由“类推监管”到“网络导向监管”——论网络信息时代证券信息披露监管制度的建构

From "Analogy Regulation" to "Network-oriented Regulation": Construction of the Securities Information Disclosure Supervisory System in the Network Information Age

证券监管机构基于惯性和信息披露公平性等的考量,对网上证券信息披露采行"类推监管",但"类推监管"仅是一种过渡性的监管理念,随着信息化时代证券信息披露技术的不断发展,证券监管机构必须将其监管理念重塑为"网络导向监管",并以此构建信息化时代的证券信息披露制度,以更好的保护投资者利益。

The securities regulatory agency, based on inertia, equity and other considerations, has adopted the ＂analogy regulation＂ for the supervision of online securities information disclosure, which, however, is held but a makeshift regulatory concept. With ongoing development of securities information disclosure techniques in the network information age, the regulators must reshape their supervisory philosophy as the ＂network-oriented regulation＂ and thus reconstruct the securities information disclosure system so as to protect more efficiently investors ＇ interests.