证券市场强制信息披露的理论思考

随着证券市场的发展,信息披露制度越来越受到人们的广泛关注。追溯证券市场信息披露制度演变,在回顾已有的强制和自愿披露两种理论观点的基础上提出理论思考,信息不对称所导致的“逆向选择”和“道德风险”是证券市场强制信息披露存在的根本理由,并对我国信息披露制度提出建议。

A Theoretical Study of Mandatory Information Disclosure in Security Market

With the development of security market, information disclosure is drawing more and more attention. This article briefly reviews the evolution of the disclosure principle and two different opinions at present: mandatory disclosure and voluntary disclosure. It is concluded in the paper that it is information asymmetry in the security market that causes adverse choice and moral hazard. So it is necessary to implement mandatory disclosure. Then some suggestions are given to the disclosure principles in China.