摘 要

我国上市公司的信息披露现在存在许多的问题，存在的问题严重影响到了公司的形象和声誉，而且阻碍了我国的证券市场的健康发展，其中投资者的利益更是受到了最直接的影响。

所以说怎么去解决我国上市公司信息披露存在的问题是一个迫在眉睫的问题，这个问题的解决与否会直接影响到我国证券市场的发展与稳定。信息披露的监管部门应该发挥作用，利用法律等手段对违法的公司进行大力的处罚，及时规范公司行为，加强监管力度，重新树立公司良好形象，积极维护投资者利益，使证券市场拥有一个健康的秩序。

本文首先介绍了信息披露的理论依据和法定的质量要求，大部分问题都出现在质量要求当中，直面的提出信息披露存在的问题。之后又以五粮液公司的案例具体说明了，信息披露的表现，以及对企业的影响和揭露了企业本身存在的问题，为解决问题做到有的放矢，五粮液集团是我国比较有代表性的公司，可以说明我国的一些公司都存在类似的问题。接着提出香港和美国的信息披露的一些情况，观察这些成熟的证券市场如何解决信息披露违规的问题，我们从当中取其精华去其糟粕，得出了我国证券市场应该改进的一些措施。发现我国证券自律监管机构没有上市公司的上市审核权，不利于我国的多层次的资本市场形成，没法满足不同企业融资的要求。证券市场的专业的服务机构还是比较弱小的，缺乏独立性，尤其是在恶性竞争中，遏制了他进一步发展的动力。

关键词：我国上市公司；秩序；信息披露问题；

ABSTRACT

In China, the information disclosure of listing Corporation now has many problems, the problems seriously affected the image and reputation of the company, but alsohindered the healthy development of the securities market of our country, the interests of investors is to have the most direct impact.

So how to solve the listing Corporation information disclosure of China's problem is an urgent problem to solve this problem or not will directly affect the development and stability of securities market in china. The regulatory authorities should play the role ofinformation disclosure, the use of legal means to punishment for illegal companies, toregulate corporate behavior, strengthen supervision, to establish a good image of the company, and actively safeguard the interests of investors, the stock market has a healthy order.

This paper first introduces the theoretical basis and the legal quality of the disclosure of information, most of the problems appear in the quality requirements, the problem of the disclosure of the proposed information. After in the case of Wuliangye company specific instructions, information disclosure, and the influence to the enterprise and expose the enterprise itself has a problem, to solve the problem do have a definite object in view, Wuliangye Group is in our country on behalf of the company, that some companies in China have similar problems. Then in Hong Kong and the United States information disclosure, the observation of the mature securities market how to solve the problem of illegal information disclosure, we from take the essence to its dregs, draw some measures in the securities market of our country should be improved. We find that the securities self-regulation institution has no audit rights of the listing Corporation, which is not conducive to the formation of the multi-level capital market in China, and can not meet the requirements of financing for different enterprises.. The professional service organizations of the securities market are still relatively weak and lack of independence, especially in the vicious competition, and it has stopped him to develop further

Key words：Chinese listing corporation；order；information disclosure；

目 录

1引言

1.1研究的目的和意义.....................................................1

1.1.1选题的目的.....................................................1

1.1.2选题的意义.....................................................1

1.2文献综述.............................................................1

2.信息披露概述要求和产生的问题

2.1信息披露的理论依据...................................................3

2.1.1信息不对称理论.................................................3

2.1.2有效市场假说...................................................4

2.2上市公司信息披露的法定质量要求及出现的问题...........................4

2.2.1我国上市公司信息披露存在问题的概述.............................5

2.2.2真实性的要求及出现的问题.......................................5

2.2.3及时性的要求及出现的问题.......................................7

2.2.4完整性的要求及出现的问题.......................................7

2.2.5规范性的要求及出现的问题.......................................8

3.五粮液上市公司信息披露违规案例分析

3.1五粮液公司的简介...................................................10

3.2五粮液集团信息披露违规基本情况.....................................10

3.3基于内部控制上五粮液集团信息披露违规案例分析.......................11

4.我国与香港美国上市公司信息披露制度的比较与借鉴

4.1美国上市公司的信息披露情况........................................15

4.2中国香港上市公司的信息披露情况....................................16

4.3比较借鉴..........................................................17

4.3.1加大处罚力度................................................18

4.3.2加强注册会计师队伍建设......................................18

4.3.3建立股东代表诉讼制度，提高上市公司治理水平..................18

5.完善我国上市公司信息披露的建议