随着中国证券市场全面施行注册制,相关法律及规范性文件纷纷修订出台。但就上市公司信息披露制度而言, 仍存在一些不足。一方面, 中国新 ≪证券法≫施行时间较短, 其他配套法律没有及时更新;另一方面, 法律制度本身可能也存在适应性问题。进而有必要从法律体系演进的角度出发, 对中国上市公司信息披露制度进行探讨。通过对中国信息披露相关法律法规进行梳理, 发现中国上市公司信息披露法律制度还存在一些问题, 诸如监管冲突、监管体系不完善、强制信息披露规定不完善及投资者适应性缺失等现实问题。随之提出了这些问题的完善路径, 以期有助于敦促信息披露制度的发展。就监管冲突方面, 建议采用加强内幕信息管理的方式进行完善,通过≪证券法≫后续的实施细则将国家机关列为内幕信息知情人进行管理, 从而保障投资人的合法权益。就信息披露监管体系完善方面, 建议通过后续法律法规的修订,进一步厘清证监会与证券交易所在信息披露监管中的监管权限和职责边界, 对监管尺度进行完善, 从而更好发挥监管职能。就强制性信息披露制度完善方面, 建议通过明确信息披露'重大性'标准和完善预约披露制度来进行规制。就应对投资者对信息披露适应性缺失方面, 提出通过构建'启发式'信息披露原则来帮助投资者更加充分的获取和理解上市公司所披露的信息。
With the full implementation of the registration-based IPO system in China’s securities market, relevant laws and regulatory documents have been revised and promulgated. But as far as the information disclosure system of listed companies is concerned, there are still some shortcomings. On the one hand, the implementation of China's new Securities Law has been implemented for a short period of time, and other supporting laws have not been updated in a timely manner; on the other hand, the legal system itself may also have adaptability problems. Then it is necessary to discuss the information disclosure system of listed companies in China from the perspective of the evolution of the legal system. This article sorts out relevant laws and regulations on information disclosure and finds that there are still real problems in the information disclosure legal system of listed companies in China, such as regulatory conflicts, regulatory systems institutional dysfunction, unsuitable regulations for mandatory information disclosure, and lack of investor adaptability. The following suggestions proposed is expected to solve these problems and help promote the development of the information disclosure system. Regarding regulatory conflicts, it is recommended to improve the management of insider information by reinforcing the management of insider information. The subsequent implementation rules of the Securities Law list state institutions as insiders in order to protect the legitimate rights and interests of investors is necessary. Regarding the improvement of the information disclosure regulatory system, it is recommended that subsequent amendments to laws and regulations be adopted to further clarify the regulatory authority and responsibility boundaries of the China Securities Regulatory Commission and Stock Exchanges in information disclosure regulation, and improve the regulatory standards, so as to better perform the regulatory functions. Regarding the improvement of the mandatory information disclosure system, it is recommended to regulate by clarifying the 'Significant standard' of information disclosure and improving the appointment disclosure system. Regarding the lack of adaptability of investors to information disclosure, it is proposed to build 'Heuristic' information disclosure principles to help investors fully obtain and understand the information disclosed by listed companies.