上市公司临时报告之重大交易披露标准研究——基于股票上市规则的监管实践与思考

重大性标准是股票上市规则中持续信息披露制度的核心要素。目前部分上市公司资本运作频繁,偏离主业、盈余管理问题突出,同时亦存在通过拆分交易等规避披露要求之情形,导致当前重大性标准未能充分适应市场变化的需要,上市公司商业效率、决策效率以及投资者知情权之间的平衡难以维系。本文在归纳总结上市公司交易事项披露之重大性标准表现形式及内在逻辑的基础上,梳理了我国现行规则的特点及应用难点,研究了成熟资本市场的做法,就股票上市规则中重大性标准测试指标体系的优化、累计计算规则中"标的相关"条件的适用以及上市公司证券投资行为的披露等方面提出完善建议。

Study on the Disclosure Standards of Major Transactions in Interim Reports of Listed Companies: Regulatory Practice and Thinking Based on Stock Listing Rules

Materiality Standard is the core element of continuous information disclosure requirement of stock listing rules. Nowadays, some listed companies focus more on capital investment, which caused deviation from the main business and abnormal profit management. The companies also try to circumvent above information disclosure obligation through intentionally split transactions. Therefore the current Materiality Standard is difficult to be adapted to the needs of market change, and the balance among listed companies’ commercial efficiency, decision-making efficiency and investor’s right to know is hard to maintain. On the basis of summarizing the standard forms and internal logic of the Materiality Standard of the listed company transactions’ information disclosure, the paper analyzes the characteristics and application difficulties of current listing rules, studies the Materiality Standard for listed company transactions in mature capital market, and makes suggestions about optimization of Materiality Standard test indicators, application of "subject-related" condition of cumulative calculation rules and information disclosure of listed companies’ securities investment.