Listed Acquisition Of The Legal System

The acquisition of listed companies is that a company purchases large quantity of shares of another company in a certain period in order to obtain the control power to the company. To the two parties of the transaction, it is share dealings; to the whole society, it plays an important role in integrating resources. What is different from the ordinary transaction lies in that the aim of the acquisition of listed companies is to obtain the control power of the acquired company and it is a large-scale transaction that involves in diversified benefits entities and plays great importance in social economic development. Therefore, each country has formulated distinct and strict laws and regulations to stipulate the principles, procedure and legislative supervision of the acquisition of listed companies so as to guarantee the smoothness of the acquisition, which can bring its positive effect to the social economy into full play and restrict and reduce its negative effect to social development.To sum up, in European and American countries, the laws and regulations regarding the acquisition of listed companies generally consist of three parts, namely: the legislative principle of the acquisition of listed companies; related systems on the acquisition of listed companies, including tender offer, acquisition by agreement and anti-takeover; the legislative regulation on the acquisition, including the disclosure of information, anti-fraud and anti-monopoly. However, laws and regulations on the acquisition of listed companies embody its own characteristics in European and American countries because of different legal tradition and distinct value of legislation. Thus research on the laws and regulations of acquisition of listed companies can not only broaden our horizon but also enable us to learn from their successful experience.This paper is consisted of five chapters. Chapter one gives us a brief introduction to the concept of acquisition of listed companies and the related legal systems, which aims to have a clear understanding of the acquisition of listed companies and the scope of acquisition. Chapter two analyzes the relationship between the acquisition of listed companies, economic development and legal supervision and studies the legislative principle of acquisition in order to answer the following questions: why do we acquire the listed companies? Why should we make legal supervision for the acquisition? What value orientation should we uphold in the acquisition of listed companies? In chapter three, the author makes a comparative study of the systems related to the acquisition of listed companies in European and American countries, which mainly covers the issues of the tender offer, acquisition by agreement and anti-monopoly. In chapter four the author comparatively analyzes the legal supervision in the process of the acquisition of listed companies, including the supervision mode, information disclosure and anti-monopoly in Europe and America. Through the analysis in chapter three and chapter four, the author hopes to give us a clear understanding of the related systems in acquisition of listed companies and introduces the successful experience of related countries. Chapter five presents the evolution of legal systems, the current status and existing problems in China's acquisition of listed companies and put forward some suggestions.