证券市场是一个高度信息集约化的市场,近些年来证券市场,由于信息披露不及时、不充分甚至虚假现象的发生,导致广大投资者的利益受到损害,而且信息失灵和信息不对称以及由此引起一系列问题,将严重影响证券市场效率目标的实现。因此,健全信息披露制度、加强对信息披露监管处罚力度、提高证券市场的透明度和有效性成为完善中国证券市场的重中之重。 The stock market is a highly information-intensive market. In recent years, the stock market has suffered as a result of the improper disclosure of information and the occurrence of false phenomena, resulting in the loss of the interests of investors. Moreover, information failure and information asymmetry, and thus Cause a series of problems, will seriously affect the efficiency of the securities market to achieve. Therefore, improving the information disclosure system, strengthening the regulatory punishment on information disclosure, and improving the transparency and effectiveness of the securities market have become the most important tasks in perfecting China’s securities market.