与其它有着成熟市场的国家一样,信息披露也是中国证券管理制度的基石。信息披露原理在证券立法中有着非常深刻的体现,如果证券市场参与者能获得足够信息来做出理智的投资决策,他们就能得到最好的保护。最重要的是,对招股说明书强制性的信息披露要求会使第一次公开发售的证券的价格更加趋于合理,而定期不断或连续的信息披露将有助于二级市场在某一段时间点形成当时合理的价格。 Like other countries with mature markets, disclosure is also the cornerstone of China’s securities management system. The principle of information disclosure is very profound in the legislation of securities. If securities market participants can get enough information to make rational investment decisions, they can get the best protection. Most importantly, the mandatory disclosure requirements for the prospectus tend to make the price of the securities for the first public offer more reasonable, and regular or continuous disclosure of information will help the secondary market at some point in time At that time, a reasonable price.