论上市公司虚假陈述的成因和对策

信息披露向来被视为证券立法和证券市场有效运行的基石 ,但在我国信息披露违法违规行为的主要表现形式———上市公司虚假陈述却频频发生 ,世纪之初的股市大崩盘与上市公司虚假陈述即有着直接关系。上市公司虚假陈述的成因可以从法律、经济与社会和文化三个层面去考察。针对法律和经济层面的成因 ,治理上市公司虚假陈述可相应采取完善信息披露法律制度、严格信息披露监管与司法、健全证券市场机制等对策。

On the Causes of Making Fictitious Statements by Listed Companies and Related Countermeasures

The information announcement has been regarded as the cornerstone of legislation of securities law and that of effective operations in securities market. In our country, however, illegal activities during the information announcement often occur in the major form of fictitious statements of listed companies. To certain extent, the great collapse of stock market at the beginning of the century resulted from these fictitious statements. The factors of law, culture, economy and society can help reveal the causes that lead to these statements. This paper, in the view of law and economy, puts forward several measures against this phenomenon: strengthening legal system of information announcement, strictly supervising activities of announcement by judicial decisions, and perfecting mechanisms in securities market.