上市公司自愿性信息披露现状及其监管研究

Study on the Status and Supervision of Chinese Listed Companies Voluntary Disclosure

随着中国资本市场不断发展与日趋成熟,投资者对上市公司信息披露所要求的水平与质量越来越高,强制性信息披露并不能完全满足投资者多样化的信息需求,需要更多的自愿性信息披露。自愿性信息披露是在原有强制性信息披露的基础上为了增加市场有效性而进行补充披露。本文随机抽取深市212家上市公司2010年的数据作为样本,研究我国自愿性信息披露的现状,总结出在披露过程中存在的问题,在阐述中国自愿性信息披露监管重要性的基础上,提出了中国自愿性信息披露监管的基本框架。

With Chinese capital market＇s continuous development and maturing,investors are getting higher and higher quality requirements of information disclosure of listed companies.Mandatory information disclosure can not fully meet the diverse information needs of investors,what they indeed need is voluntary information disclosure.In order to enhance market efficiency,voluntary information disclosure is the supplement disclosure based on Mandatory information disclosure.This paper picked up 212 Chinese manufacturing companies at the Shenzhen Stock Exchange in 2010 by random as the research objective in order to study the current situation of the voluntary information disclosure.This paper summarized the problems in the process of the disclosure.Finally based on studies,this paper put forward effective advices on building regulatory framework of voluntary information disclosure in China.