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信息披露制度的学理研究
引用本文:许洪臣,张利国.信息披露制度的学理研究[J].广东广播电视大学学报,2004,13(2):67-71.
作者姓名:许洪臣  张利国
作者单位:1. 杭州师范学院法学院,浙江,杭州,310010
2. 西南民族大学法学院,四川,成都,610041
摘    要:强制信息披露制度作为证券监管的基石在中国证券市场发展中具有重要作用,主要表现为,信患披露是展现证券价格的基础,是防止证券欺诈的基本手段,是提高证券市场效率的重要手段,是督促企业改善经营管理的重要手段。上市公司的信忠披露义务并不仅仅是该公司向公众筹资的对价,而是该公司进入这个市场而对整个市场所应当承担的一种责任,强制信息披露制度已经超越了私法的范畴。信息披露制度的合理性在于证券价格与信息之间的内在关联性,而强制信息披露的依据则在于市场的不完全性以及信息分布的不对称。

关 键 词:信息披露  证券法  有效资本市场  证券监管
文章编号:1008-9764(2004)02-0067-05
修稿时间:2004年3月30日

Studies On Information Disclose System Theorem
XU Hong_chen,ZHANG Li_guo.Studies On Information Disclose System Theorem[J].Journal of Guangdong Radio & Television University,2004,13(2):67-71.
Authors:XU Hong_chen  ZHANG Li_guo
Abstract:The force information disclose system which is thought as the basis of securities market regulating takes an essential role in China securities market development.Information disclose system is the base to present the price of the securities and the essential measure against securities deceit,the important means to improve the efficiency of the securities market as well as the important measure to improve the corporation managing.The responsibility of the disclose is not only the term to raise the fund,but also a responsibility to the whole securities market for entering into the market,so the force information disclose system has been beyond private law.The rationality of the force disclose system lies in the inherent relation between the securities price and the information.The basis of the force information discloses system rests on the imperfect of the market and the asymmetric of the information distribution.
Keywords:information disclose  securities law  effective capital market  securities regulating
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