The securities market distinguishes itself from other markets in its larger, more complicated and more detailed information-disclosure system. This paper explains why this system is unusually complicated by measuring the attributes of securities commodities. It argues that the unusual difficulties of the attribute measuring significantly results in distinct institutional arrangements in the securities market. In response to these problems, a great deal of entities like investment banks, accounting companies and investment funds emerge in the securities market to engage in information production. Many regulations and rules with regard to the entities thus become significant part of securities laws. And securities authorities establish a complicated and rigid disclosure system to guarantee the large-scale information production in the securities market.%证券市场区别于其他市场的一个重要标志，是其建立了一个庞大、复杂、细密的信息披露体系。本文运用巴泽尔的品质考核理论，深入考察了证券商品的信息特性，并以此为理论线索，重新审视和解释了证券市场的信息生产制度。证券商品的品质考核问题在两个方面对证券法制度产生了根本性影响。一方面，它导致证券市场涌现出大量投资银行、会计师事务所、证券投资基金、证券评级公司等市场机构，从事大规模的证券信息生产，众多的机构管理法规因而成为证券法体系非常重要的组成部分。另一方面，它迫使证券市场建立起一套严格的信息生产体制，为证券市场持续、大规模的信息生产提供制度保障。
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