投资者导向信息披露制度的法理与逻辑

The Jurisdiction and Logic of Information Disclosure Based upon Investor Protection

投资者在信息披露法律关系中的主体身份经历了由"债权人"向"股东"再到"投资者"的演变过程,作为权利主体享有的法律保护程度逐渐提高。"债权人"受合同法框架下反欺诈原则的规制,公司并无向其披露信息的正当性基础;"股东"由于被视为"剩余索取权人"和董事信义义务的类推适用,公司必须向其披露有限信息;作为证券法视野下的"投资者",基于信义义务和法经济学视角下的效率理论,公司负有向其全面披露有效信息的法定义务。因此,立足于解决信息不对称问题的信息披露制度必然是以投资者为导向,而不是以利益相关者更不是以监管者为导向的。我国目前的信息披露制度呈现出监管导向过度和投资者导向不足的双重特征,应当在新修订的《证券法》中确立投资者导向的信息披露理念和原则,规定相应的信息披露制度并在配套规则中予以贯彻实施。

investor protection varies according its status as creditor or shareholder. Since creditors are entitled to contractual relief based upon anti-fraud rule, issuers are not obligated to disclosure information to creditors. Shareholders are residual interest holder, thus the company is required to disclosure mandatory information which is dictated by fiduciary jurisdiction and economic efficiency reckoning. Mandatory information disclosure as equalizer is directed toward investor protection rather than stake holder protection. The current information requirements feature as both over inclusiveness and under inclusiveness which shall be revisited and rebalanced in Securities Law revision.