Research On The Takeover Information Disclosure Of The Listed Company In China

As a means of companies’ development and expansion, there are a hundred yearssince mergers and acquisitions appear. Today, the global economy is developing andintegrating rapidly, the position of mergers and acquisitions is more and moreimportant. In other words, mergers and acquisitions, relying on capital markets, hasbecome the only way for the company to grow bigger and stronger. At present time,China is making readjustment in the area of industrial structure and the mode ofeconomic growth. The acquisition of listed company is one of the important means.Therefore China’s securities market started lately than other west countries, therelevant laws are still imperfect. The takeover information disclosure system of thelisted company, as the core content of the securities’ regulatory legislation, isimportant to protect the legitimate rights and interests of the minority shareholders,and also important to maintain the order of the securities market. In this paper, on thebasis of learning from the foreign legislation, the thesis goes on the research with themethod of case studies, comparative analysis, economics and other research methods.Following the spirit of China’s law, as the Company Law, the Securities Law and theAdministration of the Takeover of Listed Companies Procedures, I study the takeoverinformation disclosure system of the listed company comprehensively. The whole textis divided into four parts: In chapter1, I study the basic concepts of the takeover and the takeoverinformation disclosure system of the listed company from the legal and economicview. This part is the basement of the whole text, which is prepared for the followingstudy.In chapter2, I analysis the subject of obligations of the takeover informationdisclosure of the listed company and contrast the relevant provisions of America andBritain, then point out the necessity to stipulate the persons who act together. At last, Isummarize the scope of the subject who should burden the obligations of the takeoverinformation disclosure of the listed company.In chapter3, I study the China’s system of the takeover information disclosure ofthe listed company and contrast the relevant provisions of other countries. And then Ianalysis that from three aspects: the early-warning mechanism of holding stock, thetender offer and the block purchase, and point out the defects of China’s relevantprovisions.In chapter4, from the analysis of the current situation and the existed problems, Ilead to the reflection of China’s takeover information disclosure of the listed company,and point out that we should strengthen the establishment of our countries’ relevantprovisions from six aspects.