我国上市公司信息披露制度存在许多亟待解决的问题,主要表现在以下几方面:虚假披露、披露不及时、披露不充分、社会中介机构没有保持独立性与客观性、没有发挥应有的监督职能等。必须认识到证券市场的交易的特殊性,投资者对信息解释能力及其信息解释精度极大影响证券的价格,而信息在传递过程中的扭曲、失真,甚至会引起金融市场的“泡沫”出现。严格监管并没有能够有效地扼制上市公司虚假信息披露等问题的发生,关键是过分强调刑事责任和行政责任,缺少民事责任制度,因而没有为受害的投资者提供救济与补偿的手段,我们认为应当建立集团诉讼制度、提高中介机构的诚信和加强行业自律管理等。 There are many problems to be solved urgently in the system of information disclosure of listed companies in our country, mainly in the following aspects: false disclosure, improper disclosure, inadequate disclosure, lack of independence and objectivity of social intermediaries, failure to give due supervision and so on . It is necessary to recognize the particularity of the transactions in the stock market. Investors’ ability to interpret information and the accuracy of information interpretation greatly affect the price of the securities. Distortions and distortions in the information transmission process may even cause the “bubble” "appear. Strict supervision does not effectively curb the occurrence of such issues as the disclosure of false information in listed companies. The crux of the matter is that excessive emphasis is placed on criminal responsibility and administrative responsibility, and the system of civil liability is lacking, thus providing no means of remedy and compensation to the victimized investors. We think it Establish a group litigation system, improve the integrity of intermediaries and strengthen self-discipline of the industry.