摘要

2019年12月28日，第十三届全国人民代表大会常务委员会第十五次会议审议并批准了经修订的《中华人民共和国证券法》，该法律将于2020年3月1日正式实施。通过总结我国改革和发展证券市场，监督与执法以及风险预防与管理的实际经验，新的证券法对自己的许多制度进行了改革。例如，新的证券法提供了专门的章节来规范信息披露系统，系统地改进信息披露系统，增加了证券违法行为的成本，并显着提高了证券违法行为的罚款。同时，还建立了跨境监督协调制度。

但是，在2020年4月，瑞幸咖啡造成财务欺诈和销售通货膨胀事件，违反中美两国规定的信息披露的可靠性和及时性的基本要求。瑞幸事件还揭示了我国证券法在防止上市公司内部机制，外部社会环境和政府监督中的金融欺诈案件方面的局限性。本文从研究瑞幸咖啡的财务造假的问题入手，再通过与其他国家证券法对于财务造假规定的对比来分析我国的新证券法是否有效地解决了以前没有覆盖的财务造假监管的问题以及是否还存在着一些局限。

关键词：证券法；信息披露；长臂管辖

New securities law to financial fraud supervision

--Based on the Luckin Coffee incident

Abstract

On December 28, 2019, the 15th meeting of the 13th NPC Standing Committee deliberated and adopted the revised Securities Law of the People'sRepublic of China, which will be formally implemented on March 1, 2020.The new securities law has reformed many original systems on the basis of summarizing the practical experience of the reform and development of China's securities market, supervision and law enforcement, and risk prevention and control.For example, a special chapter has been set for the new Securities Law to provide for the information disclosure system, and the information disclosure system has been systematically improved.Raise the cost of securities violations and substantially increase the severity of penalties for securities violations;At the same time,the cross-border supervision and coordination system has also made provisions.

However, in April 2020, Luckin Coffee was exposed to financial fraud and inflated sales, which seriously violated the basic requirements for authenticity and timelinessof information disclosure under the securities laws of China and the United States.Luckin's case also exposed the limitations of China's securities law in curbing financial fraud in the internal mechanism of listed companies, social and external environment and government supervision.This paper starts with the study of the financial fraud of Luckin Coffee,and then analyzes whether the new securities law of China has effectively solved the problem of financial fraud supervision that has not been covered before and whether there are still some limitations through the comparison with other countries' securities laws on financial fraud regulations.

Key Words：Securities laws; Information Disclosure; Long Arm Jurisdiction