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一般而言,上市公司信息披露有效性受上市公司内部和外部两种制度制约,其中外部制度是国家和有关机构对上市公司信息披露的各种规定;内部制度是公司治理对信息披露的各种制度要求,这些要求在信息披露的内容、时间、详细程度等方面可能与信息披露的外部制度一致,也可能不完全一致,但无论如何,公司信息披露存在着边界。通常,外部边界由信息披露的外部制度,即法律法规来决定;内部边界则由公司治理框架来决定。因此,信息披露制度有效性的缺失可以从这
In general, the effectiveness of information disclosure of listed companies is restricted by the internal and external systems of listed companies, of which the external system is the various provisions on the information disclosure of listed companies by the state and relevant agencies. The internal system is the system of corporate governance for information disclosure System requirements. These requirements may or may not be identical with the external information disclosure system in terms of content, timing, level of detail of information disclosure, but in any case, there is a boundary in the disclosure of company information. Generally, the external boundary is determined by the external system of information disclosure, ie the laws and regulations; the internal boundary is determined by the corporate governance framework. Therefore, the lack of validity of the information disclosure system can be derived from this