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Research On Legal Issues Of Information Disclosure Of Related Transaction In Initial Public Offerings In China

Posted on:2018-09-08Degree:MasterType:Thesis
Country:ChinaCandidate:R Y ChenFull Text:PDF
GTID:2336330515987156Subject:legal
Abstract/Summary:PDF Full Text Request
Information disclosure is an effective means to ensure the symmetry of information between the various subjects of the securities market,and it is an important part of Securities Law.In the country where the IPO registration system is adopted,the requirement of the exchange for information disclosure is the basis for the issuerís successful issuance of securities.In China,although the Commission proposed to change from the approval system to the registration system.,Chinaís information disclosure level has not yet reached the strict requirements of the registration system Claim see from the current problems of listed companies in China and the China Securities Regulatory Commission disclosed the IPO process problems.The Securities issuer issuerís information disclosure covers all aspects of the listed company,including the companyís history,the main business,property,related matters,related parties and related party transactions,environmental protection,labor relations.Related party and related party transactions is the focus of IPO verification,is an important content for the healthy development of the securities market and the protection of investor interests.This paper studies from the perspective of information disclosure of related party transactions.The reason is that the related transaction is the focus of the China Securities Regulatory Commission and the intermediary organizations.And,moreover,the related transaction is closely related to the enterprise.The unfair related transaction actually involves the listed company and the related party of the interests of transport,not only damage the interests of enterprises,but also damage the interests of investors.From the China Securities Regulatory Commission investigation and punishment of the public situation,the major reason of the issuer fail to through review is that hasnít disclose the associated transaction in initial public offering;and after the listing of the company,in the continuous disclosure of information,to conceal the major related party transactions are also the main punishment one of the reasons.Based on this,this paper chooses the information disclosure of connected transactions in the IPO stage of the enterprise as the research direction,and makes a systematic analysis of the information disclosure of related party transactions,the reference of overseas experience and the perfection of Chinaís related party transactions information disclosure system.First,the article analyzes the significance and importance of the information disclosure of related party transactions from the perspective of the securities market,investors and enterprises.For the securities market,the good information disclosure system can effectively stabilize the market order and promote the healthy development of the securities market;For investors,timely and accurate information disclosure system so that it can timely access to corporate information,in making investment judgments do not occur due to corporate information is concealed or incomplete information is misleading;For enterprises,a comprehensive Information disclosure system,so that the business of open and transparent,free from the control of large shareholders,and become a tool for the transport of their interests.The main content of the second part of the article is the present situation of the related party transactions information disclosure and the lack of legal regulation in IPO.There is false disclosure,inadequate disclosure,not timely disclosure and other issues in IPO.From the disclosure mechanism,the supervision mechanism and the responsibility mechanism and other aspects of the analysis of the reasons for the above problems.Third part of the article mainly analyzes the advanced system design of the Anglo-American law system and the civil law system of the civil law system,including the standard of information disclosure of related party transactions,the regulation of law,the relief afterwards,the information disclosure system The author of the information disclosure system in the field of related transactions in the United States,the United Kingdom,the United Kingdom,Hong Kong,Taiwan and so on;and how to improve the association of our country from different perspectives such as regulators,issuers and intermediaries The perfection of transaction information disclosure system.At the end of the article,the author puts forward suggestion to perfect the disclosure system and the responsibility commitment system of related transaction information disclosure system in China.To establish different levels of related party transactions in the information disclosure standards and improve the time to ease the channels to protect the interests of investors and stability.The development of securities market.
Keywords/Search Tags:Initial public offering, Related party transactions, Group litigation, Investor protection mechanism
PDF Full Text Request
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