美国跨境股票融资信息披露监管法律制度及经验启示——兼谈我国证券融资市场对外开放时对境外企业信息披露监管的制度设计

Legal System of Supervising on Information Disclosure about Cross-border Stock Financing in the U.S.A and It's Enlightenment——Also Related to Rules Establishing Aimed at Supervision on Foreign Enterprises' Information Disclosure When China's Securities F

美国证券监管部门为在其境内进行跨境股票融资的境外企业制定了一套与境内企业相对独立的信息披露法律监管规则。这套法律监管规则以标准化的表格为载体,规则制度设计注重境外企业信息披露成本的适度控制,允许境外企业在美国的证券发行信息披露与上市信息披露、持续信息披露之间可以一定程度借用。同时,在信息披露内容上,鉴于东道国投资者获取境外企业非经营性和非财务性信息的天然弱势地位,美国跨境股票融资信息披露规则体系开始突显注重境外企业非经营性与非财务性信息内容的监管趋势。我国证券融资市场对外开放时,相关监管规则也应充分借鉴美国对境外企业的信息披露监管经验,为境外企业和境内企业分别建立信息披露规范化格式体系,同时,在制度设计上合理考虑境外企业在我国的信息披露成本,在信息披露内容上注重境外企业非经营性、非财务性信息的披露监管。

Securities supervision departments of the U.S.A have established a serial of legal supervision rules of information disclosure relatively different from domestic enterprises＇for those foreign enterprises that take cross-border stock financing in capital market of the U.S.A.Those legal supervision rules are based on standard form,and also pay more attentions to the rational controlling on the information disclosure cost of foreign enterprises,and allow for general application between information of securities offering,listing disclosure and last listing disclosure.In the meantime,as to the content of information disclosure,considering the nature disadvantaged condition of host country＇s investors to get the non-operating and non-finance information of foreign enterprises,the rule system of information disclosure about crossborder stock financing in the U.S.A start to pay more attention to the non-operating and non-finance information of foreign enterprises.When China＇s securities financing market opens,some related supervision rule systems should fully draw lessons from supervision experience of information disclosure of the U.S.A for foreign enterprises,establish standard forms respectively for foreign enterprises and domestic enterprises,and meanwhile,should rationally consider information disclosure cost of foreign enterprises in China,and pay more attention to the non-operating and non-finance information disclosed by foreign enterprises.