摘要
作为金融监管工具的证券信息披露制度在实践中逐渐显露出局限与问题,集中表现为信息披露的形式主义倾向严重,即信息披露义务人消极履行披露义务。在投资者看来,充分的证券信息披露应满足真实性、及时性、相关性、完整性和适度性等5个条件,此外还应考虑普通投资者的信息接受能力。后危机时代证券衍生交易信息披露制度改革的动向表明,以投资者为中心、致力于满足投资者的信息需求有可能成为未来证券信息披露制度改革的新方向。以投资者为中心构建证券信息披露制度可以利用核心披露义务人进行汇总式信息披露,对所需披露的信息予以分层和归类,采取差异化的信息披露方式,使投资者深度参与信息披露制度。
As a tool of financial regulation,the system of information disclosure has gradually revealed its deficiencies in practice which are mainly characterized by the obligor's unwillingness to perform their duty of information disclosure. For investors,adequate information disclosure should meet the following requirements including authenticity,timeliness,relativity,integrity and appropriateness. In addition,whether the information can be correctly understood by investors should also be taken into account. By observing the new trends of innovation in information disclosure of derivative transactions in an era of post-crisis,we can find that to deem investors as the core of disclosure system and to disclose for investor might be a new direction of the reform of information disclosure in securities market. To construct the system of information disclosure which aims at disclosing information for investors,to appoint core disclosure obligors and make an aggregate disclosure may be a good way. The information to be disclosed should be layered and assorted according to certain criterion. The obligors should take different methods to disclose information based on investor's particular conditions. And finally,the investors should be given the chance to actively participate in the system of information disclosure.
出处
《金融经济学研究》
CSSCI
北大核心
2015年第6期60-71,共12页
Financial Economics Research
基金
华东政法大学科学研究项目(2014)
关键词
证券产品
证券衍生交易
信息披露
投资者中心原则
金融监管
securities products
transaction of securities derivatives
information disclosure
investor-oriented principle
financial regulation
