非公开发行股权交易市场信息披露规则探讨

Study on Information Disclosure Rule in Non-public Offering Equity Exchange

文章通过总结境内外非公开发行股权交易市场信息披露规则,对交易市场信息披露规则的制定提出具体建议:为提高市场运作效率,需要明确信息披露文件的基本要求;为保证信息披露私密性,需要建立定向信息披露制度;为保障交易公平,需要保持披露对象浏览信息的完整性、保证交易参与双方信息浏览权利并在企业开展不同业务时保持披露对象的一致性;为提高市场流动性,交易市场需要提高配套服务质量。

Through concluding the information disclosure rules in non-public offering equity exchange at home and abroad, this paper makes specific suggestions to the rule making： To improve market efficiency, specific requirements should be made in information disclosure. To keep the privacy of information, directional disclosure rule should be established. To maintain the transaction fairness, exchange should make sure investors could go through all information and keep the disclosure object consistency in different business of a firm. To improve the market liquidity, exchange should improve supporting service quality.