【摘要】：我國資本市場逐步完善,股票發(fā)行注冊制改革已經(jīng)啟動。注冊制以信息披露為核心,對信息披露的質(zhì)量提出了更嚴(yán)格的要求,如何在保證投資者獲得有效信息進(jìn)行決策不受影響的情況下,更好實(shí)現(xiàn)上市公司融資權(quán)利,成為推行注冊制和構(gòu)建多層次資本市場過程中亟待解決的重大問題。構(gòu)建注冊制下上市公司差異化信息披露制度,不僅可以保護(hù)證券發(fā)行人的商事權(quán)利,實(shí)現(xiàn)實(shí)質(zhì)公平,而且能夠維護(hù)投資者的合法權(quán)益,提高證券市場的效率。確立一個公平合理的信息披露標(biāo)準(zhǔn)成為該制度的核心,標(biāo)準(zhǔn)可以分為宏觀和微觀兩個維度:一是,在宏觀層面上以板塊、品種、行業(yè)為標(biāo)準(zhǔn),建立分板塊、分品種、分行業(yè)的上市公司信息披露標(biāo)準(zhǔn);二是,在微觀層面上分別以上市公司的質(zhì)量和信用為核心建立上市公司信息披露標(biāo)準(zhǔn),這樣精確的信息披露標(biāo)準(zhǔn)體系便得以形成。在明確標(biāo)準(zhǔn)的基礎(chǔ)上,借注冊制改革的機(jī)會,重整證券監(jiān)管權(quán)力,組建信息披露委員會,加強(qiáng)對標(biāo)準(zhǔn)的實(shí)踐認(rèn)定。同時,通過對現(xiàn)行相關(guān)規(guī)范性法律文件的修改和完善,構(gòu)建注冊制下上市公司差異化信息披露的法律體系。本文除引言外,分為四個部分:第一部分,“上市公司信息披露差異化的基本內(nèi)涵和時代背景”。首先,認(rèn)識上市公司信息披露差異化的基本內(nèi)涵、價值追求和重要特征。然后,在探究我國語境下的注冊制理念和框架的基礎(chǔ)上,著重分析注冊制與核準(zhǔn)制的區(qū)別,明確構(gòu)建上市公司差異化信息披露制度的時代背景——注冊制。第二部分,“注冊制下上市公司信息披露差異化的必要性和現(xiàn)實(shí)性”。首先,概括總結(jié)出我國語境下注冊制對信息披露制度提出的新要求,同時歸納出現(xiàn)行信息披露制度存在的問題,然后在分析其原因的基礎(chǔ)上,證成注冊制下上市公司信息披露差異化的必要性。緊接著,總結(jié)我國證券監(jiān)管積累的經(jīng)驗(yàn),同時觀察境外對上市公司信息披露制度監(jiān)管情況。最后,對比總結(jié)各國在信息披露制度上的異同,概括出各國信息監(jiān)管上的一致規(guī)律,得出實(shí)現(xiàn)差異化信息披露制度具有現(xiàn)實(shí)性的結(jié)論。第三部分,“注冊制下上市公司信息披露差異化的標(biāo)準(zhǔn)體系和認(rèn)定機(jī)構(gòu)”。首先,從宏觀和微觀兩個維度確立上市公司信息披露差異化的標(biāo)準(zhǔn)“坐標(biāo)”,然后,借注冊制改革之力,組建信息披露委員會,加強(qiáng)對差異化標(biāo)準(zhǔn)的實(shí)踐認(rèn)定。第四部分,“注冊制下構(gòu)建上市公司信息披露差異化的法律體系”。以《證券法》修改為契機(jī),從法律、行政法規(guī)、規(guī)章和自律規(guī)則等四個層次構(gòu)建上市公司信息披露差異化的法律體系,為制度構(gòu)建掃除法律障礙。同時,健全差異化信息披露制度相關(guān)配套制度也至關(guān)重要。
[Abstract]:Our country capital market gradually consummates, the reform of share issue register system has already started. The registration system takes information disclosure as the core, and puts forward more strict requirements on the quality of information disclosure. How to better realize the financing rights of listed companies under the condition that investors can obtain effective information and make decisions without being affected? It has become an important problem to be solved in the process of carrying out registration system and constructing multi-level capital market. The construction of the differential information disclosure system of listed companies under the registration system can not only protect the commercial rights of securities issuers and realize substantive fairness, but also safeguard the legitimate rights and interests of investors and improve the efficiency of the securities market. Establishing a fair and reasonable standard of information disclosure becomes the core of the system, and the standard can be divided into two dimensions: first, on the macro level, we should take plate, variety and industry as the standard, and set up sub-plate and sub-category. The second is to establish the information disclosure standard of listed company on the micro level, which is based on the quality and credit of the listed company, so that the accurate information disclosure standard system can be formed. On the basis of clear standards, this paper makes use of the opportunity of the reform of registration system, reorganizes the power of securities supervision, sets up the information disclosure committee, and strengthens the practical recognition of the standard. At the same time, through the revision and improvement of the current relevant normative legal documents, the legal system of differential information disclosure of listed companies under the registration system is constructed. In addition to the introduction, this paper is divided into four parts: the first part, "the basic connotation and background of information disclosure differentiation of listed companies". First of all, understand the basic connotation, value pursuit and important characteristics of information disclosure differentiation of listed companies. Then, on the basis of exploring the concept and framework of registration system in the context of our country, this paper focuses on the analysis of the difference between registration system and approval system, and defines the background of constructing the differential information disclosure system of listed companies-registration system. The second part, "the necessity and reality of information disclosure differentiation of listed companies under the registration system". First of all, it summarizes the new requirements of the registration system to the information disclosure system in the context of our country, at the same time, summarizes the problems existing in the current information disclosure system, and then analyzes the reasons for the problems. The necessity of information disclosure differentiation of listed companies under the system of certificate registration. Then, it summarizes the accumulated experience of securities supervision in China, and observes the supervision of information disclosure system of listed companies abroad. Finally, the paper compares and summarizes the similarities and differences of the information disclosure system in various countries, generalizes the consistent rules of information supervision in various countries, and draws a realistic conclusion that the differentiated information disclosure system is realistic. The third part, the standard system and recognition institution of information disclosure differentiation of listed companies under the registration system. Firstly, the standard "coordinate" of information disclosure differentiation of listed companies is established from the macro and micro dimensions, and then, through the reform of the registration system, the information disclosure committee is set up to strengthen the practical recognition of the differentiation standard. The fourth part, under the registration system, constructs the listed company information disclosure differentiation legal system. Taking the revision of the Securities Law as the turning point, this paper constructs a differentiated legal system of information disclosure of listed companies from four levels: law, administrative regulations, regulations and self-discipline rules, which will remove the legal obstacles for the construction of the system. At the same time, it is very important to perfect the relevant supporting system of differential information disclosure system.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.287;D922.291.91

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