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证券市场区别于其他市场的一个重要标志,是其建立了一个庞大、复杂、细密的信息披露体系。本文运用巴泽尔的品质考核理论,深入考察了证券商品的信息特性,并以此为理论线索,重新审视和解释了证券市场的信息生产制度。证券商品的品质考核问题在两个方面对证券法制度产生了根本性影响。一方面,它导致证券市场涌现出大量投资银行、会计师事务所、证券投资基金、证券评级公司等市场机构,从事大规模的证券信息生产,众多的机构管理法规因而成为证券法体系非常重要的组成部分。另一方面,它迫使证券市场建立起一套严格的信息生产体制,为证券市场持续、大规模的信息生产提供制度保障。
An important symbol that differentiates the securities market from other markets is that it has established a large, complicated and detailed information disclosure system. In this paper, Barzer’s quality assessment theory is used to examine the information characteristics of securities products in depth and use this as a theoretical clue to re-examine and explain the information production system in the securities market. The question of quality assessment of securities products has had a fundamental influence on the securities law system in two aspects. On the one hand, it has led to the emergence of a large number of market institutions such as investment banks, accounting firms, securities investment funds and securities rating companies in the securities market to engage in large-scale production of securities information. Numerous institutional regulations have thus become a very important component of the securities law system section. On the other hand, it has forced the stock market to establish a strict system of information production and provide institutional guarantees for the sustained and large-scale production of information in the securities market.