摘要
完善的信息披露制度是证券场外交易市场与非上市公众公司发展的基本前提。与场外市场和中小型公司发展的特殊性需求相适应,非上市公众公司的信息披露制度设计在根本上有别于上市公司。我国的非上市公众公司信息披露制度设计有必要确立行业自律监管为主,辅以行政监管、司法监督的模式,建立多层次的规则体系,鼓励义务主体自愿披露,以期达到投资者保护和成本效益的平衡。
The advanced disclosure regime is the foundation for the development of the OTC markets and the unlisted public companies. In accordance with the unique requirements of the OTC markets and middle-and-small sized companies, the disclosure regime for unlisted public companies should fundamentally differ from that for the listed companies. It is in high demand to establish a self-regulatory mode for the information disclosure of the unlisted public companies in China, supplemented by government' s supervision and judicial review. It is also necessary to build a multi-layered regulation system and encourage companies to disclose information voluntarily, in order to achieve a state of equilibrium between investors' protection and cost-efficiency consideration.
出处
《证券市场导报》
CSSCI
北大核心
2009年第12期54-59,共6页
Securities Market Herald
基金
国家社科基金项目"政府规制公司法律问题研究"(编号:08CFX027)
关键词
非上市公众公司
场外市场
信息披露
自律监管
unlisted public companies, OTC markets, information disclosure, self-regulation