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一、证券市场的有效性及公开披露真实会计信息的必要性证券市场是资源配置的重要场所,它的有效运转,是以信息披露制度的成熟程度为基础的。公司经营状况通过信息披露在市场上广泛传播,影响市场参与者的决策,从而影响公司股价。芝加哥大学教授EUGENE FAMA所建立的“有效市场假说“按信息的不同水平将证券市场划分为三个层次:强式有效市场,半强式有效市场和弱式有效市场,认为会计信息能够对投资者的决策产生影响,为会计信息披露理论建立了基础。中国的证券市场虚假信息披露事件时有发生,误导投资者,从而引起证券市场效率水平低下。如何规范上市公司会计信息披露已成刻不容缓的问题。
First, the effectiveness of the securities market and the need for public disclosure of real accounting information Securities market is an important place for resource allocation, and its effective operation is based on the degree of maturity of the information disclosure system. The Company’s operating conditions are widely disseminated in the market through information disclosure, affecting the decision-making of market participants and thus affecting the share price of the Company. The “Efficient Market Hypothesis” established by the University of Chicago professor EUGENE FAMA divides the securities market into three levels according to different levels of information: the strong effective market, the semi-strong effective market and the weak effective market, and holds that the accounting information can be used by investors The impact of decision-making, the establishment of the basis for accounting information disclosure theory. China’s securities market, false disclosure of information has occurred from time to time, misleading investors, resulting in the low level of efficiency in the securities market. How to regulate the disclosure of accounting information of listed companies has become an urgent issue.