On Information Disclosure In Bankruptcy And Reorganization Of Listed Companies

In the bankruptcy reorganization,information disclosure is an important link to ensure the success of the bankruptcy reorganization.According to the economic theory of asymmetric information and effective market hypothesis,only by ensuring the equivalence and patency of information can stakeholders make effective,timely and correct judgement of bankruptcy reorganization.Under the current laws and regulations in China,information disclosure in bankruptcy reorganization of listed companies should obey not only the provisions of bankruptcy law,but also the provisions of securities laws and regulations and the supervision of the China Securities Regulatory Commission(CSRC)and stock exchanges.If the requirements for information disclosure in the securities regulations and the requirements for information disclosure in the bankruptcy law are compared,the purpose of disclosure,the object of disclosure and the content of disclosure are different;therefore,if the listed companies in the bankruptcy reorganization are required to disclose information only according to the securities laws and regulations,it must not meet the needs of practice;so,special information disclosure regulations should be made to the listed companies in the bankruptcy reorganization.By comparing the requirements of China's securities laws and bankruptcy laws to the disclosure of information and drawing lessons from the legislative model of information disclosure system in various countries,it is suggested to choose the mode of decentralization legislation to construct the information disclosure system of the bankruptcy reorganization of the listed companies in China.By introducing the procedures and information disclosure rules of bankruptcy reorganization of American listed companies,we draw lessons from its improvement in information disclosure system.In the process of bankruptcy reorganization of Listed Companies in China,some legislative and institutional improvement suggestions are put forward in terms of information disclosure subjects,contents of information disclosure,ways of information disclosure and responsibilities for breaking the law.