信息披露监管:强制披露与自愿披露的协调

从信息是否可观测、可核实的经济特性出发,分析强制性信息披露制度有限性的根源及其与自愿性信息披露制度共存的问题.强制性信息披露制度对披露一些动机不可观测、内容不可核实的信息存在一定的有限性,而自愿性信息披露制度则能很好地对这类信息进行披露,因此两种信息披露制度可以实现一定的共存,使信息披露制度体系从单纯以管制为主转变为激励与管制并重.

Regulation on Information Disclosure of Listed Companies: Harmonization Between Mandatory and Voluntary Disclosure

The problem between mandatory disclosure and voluntary disclosure is to explore the best way to improve information disclosure quality in security market rather than one replaces the other. From the economic characteristics of information, this paper analyses the limit of mandatory system and the way how the two systems can coexist, and points out that the mandatory system has its instinctive limit for unobservable and unverifiable information while the voluntary system can solve this problem successfully.