强制披露制度的投资者保护功能反思

Rethinking the Investors Protection by Mandatory Disclosure System

信息披露的准确性要求对信息产出总量的阻碍以及完整性要求所可能引发的"信息超荷"成为强制披露信息标准难以达成的逻辑障碍。投资者的广延性与异质性更增加了强制披露制度投资者保护功能的实现难度。强制披露制度的实效性本身也进一步说明了其所能惠及群体的有限性。为此,需要大力培育信息交易者,并正确引导普通公众通过各种形式间接参与证券市场。

The accuracy standard, which may block the gross information production, and the integration standard, which may result in ＂information overload＂, have become the logical obstructions of those standards. The investors＇ university and heterogeneity increase the difficulty to realize the investors protection function of mandatory disclosure system. The actual effect also explains the limitation of traders who can benefit from the mandatory disclosure system. For these reasons, we should cultivate information traders and induct common people to participate securities market indirectly.