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金融市场信息披露的规制是各国政府监管部门非常关注的问题,也是新兴市场国家和转轨经济国家市场制度建设的中心问题之一。本文运用现代金融理论与信息传递理论分析了金融市场中的披露管制问题。文章一部分讨论了古典经济学对信息披露的研究,提出了建立信息竞争市场的诸多难题。第二部分通过激励—信号传递的分析,认为经济力量能够驱动和实现内部信息的发布。第三部分考察了在传统的和新的观点下披露立法的意义。最后部分概述了有关这些立法的政策性和措施性建议。
The regulation of financial market information disclosure is a matter of great concern to government regulators in all countries and one of the central issues in the market system construction in emerging market countries and transition economies. This paper analyzes the issue of disclosure control in financial markets by using modern financial theory and information transmission theory. Part of the article discusses the classical economics of the disclosure of information, put forward the establishment of information competition in the market a number of problems. The second part through the incentive - signal transmission analysis, that the economic forces can drive and achieve the release of internal information. The third part examines the significance of disclosing legislation under both traditional and new points of view. The final section provides an overview of the policy and proposed advice on these legislation.