증권시장의 수시공시체계에 대한 검토 - 우리나라와 미국의 경우를 비교하여 -

• 영문명: A Comparative Study on Timely Disclosure System in the United States and Korea
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 김병연(Byoung-Youn Kim)
• 간행물 정보: 『비교사법』비교사법 제12권 1호, 499~525쪽, 전체 27쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2005.03.01

영문 초록

This article discusses timely disclosure system in Korean securities market and provides recommendations for the reform of the system, comparing timely disclosure system of the United States. For securities-related disclosure to be of high quality, it must be timely. The advantages to timely disclosure substantially overlap with those of quality disclosure: (1) encouraging investors to invest more; (2) contributing to a more efficient securities market; and (3) protecting investors in a vulnerable marketplace. The investing public is clamoring for more relevant, reliable, and timely disclosure of material information for informed investment decision. Issuers in the secondary market obey two standards under current timely disclosure system: one is under the Korean Securities Exchange Act, the other is under self regulatory scheme. The burdens on issuers result in spending time and money. For improving timely disclosure system and investor protection in Korean securities market, the followings are suggested. First, the statutory periodic disclosure and the non-statutory timely disclosure by the Self-Regulatory Organizations (SROs) should be integrated. Second, the current report system like 8-K report in U.S. should be introduced for some companies that are big and important yet non-listed instead of the listed companies. It may be a valuable device for investors to access to material corporate information. Third, more timely disclosure of material corporate events is necessary for investing public to get market information and make well-informed investment decisions.

목차

Ⅰ. 서

Ⅱ. 미국 증권시장에서의 수시공시제도의 의미

Ⅲ. 우리나라 증권거래법상 수시공시제도에 대한 검토와 개선방향

Ⅳ. 결

참고문헌

Abstract