【正文】 參考文獻(xiàn) 33在讀期間發(fā)表的學(xué)術(shù)論文與研究成果 37后 記 38 網(wǎng)上證券信息披露法律制度的完善——對(duì)美國(guó)相應(yīng)制度的借鑒導(dǎo) 言電子計(jì)算機(jī)的普遍使用和互聯(lián)網(wǎng)的發(fā)展已經(jīng)深刻影響到人類和社會(huì)發(fā)展的各個(gè)方面。s Internet securities information disclosure system. This chapter give some advices of online Securities regulatory principles, online Security Information, Responsibility of senior managers of the internal control, Stock Exchange selfregulation, Data Systems ,Compare with the specific system of the United States.[Keywords] Online Securities。 elaborate current legal system and legal and regulatory framework of online securities information disclosure in China。s Internet Securities has developed about ten years, the legislative level and content of online securities information disclosure is not enough, there only has a number of interim management to regulate it, which needs to be perfected in time for our online securities information disclosure. The legal regulatory system of online securities information disclosure in US is pletely, in view of this, this paper put forward a sound advice to promote the development of our China online securities information disclosure by paring the corresponding legal system the United States. This paper is divided into four sections except the preface and conclusion, about 20000 words.Part I: The overview of online Securities and online securities information disclosure. This chapter begins with an overview of the concept and classification of online securities. Followed by data analysis and charts describe the market share of online securities. Finally describe the concept of online securities information disclosure, and noted the contents of Issue phase and continuous phase.Part II: The legal system of China39。s corresponding system（Abstract）Specialty： Juris MasterResearch Direction：Economic LawAuthor：Tengteng FanSupervisor：Hong WuThe disclosure of securities information has played an important role in securities market. With the development of the internet technology, the internet securities bees an important trend of global securities development, Securities Information Disclosure also began to paperless. This greatly reduces the cost of the information disclosure, ensure the disclosure of information timely, and broaden the investor access to the securities information at a large extent. Network environment for the information disclosure has a positive side, but there are some problems, such as information disclosure inplete, inaccurate, not timely, the information disclosure obligor39。本章對(duì)照美國(guó)的具體制度對(duì)網(wǎng)上證券監(jiān)管的原則、網(wǎng)絡(luò)證券信息、高管的內(nèi)控責(zé)任、證交所自律監(jiān)管、數(shù)據(jù)系統(tǒng)、信息提供等提出我國(guó)亟需完善的幾點(diǎn)建議。第三節(jié)介紹美國(guó)的網(wǎng)上數(shù)據(jù)系統(tǒng)EDGAR，它是美國(guó)證券市場(chǎng)最重要、使用最廣泛、影響最大的數(shù)據(jù)中心。該章第一節(jié)概述了美國(guó)網(wǎng)上證券信息披露的背景與全面性、持續(xù)性、公平性的發(fā)展趨勢(shì)。本章分別描述了我國(guó)網(wǎng)上證券從1891年第一個(gè)證券市場(chǎng)建立以來(lái)的發(fā)展歷程，并指出我國(guó)證券信息披露的真實(shí)性、準(zhǔn)確性、完整性、及時(shí)性原則；詳盡闡述我國(guó)對(duì)于網(wǎng)上證券信息披露的現(xiàn)行法律制度和法律監(jiān)管體系；提出我國(guó)網(wǎng)上證券電子系統(tǒng)XRBL的應(yīng)用提高了信息披露的效率，為網(wǎng)絡(luò)證券信息監(jiān)管提供了有力支持。最后分析了網(wǎng)上證券信息披露的概念，并指出發(fā)行階段和持續(xù)階段信息披露的內(nèi)容。本章首先概述了網(wǎng)上證券的概念和分類，指出客戶以計(jì)算機(jī)互聯(lián)網(wǎng)為操作平臺(tái)，通過(guò)互聯(lián)網(wǎng)將指令傳遞到證券公司或其營(yíng)業(yè)部進(jìn)行交易是我國(guó)網(wǎng)上證券交易的唯一模式。全文除導(dǎo)言和結(jié)語(yǔ)外共分為四個(gè)部分，約兩萬(wàn)五千字。我國(guó)的網(wǎng)上證券發(fā)展不過(guò)十幾年，網(wǎng)上證券信息披露法規(guī)立法層次較少，內(nèi)容較單薄，對(duì)于網(wǎng)上證券信息披露僅有一些暫行管理辦法來(lái)進(jìn)行規(guī)制，這就需要我國(guó)及時(shí)完善針對(duì)網(wǎng)上證券信息披露的法律監(jiān)管制度。這極大地降低了信息披露的成本，保證了信息披露的及時(shí)性，在很大程度上拓寬了投資者獲取證券信息的渠道。網(wǎng)上證券信息披露法律制度的完善——對(duì)美國(guó)相應(yīng)制度的借鑒（碩士論文摘要）信息披露制度是貫穿證券法的一條紅線。隨著互聯(lián)網(wǎng)技術(shù)的不斷發(fā)展，網(wǎng)上證券成為全球證券業(yè)發(fā)展的一個(gè)重要趨勢(shì)，證券信息的披露也開(kāi)始向“無(wú)紙化”方向發(fā)展。網(wǎng)絡(luò)環(huán)境對(duì)于信息披露有著積極的一面，但也存在一定的問(wèn)題，比如信息披露不完全、不準(zhǔn)確、不及時(shí)、披露義務(wù)人自有網(wǎng)站信息和超級(jí)鏈接信息誤導(dǎo)投資者等，使得嚴(yán)格的法律監(jiān)管顯得尤為重要。美國(guó)是網(wǎng)上證券信息披露制度最為完善的國(guó)家，鑒于此，本文通過(guò)對(duì)比美國(guó)相應(yīng)的法律制度，對(duì)我國(guó)網(wǎng)上證券信息披露提出完善意見(jiàn)，以促進(jìn)我國(guó)網(wǎng)上信息披露的發(fā)展。第一部分：網(wǎng)上證券及網(wǎng)上證券信息披露的概述。其次通過(guò)數(shù)據(jù)分析和圖表的形式描述了我國(guó)網(wǎng)上證券的市場(chǎng)比例。第二部分：我國(guó)網(wǎng)上證券信息披露的制度。第三部分：美國(guó)網(wǎng)上證券信息披露的制度及其啟示。第二節(jié)詳盡闡述了美國(guó)網(wǎng)上證券信息披露法律制度與監(jiān)管體系的嚴(yán)謹(jǐn)與完善，保障了資本市場(chǎng)的有序發(fā)展。第四部分：我國(guó)網(wǎng)上證券信息披露制度的完善。[關(guān)鍵詞] 網(wǎng)上證券 信息披露 法律制度Completion of the legal system of the online securities information disclosureReference of .39。s own website and hyperlinks information often to mislead investors, In view of this, strict legal regulation is very important.China39。s online securities information disclosure. This chapter describes the development of online securities in China since from the 1891 stock market established, and pointed out the authenticity, accuracy, pleteness, timeliness principles of the securities information disclosure。 describes the use of electronic systems XRBL in china improved the efficiency of information disclosure and provide a strong support for regulation.Part III: The legal system and implications of Internet Security Information Disclosure in the United States. The first section of this chapter outlines the background of . online securities information disclosure and describes the trends of prehensiveness, continuity and equity. Section II elaborates the rigor and perfect of the legal system and regulatory of the . online securities information disclosure. Section III detailed online data system EDGAR of the United States, it is the most important, the most widely used and influential data center in . securities market.Part IV: The perfect of China39。 Information Disclosure。計(jì)算機(jī)網(wǎng)絡(luò)在給人們生活提供娛樂(lè)的同時(shí)，也影響著我們的金融市場(chǎng)。其中網(wǎng)上證券就是這一發(fā)展的產(chǎn)物，為了尋求更高的收益率，跨國(guó)投資者通過(guò)互聯(lián)網(wǎng)絡(luò)在幾秒鐘就可以辦理數(shù)十億美元的證券交易。因此，網(wǎng)上證券具有重要的發(fā)展?jié)摿蛷V闊的應(yīng)用前景。網(wǎng)絡(luò)技術(shù)使得大眾之間的遠(yuǎn)程信息交流變得方便省錢，因此，網(wǎng)絡(luò)不僅方便一些人向投資者發(fā)送重要可靠的信息，同樣容易引發(fā)各種各樣的證券交易犯罪行為。信息披露的法律監(jiān)管已經(jīng)成為各國(guó)證券監(jiān)管機(jī)構(gòu)和國(guó)際證券管理機(jī)構(gòu)共同關(guān)注的問(wèn)題。正鑒于此，本文采用了比較分析的研究方法從探討網(wǎng)上證券信息披露的基礎(chǔ)法律制度入手，深入分析了中美網(wǎng)上證券信息披露的現(xiàn)狀，在借鑒美國(guó)有益經(jīng)驗(yàn)的基礎(chǔ)上，對(duì)我國(guó)當(dāng)前的網(wǎng)上證券信息披露法律層面和技術(shù)層面上提出建議。它是證券行業(yè)以網(wǎng)絡(luò)為媒介向客戶提供的證券經(jīng)營(yíng)模式，具有規(guī)模大、全方位、體系化、新型化等特點(diǎn)。廣義的網(wǎng)上證券交易是指系統(tǒng)取代了傳統(tǒng)經(jīng)紀(jì)人、券商、實(shí)物交易所的功能，所有交易都是脫離實(shí)物交易所在網(wǎng)絡(luò)環(huán)境下進(jìn)行的，主要存在于美國(guó)。如果該系統(tǒng)發(fā)起人參與網(wǎng)上交易活動(dòng)并向交易當(dāng)事人收取傭金,則必須依據(jù)《證券交易法》規(guī)定登記注冊(cè)為經(jīng)紀(jì)人或券商。目前，由于監(jiān)管的復(fù)雜性和困難性，我國(guó)證券法對(duì)這種交易模式采取禁止的態(tài)度。這種交易方式不是完全在互聯(lián)網(wǎng)上進(jìn)行的，沒(méi)有獨(dú)立的交易空間。二、我國(guó)網(wǎng)上證券的市場(chǎng)比例我國(guó)只允許持牌的證券經(jīng)紀(jì)公司向證監(jiān)會(huì)申請(qǐng)批準(zhǔn)進(jìn)行證券網(wǎng)上交易，而且大多數(shù)經(jīng)紀(jì)公司都會(huì)將其在線交易軟件外包給IT公司或者從軟件服務(wù)商那尋求技術(shù)支持。自從證監(jiān)會(huì)公布可以從事網(wǎng)上證券交易的許可的證券經(jīng)紀(jì)商以來(lái)，2001年到2002我國(guó)的網(wǎng)上證券交易量經(jīng)歷了大幅度增長(zhǎng)。另外，網(wǎng)上交易量占到了總交易量的12%。 M. W. L. Fong, Online Securities Trading in China. Journal of International Affairs, at , , 2010.2010年1月15日，中國(guó)互聯(lián)網(wǎng)絡(luò)信息中心（CNNIC）在京發(fā)布了《第25次中國(guó)互聯(lián)網(wǎng)絡(luò)發(fā)展?fàn)顩r統(tǒng)計(jì)報(bào)告》。隨著網(wǎng)絡(luò)安全技術(shù)的提高和監(jiān)管制度的完善，我國(guó)的網(wǎng)絡(luò)炒股用戶規(guī)模也由2008年的3400萬(wàn)迅速增加到2009年末的5678萬(wàn)，%%，如圖2所示。根據(jù)我國(guó)證監(jiān)會(huì)2009年12月份發(fā)布的統(tǒng)計(jì)數(shù)據(jù)可知。 我國(guó)證監(jiān)會(huì)2009年12月統(tǒng)計(jì)數(shù)據(jù)， （訪問(wèn)日期：2010年3月1日）。圖1 中國(guó)網(wǎng)民規(guī)模與增長(zhǎng)率圖2 20082009網(wǎng)絡(luò)