财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2014年
3期
135-139
,共5页
行为法经济学%上市公司%强制信息披露
行為法經濟學%上市公司%彊製信息披露
행위법경제학%상시공사%강제신식피로
Behavioral law and economics%Listed companies%Mandatory information disclo-sure
当前中国上市公司强制信息披露法律体系和监管框架在内容、时间、方式、风险因素和监管措施五个方面存在问题，导致难以解决“行为利用”这种新形式的市场失灵，不利于保护以有限理性人和“新型投资者”为特点的中小投资者。对此，不仅应依据“基于偏差完善法律”的传统策略，还应依据行为法经济学视角下的“通过法律消除偏差”策略，以较为温和的“助推”式监管进行完善。
噹前中國上市公司彊製信息披露法律體繫和鑑管框架在內容、時間、方式、風險因素和鑑管措施五箇方麵存在問題，導緻難以解決“行為利用”這種新形式的市場失靈，不利于保護以有限理性人和“新型投資者”為特點的中小投資者。對此，不僅應依據“基于偏差完善法律”的傳統策略，還應依據行為法經濟學視角下的“通過法律消除偏差”策略，以較為溫和的“助推”式鑑管進行完善。
당전중국상시공사강제신식피로법률체계화감관광가재내용、시간、방식、풍험인소화감관조시오개방면존재문제，도치난이해결“행위이용”저충신형식적시장실령，불리우보호이유한이성인화“신형투자자”위특점적중소투자자。대차，불부응의거“기우편차완선법률”적전통책략，환응의거행위법경제학시각하적“통과법률소제편차”책략，이교위온화적“조추”식감관진행완선。
The legal system and regulatory framework of China's mandatory information dis-closure of listed companies in terms of contents,time,formats,risk factors and supervision measures exhibits some problems,making it difficult to deal with this new form of market fail-ure,i.e.“behavioral exploitation”and not good for protecting the minority investors character-ized by bounded rationality and “new investors”in the real world.It should be improved by a more modest type of regulation,i.e.“nudging”on the basis of “debiasing through law”strategy from the perspective of behavioral law and economics as well as the traditional strategy of“improving law based on biases”..
