会计信息披露质量：证券监管、强制披露和法律救济
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摘要
作为公开原则在股票发行与交易制度中的应用，会计信息披露制度的建立意义重
大。通过会计信息披露，证券市场将能受到一种理性约束，从而有助于提高其有效性。
鉴于我国已于2001年11月7日正式加入WTO，面对世界经济竞争所导致的开放与合作
压力，如何提高我国上市公司以会计信息为主体的信息披露质量，保证我国证券市场健
康有序的发展，就成为现实急需解决的问题。本文通过普华永道“不透明指数”和上市
公司会计信息披露质量调查报告，分析了我国上市公司会计信息质量低下的现实及造成
的原因。在此基础上从经济学的角度系统研究了影响信息披露质量的因素，从经济学视
角来看会计信息披露问题可以发现会计信息披露这一制度安排有其坚实的经济学理论
支撑，即有助于推动股票市场遵循价值规律良性运作，减少市场泡沫成分；有助于消除
信息不对称现象，避免逆向选择及道德风险等代理问题；同时亦有助于改变信息披露非
合作与披露管制博弈之“囚徒困境”，节省社会资源浪费，相应降低股票市场运作成本。
由此提出了改善我国上市公司会计信息披露质量的思路，其核心内容是改革现有的证券
监管体制，完善强制性信息披露制度，并在此基础上建立信息披露民事赔偿责任及法律
救济制度。本文第三、四、五部分就此做出了较为详细的分析说明，并提出了一些新的
问题以供探讨。
After our country became a member of WTO, negotiable securities market and the capital market are coming into bloom. At the same time, it brings more supervisory pressure to bear on the quality of stock companies' accounting information disclosure . it is becoming a research focal point that how to effect a permanent cure while bringing about a temporary solution.
The core of the thesis is to find and answer the relation between the quality of stock firms' accounting information disclosure and Chinese negotiable securities market supervised, and what kind of system of information disclosure should be founded. In order to answer the question, the author made an on-the-spot investigation on the theory foundation of the system of the negotiable securities supervised in the west; and expounds the rationalization of the rule of mandatory information disclosed, and give the explanation about the legal system of information disclosed with markets effective theory.
The reality of Chinese negotiable securities market maybe provide allotted time's reasonable foundation for substantive examining rule. However it can not be explained to be reasonable that the negotiable securities management our-interfere the market, including the second market. What the investor s rely heavily on negotiable securities managers' service makes the normal theory of information disclosed to be underrated and misunderstood.
The exposure and handled result of the cases: macat co.,ltd and huafang co.,ltd stock are worth thinking in three ways:
First, when is it effective that substantive examination given by negotiable securities managers should the meaning of the effectualness be restricted?
Second, how should we establish the system of information disclosed that adapt present china and approaching china?
Third, should the firms have the qualifications joining the stock market that the firms haven't stated the real conditions, and how should we provide relief to the investors that's been wronged, and how should we consider the responsibility of civil compensation when negotiable securities managers punish the violator.
The thesis analyses the basic factor of stock firm's accounting information disclosed in the economics tenet fields on accounting information disclosed and supervised. The thesis proves that reforming supervision system and the system of information disclosed are the keys if it can be improved that the quality of stock firms' accounting information disclosed.
On the basis of above, the thesis makes a preliminary exploration on the reformation of Chinese present supervision system, the reformation of the rule of information disclosed and the reformation of bearing law-relieve.
大。通过会计信息披露，证券市场将能受到一种理性约束，从而有助于提高其有效性。
鉴于我国已于2001年11月7日正式加入WTO，面对世界经济竞争所导致的开放与合作
压力，如何提高我国上市公司以会计信息为主体的信息披露质量，保证我国证券市场健
康有序的发展，就成为现实急需解决的问题。本文通过普华永道“不透明指数”和上市
公司会计信息披露质量调查报告，分析了我国上市公司会计信息质量低下的现实及造成
的原因。在此基础上从经济学的角度系统研究了影响信息披露质量的因素，从经济学视
角来看会计信息披露问题可以发现会计信息披露这一制度安排有其坚实的经济学理论
支撑，即有助于推动股票市场遵循价值规律良性运作，减少市场泡沫成分；有助于消除
信息不对称现象，避免逆向选择及道德风险等代理问题；同时亦有助于改变信息披露非
合作与披露管制博弈之“囚徒困境”，节省社会资源浪费，相应降低股票市场运作成本。
由此提出了改善我国上市公司会计信息披露质量的思路，其核心内容是改革现有的证券
监管体制，完善强制性信息披露制度，并在此基础上建立信息披露民事赔偿责任及法律
救济制度。本文第三、四、五部分就此做出了较为详细的分析说明，并提出了一些新的
问题以供探讨。
After our country became a member of WTO, negotiable securities market and the capital market are coming into bloom. At the same time, it brings more supervisory pressure to bear on the quality of stock companies' accounting information disclosure . it is becoming a research focal point that how to effect a permanent cure while bringing about a temporary solution.
The core of the thesis is to find and answer the relation between the quality of stock firms' accounting information disclosure and Chinese negotiable securities market supervised, and what kind of system of information disclosure should be founded. In order to answer the question, the author made an on-the-spot investigation on the theory foundation of the system of the negotiable securities supervised in the west; and expounds the rationalization of the rule of mandatory information disclosed, and give the explanation about the legal system of information disclosed with markets effective theory.
The reality of Chinese negotiable securities market maybe provide allotted time's reasonable foundation for substantive examining rule. However it can not be explained to be reasonable that the negotiable securities management our-interfere the market, including the second market. What the investor s rely heavily on negotiable securities managers' service makes the normal theory of information disclosed to be underrated and misunderstood.
The exposure and handled result of the cases: macat co.,ltd and huafang co.,ltd stock are worth thinking in three ways:
First, when is it effective that substantive examination given by negotiable securities managers should the meaning of the effectualness be restricted?
Second, how should we establish the system of information disclosed that adapt present china and approaching china?
Third, should the firms have the qualifications joining the stock market that the firms haven't stated the real conditions, and how should we provide relief to the investors that's been wronged, and how should we consider the responsibility of civil compensation when negotiable securities managers punish the violator.
The thesis analyses the basic factor of stock firm's accounting information disclosed in the economics tenet fields on accounting information disclosed and supervised. The thesis proves that reforming supervision system and the system of information disclosed are the keys if it can be improved that the quality of stock firms' accounting information disclosed.
On the basis of above, the thesis makes a preliminary exploration on the reformation of Chinese present supervision system, the reformation of the rule of information disclosed and the reformation of bearing law-relieve.
引文
1. 《GAAP-SEC Disclosure Requirements》 : Steering Committee Report Series Business Reporting Research Project, Financial Accounting Standards Board.
2、《国内外公司治理分析》：宁向东，中国证监会独立董事培训班专辑，2001
3、《现代财务会计理论》：斯蒂芬A泽弗、贝拉G德兰主编，夏冬林等译。经济科学出版社，2000
4、《寻租经济学导论》：卢现祥，中国财政经济出版社，2000
5、《经济博弈论》：谢识予，复旦大学出版社，1997
6、《我国会计信息环境的初步分析》：陈信元 叶鹏飞 薛建峰，《会计研究》，2000．1
7. Price Waterhouse & Coopers. The Opacity Index. Downloaded from www. opacityindex.com,2001
8. 《Fair disclosure》: SEC, 2000.8
9、《上市公司信息披露质量调查分析报告》：downloaded from www.homeway.com.cn,2001-9-20
10、《内幕信息、私下披露及其控制》：谢志华 肖泽忠，会计研究，2000．8
11、《法律面临深层次难题》：江平，downloaded from www.p5w.com
12、《公开发行证券的公司信息披露内容与格式准则》：downloaded from www.csrc.gov.cn
13、《公开发行证券的公司信息披露编报规则》：downloaded from www.csrc.gov.cn
14. 《Business and Financial Reporting,Challenges from the New Economy》: Wayne S. Upton,Jr.,Financial Accounting Standards Board, April,2001
15、《制度安排与会计信息质量——红光实业的案例分析》：刘峰，会计研究，2001．7
16、《质疑信息披露》：王飞，《新证券》，2001．9．24
17、《公司治理结构：中国的实践与美国的经验》：梁能，中国人民大学出版社，2000
18、《企业制度与市场组织：交易费用经济学文选》：陈郁，上海三联书店、上海人民出版社，1996
19、《证券市场法律监管比较研究》：李朝晖，人民出版社，2000
20、《信息披露的法律透视》：吕富强，人民法院出版社，2000
21、《商事法专题研究文库：证券市场信息披露法律监管》：齐斌，法律出版社，2000
22、《证券市场与会计监管》：陈汉文，中国财政经济出版社，2001
23、《论会计市场失灵与政府监管》：陈国辉 李长群，《会计研究》，2000．8
24、《聚焦上市公司会计信息披露存在的问题》：downloaded from www.chinasecurity.com.cn,2001．09．27
25、《美国的公平披露规则对完善我国信息披露制度的启示》：downloaded from www.chinasecurity.com.cn,2001．10．30
26、《上市公司治理结构的改进》：周小川，2001年5月30日在“中国上市公司治理”研讨会的讲话
27、《证券监管：理论与实践》：洪伟力，上海财经大学出版社，2000
28、《证券市场监管：理论、实践与创新》：黄运成等，中国金融出版社，2001
29、《会计准则的发展：透视、比较与展望》：汪祥耀，厦门大学出版社，2001
2、《国内外公司治理分析》：宁向东，中国证监会独立董事培训班专辑，2001
3、《现代财务会计理论》：斯蒂芬A泽弗、贝拉G德兰主编，夏冬林等译。经济科学出版社，2000
4、《寻租经济学导论》：卢现祥，中国财政经济出版社，2000
5、《经济博弈论》：谢识予，复旦大学出版社，1997
6、《我国会计信息环境的初步分析》：陈信元 叶鹏飞 薛建峰，《会计研究》，2000．1
7. Price Waterhouse & Coopers. The Opacity Index. Downloaded from www. opacityindex.com,2001
8. 《Fair disclosure》: SEC, 2000.8
9、《上市公司信息披露质量调查分析报告》：downloaded from www.homeway.com.cn,2001-9-20
10、《内幕信息、私下披露及其控制》：谢志华 肖泽忠，会计研究，2000．8
11、《法律面临深层次难题》：江平，downloaded from www.p5w.com
12、《公开发行证券的公司信息披露内容与格式准则》：downloaded from www.csrc.gov.cn
13、《公开发行证券的公司信息披露编报规则》：downloaded from www.csrc.gov.cn
14. 《Business and Financial Reporting,Challenges from the New Economy》: Wayne S. Upton,Jr.,Financial Accounting Standards Board, April,2001
15、《制度安排与会计信息质量——红光实业的案例分析》：刘峰，会计研究，2001．7
16、《质疑信息披露》：王飞，《新证券》，2001．9．24
17、《公司治理结构：中国的实践与美国的经验》：梁能，中国人民大学出版社，2000
18、《企业制度与市场组织：交易费用经济学文选》：陈郁，上海三联书店、上海人民出版社，1996
19、《证券市场法律监管比较研究》：李朝晖，人民出版社，2000
20、《信息披露的法律透视》：吕富强，人民法院出版社，2000
21、《商事法专题研究文库：证券市场信息披露法律监管》：齐斌，法律出版社，2000
22、《证券市场与会计监管》：陈汉文，中国财政经济出版社，2001
23、《论会计市场失灵与政府监管》：陈国辉 李长群，《会计研究》，2000．8
24、《聚焦上市公司会计信息披露存在的问题》：downloaded from www.chinasecurity.com.cn,2001．09．27
25、《美国的公平披露规则对完善我国信息披露制度的启示》：downloaded from www.chinasecurity.com.cn,2001．10．30
26、《上市公司治理结构的改进》：周小川，2001年5月30日在“中国上市公司治理”研讨会的讲话
27、《证券监管：理论与实践》：洪伟力，上海财经大学出版社，2000
28、《证券市场监管：理论、实践与创新》：黄运成等，中国金融出版社，2001
29、《会计准则的发展：透视、比较与展望》：汪祥耀，厦门大学出版社，2001