The Legal Researches On Information Disclosure Of Cross Board Listing

The most important part of economic globalization tide is the international division of labor, the flowing of capital and the essential productive factors. As the international fuses of stock markets being an irresistible historical trend, the phenomenon of listing cross board will increase gradually. Comparing the security legal systems of the main countries, strict information disclosure duty is commonly adopted to protect the investors, especially the small investors, and to maintain the health and the effectiveness of the security markets. The information disclosure duty of the company listing cross board is quite different with the single listing company, and there has no systematic research on this aspect.In face, more and more Chinese enterprises enter into the international capital market and the Chinese capital market is open further to the world, the researches on cross board listing information disclosure is of more necessity, value and urgency.The main body of this thesis consists of five parts, with about 40000 characters, the structure is as follows:Part I is to raise the problem, mainly to introduce the background and the significance of these researches of the problem.Part II is mainly about the theory, the introduction of the jurisprudence of information disclosure duty and the initial duty of information disclosure. There are five parts: in the first section, we will discuss the initial source of information disclosure duty --- the contract, and we will discuss it from the following perspectives, that is , asymmetric information,incomplete contract,transaction cost,information disclosure and economy allocation of resources,types of wrong information; in the second section, we will focus on why economic law gets involved in information disclosure duty which is considered private; in the third and fourth sections, we will pay attention to the research on security market information disclosure as a legal institution, which will be discussed together with the legal import of listing and cross board listing; in the fifth section, we will study on the wrong types of information under the law of information disclosure.Part III is about the specific research on information disclosure problem of cross board listing and its legal judges. There are six parts: in the first section, we will discuss the law characteristic and specificity of information disclosure of cross board listing; in the second section, the basic standard and principles of cross board listing; in third section, the principle of information content choosing; in the fourth section, the principle of how to make sure the information is true---honest; in the fifth section, the specific disclosure and the impartial information right; in the sixth section, the relief of the wrong incurred not under control.Part IV is about the oversee conflicts and lawsuit administers of the violation of the law about information disclosure. There are four parts: in the first section, we will study on the conflicts of corporate and security laws of law regions; in the second section, the reason of multi-oversee of offences of the law about information disclosure; in the third section, the oversee administers of information disclosure of cross board listing; in the fourth section, the lawsuit administer of information disclosure of cross board listing.Part V is the conclusions and suggestions. Based on the former discussion, the author mentioned that in the situation that more and more enterprises list cross board, to harmonize the rules and regulations of information disclosure is the right way to reduce transaction cost and to improve international capital cooperation efficiency. Composed with our country's reality, the author puts forward nine suggestions from different aspects to do the information disclosure that will be helpful to the cross board listing.