Legal Research On The Takeover Of Listed Company's Information Disclosure

Tighter with the fast growth of economy, Chinese security market became gradually mature,The takeover of listed company has became an important means for the company to seek external expansion, Merger cases of the listed company increase gradually. So it's an urgent problem for the construction of Chinese security legal system to maintain the order of security market and protect the interest of investors. Information disclosure is one of the important obligations of the takeover of listed company, which is the foundation making the listed company takeover smoothly. As the foundation to fulfill the fair, justice and open principle of security market and the efficient path to safeguard the target company's shareholder, the takeover information of listed company is a sign to show whether takeover system of listed company is perfect.Thereby the countries and regions all over the world take information disclosure as the core to strengthen legal supervision on the takeover of the listed company.Our country's securities industry started lately, the takeover information disclosure system of the listed company experienced several reforms and made a big progress,however, it's still relative backward and unfavorable to make the takeover activities of the listed company smooth and protect the benefit of inventors.The law only regulates the rules of persons acting in concert but not specific,the detailed operation mainly accounted on regulations and normative documents of CSRC;our country didn't set the early-warning mechanism of holding stock, besides the regulations on the content and requirements of disclosure are very limited;the cost of violating the law of takeover information disclosure is low and the person who violated the law won't be punished, the interests of minority shareholder couldn't be protected.In this area, after learning from doubles mergers and acquisitions,the U.S and the European countries regulated the law of takeover of the listed company, perfect the takeover information disclosure system of the listed company. So based on the learning of the takeover information disclosure system of the U.S and the European countries and then combined the specific conditions to acquisition practice, pointed the weakness of information disclosure regulations of presented law and through some supplement and fulfillment to perfect our country's information disclosure regulations of the listed company.