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为加强上市公司监管和投资者保护力度、重树投资者信心,美国国会于2002年7月颁布了《萨班斯-奥克斯利法案》(The Sarbanes-Oxley Act)。萨班斯法案对公司治理、信息披露及违规惩罚等多个方面进行了改革,引发了广泛关注和争论。本文围绕政府应如何应对资本市场危机、是否应强化公司强制性信息披露义务、高管层是否应为公司过失承担连带法律责任以及法案对美国资本市场全球竞争力的影响等四个争议最多的问题,进行了分析和评述,旨在为“后金融危机时代”的证券市场监管、尤其是中国证券市场监管制度的制定和执行提供借鉴。
To strengthen the supervision of listed companies and investor protection, and rebuild investor confidence, the U.S. Congress enacted The Sarbanes-Oxley Act in July 2002. Sarbanes-Oxley Act on corporate governance, information disclosure and non-compliance penalties and other aspects of the reform, has aroused widespread concern and controversy. This article focuses on the government how to deal with the crisis of the capital market, whether it should strengthen the compulsory information disclosure obligations of the company, the senior management should bear joint and several liability for the company’s fault and the bill’s impact on the global competitiveness of the U.S. capital market, the four most controversial issues , Analyzed and commented in order to provide reference for the regulation of the securities market in the post-financial crisis era, especially for the formulation and implementation of the regulatory system of China’s securities market.