弹性和效率。政策是法律调整不足的行政补充调整机制,当《公司法》、《证券法》、《破产法》等法律文本调整不畅,中国的证券监管政策和应对证券纠纷的司法政策,弹性的弥合了规则缺失,促进了资本市场发展的规范程度。ST (Special Treatment)制度是中国特色的监管手段,立足于法律的社会目的,将证券监管与法律制度有机结合,从而在实践中补充了成文法系的立法滞后问题。中国ST板块作为违规信息披露高发的板块,应如何有效展开?哪些信息需要披露?披露的框架如何确定?这些都是目前理论界与市场监管部门应重点研究的问题,这些问题的解决也将明确我国ST板块的市场定位,遏制ST公司“爆炒”现象。本文研究视角以ST公司这一中国特有的制度的信息披露与国外类似公司的信息披露进行比较,归纳出我国ST公司的特征信息及非ST公司的特征信息,提出中国ST公司信息披露的框架：基本信息+非ST公司信息+ST公司特征信息,在此基础上,探讨各项具体信息的披露问题。本文的创新之处在于从特别处理证券信息披露制度的建设和监管的视角,尝试性解释中国资本市场20年蓬勃发展中ST股票“炒风”盛行的制度原因,正本清源,从中找出完善ST证券信息披露制度的方法,向中国证券市场的管理层提出笔者的建议,希望能够更好得完善和规范ST证券的信息披露,本质上杜绝特别处理证券的炒作。纵观目前的研究,通过经济学和法学两种学科结合对ST证券信息披露研究的文献非常有限,资料的稀缺、数据的空白与较差的研究基础,使本文的研究难度较大,使得这一领域的深入研究工作具有创新的前瞻价值,因此,本文从某种程度上了说是填补了特别证券信息披露制度研究的空白。
[Abstract]:Securities is a special commodity. The information disclosed by the issuer of securities is the main basis for investors to judge its value. Information asymmetry and self-dealing are the main factors that hinder the capital market. The foundation of the capital market vigorous development is the institutional construction to contain these two threats, and the core motive force comes from the flexibility and efficiency of the securities regulatory authorities. Policy is an administrative supplementary adjustment mechanism with insufficient legal adjustment. When the legal texts such as Company Law, Securities Law and bankruptcy Law are not adjusted smoothly, China's securities regulatory policy and judicial policy to deal with securities disputes have flexibly bridged the lack of rules. St (Special treatment) system, which promotes the development of capital market, is a means of supervision with Chinese characteristics. It is based on the social purpose of law and organically combines securities regulation with legal system, thus complements the problem of legislative lag of statutory law in practice. St plate in China as a high incidence of illegal information disclosure plate, how to effectively launch? What information needs to be disclosed? How is the framework for disclosure established? These are the problems that the theorists and market regulators should focus on at present. The solution of these problems will also clarify the market positioning of St plate in our country and curb the phenomenon of "speculation" in St companies. This paper compares the information disclosure of St company, a special institution of China, with that of similar companies abroad, and concludes the characteristic information of St company in our country and the characteristic information of non-St company. This paper puts forward the framework of St company information disclosure in China: the basic information is not St company information and St company characteristic information. On the basis of this, the disclosure of specific information is discussed. The innovation of this paper is from the perspective of dealing with the construction and supervision of securities information disclosure system, and tries to explain the reasons why St stock speculation is prevailing in China's capital market in the 20 years of vigorous development. This paper finds out the method of perfecting St securities information disclosure system, and puts forward the author's suggestion to the management of China's securities market, hoping to perfect and standardize the St securities information disclosure better, and in essence, to put an end to the speculation of specially handled securities. Throughout the current research, through the combination of economics and law, St securities information disclosure research literature is very limited, the scarcity of data, data blank and poor research foundation, make the research difficult in this paper. This makes the in-depth research in this field have innovative forward-looking value, therefore, to some extent, this paper is to fill the gap in the study of special securities information disclosure system.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51;D922.287

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