論證券發行的靜默期規則在美國的適用與變革

Application and Reform of Quiet Period Rule for Public Offerings in the U. S.

靜默期規則是證券發行制度的重要組成部分。靜默期規則從根本上禁止發行人及發行參與人在證券發行過程中，在法定招股說明書之外以任何方式傳播真實的和誤導性的言論或信息。儘管有不同的聲音，但立法者堅信以保護投資者利益和提高證券市場效率為目標，通過設立靜默期規則能有效防止投資者陷入投機風潮，防止證券發行市場因價格扭曲而損害市場效率。探討靜默期規則在美國證券立法上的發展變遷，分析其中蘊含的價值理念，可以為進一步完善我國證券立法中的靜默期制度提供一些有益的立法借鑒。 The quiet period rule is an important part of security offering. It essentially prohibits issuers and other offering participants disseminate both truthful and misleading information during the offering process outside of the statutory prospectus filed with the SEC. Although there are different opinions, the legislator firmly believes that under the goal of investor protection and promoting efficiency in capital markets, the quiet period rule can effectively prevent investors from falling into the speculative frenzy and prevent the securities issuance market from hurting the market efficiency due to price distortion. Exploring the development of quiet period rule in U. S. securities legislation and analyzing its value, the article can give some legislative reference for China's securities legislation.