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信息披露制度通过赋予发行人强制的信息披露义务,消除证券市场内发行人与投资者之间的信息不对称,是预防融资过程中利益冲突的制度性基础。现阶段我国《证券法》内关于公司债券信息披露规则依附于股票信息披露规则,未能反映公司债券在信息披露规则上的特殊性。基于公司债券本质,信息披露范围“重要信息”指影响投资者形成理性投资判断的信息,部分情形下包括未确定的信息;披露标准“充分披露”指主观上不存在不实披露的故意、披露内容不存在“半真实”披露。
The information disclosure system eliminates the information asymmetry between the issuer and the investors in the securities market by giving the issuer mandatory information disclosure obligations and is the institutional basis for preventing conflicts of interest in the financing process. At this stage, the disclosure rules of information disclosure of corporate bonds in China’s Securities Law do not reflect the particularity of corporate bonds in the rules of information disclosure. Based on the nature of the corporate bonds, the scope of information disclosure “important information ” refers to the information that affects investors to form a rational investment judgment, in some cases including the uncertain information; disclosure standard “full disclosure ” refers to the subjective non-disclosure of false disclosure Intentional, disclosure does not exist “semi-real ” disclosure.