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MBA硕士毕业论文_美科创板信息披露制度比较研究PDF

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文本描述
本文所指美国科技创新板块为纳斯达克市场,中国科技创新板块为科创板。信息披 露是我国科创板及注册制的核心所在,在我国资本市场的信息披露 现状来看,科创板面 临着亟需解决的信息披露问题,而完善的信息披露制度与监管是规范尚未成熟市场的一 剂良药。 本文采用对比分析法、跨学科分析法等方式,研究美国纳斯 达克市场信息披露监管 制度的基础上,结合我国证券市场信息披露监管制度的现状与特点,探讨我国科创板信 息披露制度监管制度的完善及未来发展问题。首先对文章的研究背 景、选题依据、研究 意义和文章涉及的相关概念做了重要阐述与概念界定,为本文的写作做好准备;然后, 对美国纳斯达克证券市场信息披露制度及科创板信息披露制度的从宏 观与微观层面进 行比较分析,主要从信息披露的法律体系、不同参与主体、具体规范内容上,宏观层面 上披露机制的不健全难以有效保证信息披露质量,证监会、上交所的监督 、审核方面的 定位仍有一定的不足,发现企业对信息披露的要求存在轻视的现象,同时中介机构的监 管职能发挥受限,市场上的个人投资者承担风险能力低、机构投资者尽责不 到位,而在 微观层面的首次发行阶段披露、持续阶段披露、预测性信息披露及自愿披露、违规信息 披露问责机制的不完善也是未来发展中需要解决的;最后针对如何完善我国科 创板信息 披露制度等问题分别从宏微观层面提出可行性建议,应注重总体要求的宣传及教育,系 统梳理披露法律规则、提升信息披露质量信息披露工作,证监会也应加强监管独 立性, 中介机构做到尽职调查并强化监管职能,在其业内建设形象声誉机制以督促其不断进 步,不断加强投资者教育、培育各类优秀的机构投资者,同时,完善科创板发行阶段 披 露、持续披露、预测性信息披露制度及规则,健全披露违规的快速响应机制与加大违规 处罚力度,构建以投资者为中心的差异化信息披露制度。 本文所提及建议希望可以对科 创板的信息披露制度的完善贡献一份力量,并可以起 到保护投资者权益、维护资本市场高效、稳定上起到积极作用。 关键词:科创板 注册制 信息披露 II A COMPARATIVE STUDY ON THE INFORMATION DISCLOSURE SYSTEM OF CHINA AND AMERICA TECHNOLOGY INNOVATION BOARD ABSTRACT In this paper, the US science and technology innovation plate is NASDAQ market, and the Chinese science and technology innovation plate is STAR market. Information disclosure is the core of China's STAR market and registration system. In the current situation of information disclosure in China's capital market, STAR market is faced with important disclosure problems that need to be solved urgently, and a perfect information disclosure system and supervision is a good medicine for regulating the immature market. This article uses comparative analysis, interdisciplinary analysis and other methods to study the US Nasdaq market information disclosure supervision system, combined with the current situation and characteristics of China's securities market information disclosure supervision system, to explore China's STAR market information disclosure system supervision System improvement and future development issues. First of all, the article's research background, topic selection basis, research significance, and related concepts involved in the article are importantly elaborated and defined to prepare for the writing of this article; then, the US Nasdaq Securities Market Information Disclosure System and Section The comparative analysis of the GEM information disclosure system from the macro and micro levels, mainly from the legal system of information disclosure, different participants, and the specific standard content, the incomplete disclosure mechanism at the macro level is difficult to effectively ensure the quality of information disclosure. The CSRC, The positioning of the Shanghai Stock Exchange in terms of supervision and auditing is still inadequate. It is found that companies have neglected the requirements for information disclosure. At the same time, the supervision functions of intermediaries are limited. Individual investors in the market have low risk-taking ability and institutional investors. Due diligence is not in place, and at the micro level, the initial release stage disclosure, continuous stage disclosure, predictive information disclosure and voluntary disclosure, and the imperfect information disclosure mechanism of violations also need to be resolved in the future III development; finally, how to improve China ’s scientific and technological innovation Issues such as the board ’s information disclosure system To propose feasibility at the level, we should pay attention to the publicity and education of the overall requirements, systematically sort out the disclosure of legal rules, improve the quality of information disclosure, and information disclosure. The SFC should also strengthen the independence of supervision. Intermediaries should implement due diligence and strengthen supervision functions. It builds an image reputation mechanism in the industry to supervise its continuous progress, continuously strengthen investor education, and nurture various excellent institutional investors. At the same time, it improves the disclosure and continuous disclosure and predictive information disclosure systems and rules of the STAR market during the issuance stage, and improves disclosure Violation of the rapid response mechanism and increased penalties for violations, to build a differentiated investor -centric information disclosure system The suggestions mentioned in this article hope to contribute to the improvement of the information disclosure system of the Science and Technology Board, and play an active role in protecting investors' rights and interests, maintaining the efficiency and stability of the capital market. KEY WORDS: STAR Market; Registration System; Information Disclosure IV 目 录 摘要 .................................................................. I ABSTRACT ............................................................... II 第一章 绪论 ............................................................ 1 1.1 研究背景 ............................................................. 1 1.2 研究意义 .............................................................. 1 1.2.1 研究的理论意义 ...................................................... 1 1.2.2 研究的现 实意义 ...................................................... 2 1.3 国内外研究文献 ........................................................ 2 1.3.1 国外研究 文献 ........................................................ 2 1.3.2 国内研究文献 ........................................................ 5 1.3.3 文献评述 ............................................................ 8 1.4 研究内容、方法 ........................................................ 9 1.4.1 研究内容 ............................................................ 9 1.4.2 研究方法 ............................................................ 9 1.5 研究创新之处 ......................................................... 10 1.5.1 研究对象创新性 ..................................................... 10 1.5.2 研究内容创新 性 ..................................................... 10 第二章 研究基础 ....................................................... 11 2.1 科创板的内涵及重要 性 ................................................. 11 2.1.1 科创板的内涵 ....................................................... 11 2.1.2 推出科创板的重要 性 ................................................. 12 2.1.3 科创板的特点 ....................................................... 13 2.2 信息披露的相关概念 ................................................... 14 2.2.1 信息披露制度的内涵 ................................................. 14 2.2.2 信息披露制度的特征 ................................................. 15 2.2.3 我国《证券法》对信息披露的界定 ..................................... 15 2.3 信息披露监管的含义与作 用 ............................................. 16 V 2.3.1 信息披露监管的含义 ................................................. 16 2.3.2 信息披露监管的作用 ................................................. 16 2.4 信息披露制度的理论基础 ............................................... 16 2.4.1 有效市场理论