上市公司差异化信息披露的逻辑理路与制度展开

The Logic and Institution of Differentiated Information Disclosure of Listed Companies

在证券发行注册制的改革征途上,监管者意在逐步退出市场博弈,将要求上市公司"披露什么"以及"如何披露"的话语权交还给投资者,使信息披露成为投资者和上市公司之间进行博弈的有力工具。鉴此,应当以信息供求双方的多样性和信息传递空间的层次化为视角,尝试安排一种不同一、不统一的差异化信息披露制度体系。既在最大程度上满足投资者多元化的信息需求,又尽可能降低上市公司信息披露成本。其展开维度是对上市公司的行业细分和风险评级,在此基础上通过强制披露与自愿披露的互补、全面披露与简化披露的共存以及纸质披露与网络披露的区别对待来实现。

On the process of securities issuance registration system reforms, regulators will gradually withdraw from the market game, and return to the investors the right to speak about the content of information disclosure and how to disclose. Therefore, it should be based on the diversity from supplier and demander and hierarchical information space, arrange a different, not unified information disclosure system in order to meet the diverse needs of investors and reduce the cost for listed companies as much as possible. The industry division and risk rating to listed companies is the basic premise complemented by combining mandatory disclosure with voluntary disclosure or paper disclosure with online disclosure.