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在股票发行注册制下,监管部门对发行人所披露的信息仅进行形式上的审核,将上市公司是否具有投资价值的判定权交给市场。而目前,我国信息披露制度存在相关法律法规不完善、监管权责不清和投资者不理性等问题。因此,应从修订与完善相关法律法规、强化事后监管、提升信息披露质量、强化中介组织监督作用、提高投资者判断意识与监督作用等五方面构建股票发行信息披露体系。
Under the system of stock issuance and registration, regulators only conduct formal audits on the information disclosed by the issuer and give the market the right to determine whether a listed company has the value of investment. At present, there are some problems in China’s information disclosure system such as imperfect laws and regulations, unclear supervisory responsibilities and irrational investors. Therefore, we should construct the system of information disclosure on stock issuance from five aspects: amending and perfecting relevant laws and regulations, strengthening supervision afterwards, improving the quality of information disclosure, strengthening the supervision role of intermediary organizations and enhancing investors’ judgment and supervision.