一、前言在股票市场的初创时期,市场信息披露制度完全是自愿的,没有任何的监管,但是事实证明在缺少监管的情况下,谎言和欺诈甚至可以颠覆整个市场——当投资者因不信任而纷纷退出市场的时候,证券市场也就失去了存在的必要。从20世纪30年代开始,强制性披露开始主导证券市场。强制性披露使整个证券市场的信息披露规范化、系统 I. Introduction In the initial stage of the stock market, the system of market information disclosure was completely voluntary and without any supervision. However, it turns out that lies and fraud can even subvert the entire market in the absence of supervision. When investors become untrustworthy, When they quit the market one after another, the stock market loses its existence. From the 1930s onwards, mandatory disclosure began to dominate the securities market. Mandatory disclosure of the entire stock market information disclosure standardization and system