注册制改革背景下上市公司差异化信息披露制度探究

Research on the Information Disclosure System of Listed Companies in the Context of Registration System Reform

我国证券市场正经历着设立科创板并试点注册制的改革。因此,我们需要对现有的制度进行配套升级来适应证券市场的变化,而上市公司信息披露制度一直被认为是证券市场的灵魂。随着证券市场的不断发展,上市公司的分级以及市场功能的分层已成为必然趋势。根据投资者需求的不同,区分不同市场、不同行业、不同风险的上市公司,对其信息披露的标准也应当区别对待,以适应注册制改革和司法实践的要求。本文关注注册制改革方向,分析科创板差异化信息披露特征,论述了注册制改革背景下构建符合投资者需求的上市公司差异化披露制度的现实必要性和可行性,提出了注册制改革背景下上市公司差异化信息披露规制改进的路径与政策建议。

The science and technology innovation boardestablished at the Shanghai Stock Exchange and the CSRC also made regulation on the registration system for initial public offerings on the science and technology innovation board.The securities market of our country is undergoing a whole reform starting from registration system.The smooth transition from“approval system”to“registration system”needs a series of supporting systems to follow up.And the information disclosure system of listed companies has always been the soul of the securities market.With the continuous development of the securities market,the securities become more complicatedand the investors are diversified.Therefore,according to the needs of investor,we distinguish the listed companies with different sectors and adopt different information disclosure standards and requirements.Establishing a differentiated information disclosure system for listed companies can effectively improve China’s information disclosure system,which is also the gospel of investors.This paper focuses on the direction of registration system reform.Based on the actual situation of China’s current securities market,this paper discusses the practical necessity of constructing a differentiated information disclosure system for listed companies under the registration system to meet the needs of investors.