自发到自觉:我国市场信息不对称法律规制体系研究

From Spontaneity to Self-Consciousness: A Study on the Legal Regulation System of Market Information Asymmetry in China

信息不对称会导致市场失灵,引起逆向选择和道德风险,这种问题市场是有效市场的隐患,市场自身不能解决,需要公共机构的强制介入,而一般的公共机构缺乏权威,因此需要政府的法律规制。依据科斯定理和法经济学的理论,当交易费用大于零时产权的分配及调整相比交易本身调整能够带来更大社会福利。因此,市场信息不对称法律规制的关键所在是信息披露义务的分配及违反该义务的救济。当前我国市场信息不对称法律规制存在众多问题,尚未形成体系。如:缺少信息不对称法律规制原则、规则体系;法律规制的方法体系中缺少第三方工具、激励工具,工具的设置也缺少经济学和法学理论依据;对于市场信息不对称法律规制核心内容总结不足等。完善其基本思路:遵循信息持有人负披露商品信息义务的原则、制定违反信息披露义务单独惩戒规则及举证责任倒置规则,形成信息不对称法律规制的原则和规则体系;依据一般法理,概括市场信息不对称法律规制体系的核心内容,包含:市场信息披露权利和义务的确定,不披露信息行为的定性及分类;信息不对称行为的法律责任;完善第三方和社会公益组织信息披露工具,依成本—效益理论设置惩罚工具,常态化激励工具,合理设置组合工具,形成信息不对称法律规制的方法体系。

The information asymmetry will lead to market failure including adverse selection and moral hazard. Therefore, the legal regulation is necessary. According to the Coase Theorem and law and economics theory, the focal point of the legal regulation of market information asymmetry is the disclosure of information in an assigned duty and the relief for breach of the obligations. At present, there are many problems of legal regulation of market information asymmetry in China and the system has not been formed yet. This paper puts forward the following suggestions： the principle of the information holder bearing the disclosure obligation of information should be set up, separate disciplinary rules for violation of information disclosure obligation and the inversion of onus probandi should be established, thus, the system of principles and rules the legal regulation of the information asymmetry can be formed. The information disclosure tool of the third party and social welfare organizations should be perfected, the instrument of punishment should be set up according to the cost-benefit theory, the incentive tools should be normalized, the reasonable combination of tools should be set up, thus, the method system of the legal regulation of the information asymmetry can be formed.