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null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 disclosure
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 failure, i.e. ＂behavioral exploitation＂ and not good for protecting the minority investors characterized 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＂..
