摘要
以信息披露为核心是资本市场市场化改革的发展方向,场外市场是我国多层次资本市场体系的重要组成基础。完善的信息披露制度,应当是在信息披露成本、投资者知情权与市场资源有效配置之间的相对平衡。对于场外市场而言,适度披露的标准应当适应不同发展阶段、不同业态模式企业的需求。本文以信息披露理论为基础,借鉴境内外交易所市场、场外市场的信息披露制度,以新三板市场信息披露制度为研究对象,分析了新三板市场信息披露制度的体系特点和运行情况,认为完善新三板市场信息披露制度、加强信息披露监管的制度实践,既是对场外市场特别是区域性股权交易市场信息披露制度的示范,也是以加强信息披露为核心的证券监管制度改革的"试验田",为加快推进我国场内市场的注册制改革提供了有益的借鉴。
The development of capital marketization reform focuses on information disclosure. The over- the- counter market is the important foundation of multi- level capital marketization mechanism of our country. The perfect information disclosure system is expected to find a balance between information disclosure cost,investors insiders and effective allocation of resources. For OTC market,disclosure in moderate degree must adapt different growth phase,and the needs of varied formats of enterprises. The paper is based on information disclosure theory. The author use information disclosure system of exchange market and OTC market home and abroad for reference,researching the new OTC market and analyzing the mechanism and operation system of that of new OTC market. The author believes that the new OTC information disclosure system strengthens the system practice of information supervision,which plays an exemplary role for the OTC market,especially regional equity exchange market. Meanwhile,it also can be regarded as a pilot of Securities Regulation reform that takes information disclosure as its core and sets an example for promoting the domestic exchange trading registration system reform.
出处
《财经科学》
CSSCI
北大核心
2016年第5期41-51,共11页
Finance & Economics
关键词
资本市场改革
新三板
注册制
信息披露制度
Capital Market Reform
New OTC Market
Registration System
Information Disclosure System
