引言成熟的资本市场是多层次的,除了证券交易所,还有不同形式的场外交易市场(下称“场外市场”)。场外市场是中小型企业直接融资的主要场所,处于成长期的中小企业在规模和盈利水平上达不到证交所的准入标准,在场外市场融资是一个符合成本效益的选择。同时,场外市场也为这些企业的股票提供了较好的流动性,使直接融资更易成功。在国外发达的资本市场中,这些企业被称为非上市公众公司,它们具有良好的成长性,数量远多于上市公司,是证交所的“预备资源”。信息披露乃证券法制的核心与基石,借用布兰迪斯法官的比喻:“公开是医治现代工业社会疾病的良药,就如阳光是最好的杀菌剂,灯光是最有效的警察。”非上市公众公司与上市公司一样应处在信息披露 Introduction Mature capital markets are multi-layered, with the exception of stock exchanges, as well as different forms of OTC markets (“OTC markets”). The OTC market is the main venue for direct financing for small and medium-sized enterprises. SMEs in their infancy can not meet the stock exchange access standards in size and profitability. Financing in the OTC market is a cost-effective option. At the same time, OTC markets also provide better liquidity for the stocks of these companies, making direct financing more successful. In developed foreign capital markets, these enterprises are called unlisted public companies, they have good growth, far more than the number of listed companies, is the Stock Exchange’s “reserve resources.” Disclosure of information is the core and cornerstone of the legal system of securities. Using the analogy of Brandi Justice: “Openness is a cure for diseases in modern industrial society, just as sunshine is the best bactericide and light is the most effective police officer.” " As with public companies, unlisted public companies should be in information disclosure