资本市场以信息披露为中心的法律逻辑探讨——以市场主体为视角

Discussion of the Legal Logic Centering on Information Disclosure in the Capital Market——From the Perspective of Market Entities

推出科创板有独特的时代背景,即更加开放的时代,一个共建创新包容的开放型世界经济的时代。更加开放的经济需要更加开放的资本市场^([1]),这对资本市场的效率提出了更高的要求。为保证效率与公平之间的平衡,首先要平衡市场主体"卖方"和"买方"的利益,保障双方参与者权益。而资本市场与传统市场存在差异,主要在于资本市场的交易标的具有特殊性。股权法律性质的复杂性决定市场透明度天生不足,从而影响交易双方的判断。因此,坚持"以信息披露为中心",保持适当的市场透明度,让交易双方在公平的基础上作出决策,能有效促进资本市场的成长和繁荣。

Establishment of Sci-tech Innovation Board has a unique background,that is,a more open era,an era of people working together for an open global economy that is innovative and inclusive.A more open economy requires a more open capital market,and this requires higher requirements on the efficiency of the capital market.[1]In order to ensure the balance between efficiency and fairness,the interests of the market entities,the"seller"and"buyer",must be the priority to be balanced to protect the rights of both sides.The difference between the capital market and the traditional market is mainly due to the particularity of the transaction object of the capital market.The complexity of the legal nature of equity determines that market transparency is inherently insufficient,thus affecting the judgment of sides.Therefore,insisting on"centering on information disclosure",maintaining appropriate market transparency and allowing each participant could make decisions on a fair basis,can effectively promote the growth and prosperity of the capital market.