In legal system, lacking of economic punishment, especially the absence of civil compensation system has sheltered entities related to mendacious disclosure from paying cost for their acts.

• 从法律制度来看，我国证券法虽然对虚假信息披露规定了行政、刑事及民事责任，但实际执行中，对于相关违规人员行政或刑事处罚都很少，更不用说进行经济处罚或承担民事赔偿责任。