Study On The Legal Issues Of False Listing

Since June 24, 2002, the China stock market was falling continuously. In nearly four years, the stock index continued to drop. In December 30, 2005, there were 1,378 listed companies in the Shanghai stock market and the Shenzhen stock market. Now, and there were nearly 1,400 listed companies in our country's security market. The speed was extremely quick! To the end of 2005, there were 141 ST shares. In 2005, it increased 75 ST shares. Some listed companies which had owned outstanding achievement started to lose money after a year even half a year. These listed companies had crazily made false impression before they listed the security market. When the question was exposed, the investor's confidence was also destroyed thoroughly. This article analyzes these real cases.This article is divided four parts.The first part is the introduction about false listing. This chapter mainly carries on the limits. There are three obvious characteristics. One is the main body participating in the activity is quite widespread. The illegal main body has covered nearly all of the main body which participates in the stock market. They had formed a complete catena. Making false finance information already became every company's method. It points out that the hazardous of false listing mainly displays in: It seriously harassed the order of stock market; It seriously attacked the confidence of general public; When they were invested, their fund had been wasted off, the economic loss was extremely serious; It seriously destroyed the legal supreme and the authority. Then, it seriously harmed the securities regulatory system.The second part compares the different system of preventing false listing between the China and the America. It mainly analyzes two country's system.The third part is about the legal issues of false listing. It also is the key content in this article. It analyzes the legal liability of the listed company, First, studies our country's legislation. Those listed companies made the false documents, therefore, they had to undertake the civil compensative responsibility and the legal responsibility and the administrative responsibility. Specially, it points out that we not only investigate the fraud crime, but also should investigate its all the legal responsibility when it made false impression in various links. It points out that we must establish the system about that the company withdraws from the market. Finally, the article points out protecting the young shareholder benefit and consummating our lawsuit system.The fourth part proposed the legal suggestion. The author gives the proposal that perfecting the system of issuing and listing the market; Promotion the legal responsibility about the facilitating agency; Perfecting lawsuit system.