学位论文原创性声明
本人所提交的学位论文《全面注册制下主板上市公司信息披露制度优化研究》，是
在导师的指导下，独立进行研究工作所取得的原创性成果。除文中已经注明引用的内容
外，本论文不包含任何其他个人或集体已经发表或撰写过的研究成果。对本文的研究做
出重要贡献的个人和集体，均已在文中标明。
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论文作者（签名）：
2022年9月5日
指导教师确认（签名）：
2022年9月5日
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论文作者（签名）：
指导教师（签名）：
2022年9月5日
2022年9月5日
摘要
随着我国注册制改革不断推进及配套法律法规相继优化，证券市场已经具备全面推
行注册制基本条件。注册制下将取消对上市公司的前置实质审核，市场将真正拥有决定
资本去向的权利，而能否发挥好这一权利的核心就是上市公司信息披露制度。我国科创
板、创业板及北交所先后推行注册制改革，各板块上市公司信息披露制度框架和要求基
本保持一致，规则设计从投资者实际需求出发，在贯彻上位法律法规的基础上，根据板
块特点对信息披露内容、披露方式及监管追责机制进行了优化，制度设计具有统筹协调
性且兼备规则导向性与原则导向性。
全面注册制改革下一步将推进沪深两市主板注册制改革，因此沪深主板必须进一步
优化上市公司信息披露制度，规范市场秩序，从而推进主板平稳接轨注册制。自2020
年起，沪深证券交易陆续对自律监管规则及上市规则进行了梳理整合，进一步构建了简
明、清晰、友好的规则体系，在一定程度上减轻了主板上市公司信息披露成本，压缩了
主板上市公司选择性披露空间。但根据相关数据可以看出，我国主板上市公司信息披露
有待进一步优化：一是主板上市公司信息披露有效性不足，这主要是由于上市公司信息
披露存在自利性、详尽披露造成“过犹不及”问题及主板大量普通投资者“专业性”不
足等问题导致的。二是主板上市公司信息披露违规案例频发，反映出现行监管处罚机制
对主板上市公司违规披露行为制约作用不足，这主要是由于证监会与交易所监管权限不
清晰、审计机构未能有效发挥监管作用及处罚机制有待进一步优化等原因。
基于此，全面注册制背景下，沪深主板推进上市公司信息披露制度优化应充分借鉴
科创板、创业板及北交所改革的成功经验，切实立足于投资者实际需求推进制度体系的
优化，构建具体统筹协调性和执行有力的制度体系。此外，还应结合考虑结合主板的这
一大型存量市场的板块特点及目前所暴露出来的问题，有针对性地提高上市公司信息披
露有效性及制度对违规披露行为的制约作用，进而为全面注册制平稳落地打下坚实基础。
关键词：全面注册制；主板；信息披露制度
I
Abstract
With the continuous advancement of Chineseregistration system reform and the
successive optimization of laws and regulations, the securities market possessed the basic
conditions for the full implementation of the registration system. Under the registration
system, the pre-substantive review of listed companies will be canceled, and the market will
truly have the right to determine the whereabouts of capital. The core of whether this right can
be played well is the information disclosure system of listed companies. With Science and
Technology Innovation Board, Chinext and Beijing Stock Exchange have successively
implemented the registration system reform, the information disclosure system framework
and requirements of listed companies in each sector are basically the same. The rules are
designed based on the actual needs of investors. The characteristics of the section optimize the
information disclosure content, method and supervision accountability mechanism, and the
system design is coordinated and both rule-oriented and principle-oriented.
The next step in the comprehensive registration system reform is promoting the reform
of the main board registration system. Therefore, the Shanghai and Shenzhen main boards
must further optimize the information disclosure system of listed companies and regulate the
market order, so as to promote the stable integration of the main board with the registration
system. At the end of 2021, the Shanghai and Shenzhen Stock Exchanges, under the guidance
of the China Securities Regulatory Commission, sorted out and integrated the main board
listing rules and self-regulatory rules. And further built a concise, clear and friendly rules
system, not only reduced the cost of information disclosure for companies listed on the main
board, but also compressed the selective disclosure space of listed companies on the main
board. However, according to relevant data, it can be seen that the information disclosure of
companies listed on the main board has not yet met the high requirements of the registration
system: First of all, the effectiveness of information disclosure of companies listed on the
main board is insufficient, which is mainly due to the self-interested and detailed information
disclosure of companies listed on the main board. The disclosure caused the problem of "too
much" and the lack of "professionalism" of a large number of ordinary investors on the main
II