注册制改革背景下信息披露制度优化探究

Exploring the Optimization of Information Disclosure System in the Context of Registration System Reform

注册制取消上市公司的前置实质审核,让证券市场真正拥有决定资本走向的权利。这有助于保护投资者合法权益,促进股票市场健康发展。合法合规的信息披露制度是注册制改革的核心内容,然而,证券交易所的监管职能尚未充分发挥以及公司治理结构存在缺陷等问题影响着注册制功能的彰显。为此,我国应从美国的信息披露规则、信息披露的监管机制、公司审计委员会与会计行业监管及上市公司经营者对内部控制的评价的角度出发,借鉴美国注册制成功实施的经验,从而对我国上市公司的信息披露进行规范和统一、设立自主规制的法人机构,增强证券交易所的自律能力、完善上市公司的治理结构等方面优化我国现行信息披露制度,以确保证券发行市场健康稳定发展。

The registration system abolishes the prior substantive review of listed companies,thus allowing the securities market to truly possess the right to determine capital flow.This contributes to protecting investors’legitimate rights and interests,and fostering the healthy growth of the stock market.A legally compliant information disclosure system forms the core of registration system reform.However,the under-utilization of the stock exchanges’regulatory functions and defects in corporate governance structures affect the optimal function of the registration system.Consequently,China should consider information disclosure rules,regulatory mechanisms of information disclosure,company audit committees,accounting industry supervision,and evaluations of internal controls by listed company operators in the United States.By learning from the successful execution of the US registration system,China should standardize and unify the information disclosure of its listed companies,establish independent regulatory legal entities,enhance the self-regulation capabilities of stock exchanges,improve the governance structures of listed companies,and optimize the current information disclosure system.These measures will ensure the stable and healthy development of the securities issuance market.