Information Disclosure System Of Listed Companies In The Tender Offer

Information Disclosure System and Regulation about Tender Offer, both are vital parts of the regulation system of the security market. The system of information disclosure is the basis of the stock markets, is the basis of the "three fair" principles and the safe guard to protect the investors' benefit. "Regulations about Tender Offer" is considered as the best system reflecting the energy and creativity of the stock market. This system makes it possible for the bidders to control the target company, totally or partly, by the way of sending offers to all shareholders and obtaining certain shares of it. Its initial purpose is to optimize the resources and enhance the operating efficiency through merger and acquisition. As a "crossing point" of the two systems, the value of "The Information Disclosure System of Tender Offer" is undoubtedly important.Most countries and regions pay much attention to the system of information disclosure and focus on the establishment and implementation of the system of information disclosure. Chinese stock market has made great achievement in the system of information disclosure, and primarily establishes the system of information disclosure. However, it is not perfect and the actual situation is not satisfying, expecially information disclosure in the tender offer. This is the mostimportant reason by which the author try to write this article. This article tried to discuss some of them and find some experience and instruction for Chinese legislators.In this article, the author used Comparison law, Law Explanation and relative cases to analyse the problom exstied in the china law system.The article integrates foreword, text and epilogue, and the text includes four chapters.The first part mainly sets forth the general theory of corporate takeover, which tells of conceptions, characteristics, and philosophies which will form the article's theoretical foundation.The second part discusses and analyzes the regulation about the Information Disclosure System of Tender Offer. And also refers to some classic cases (Baoyan Case, Qingqi inside trades case, Panqi — G·Changzheng Case) in order to conclude the questions which exists in Information Disclosure System of Tender Offer..The third part studies the tender offer information disclosure regulations in foreign countries, and through comparison, analyzes the advantages and the disadvantages of their specific regulations.The last part is the conclusion of the last three parts. The author try to give some effect advises to perfect the tender offer information disclosure system of China.