Comparative Study On Information Disclosure Of Major Assets Reorganization Of Listed Companies

Information disclosure is a necessary procedure in the process of major asset restructuring of listed companies,and plays an important role in the stock market,providing important decision information for users who disclose information.The information disclosure system has also been involved in the construction of the securities market.The system has great advantages in reducing the cost of supervision or improving the regulatory effect.It not only provides convenience for the majority of investors in life,but also plays an important role in the world capital market.Therefore,the information disclosure system occupies a very important position in the process of the major asset reorganization of the listed companies.Because of the special property reorganization of the listed companies,special information disclosure system must be adopted to standardize it.A lot of national securities complete legal system in order to better regulate the major asset restructuring of listed companies,has a legal system to match,in most cases these legal systems are based on information disclosure system,and according to the information disclosure subject,major asset restructuring of Listed Companies in the content,rules and regulatory aspects make the relevant provisions.According to China's national conditions,our country has basically formed a regulatory system of information disclosure of major assets reorganization of listed companies,which is based on the securities law and the management measures of listed companies.Because China's securities market is relatively late in developed countries,there are still many problems to be perfected in the practice of information disclosure in major asset restructuring of Chinese listed companies.Based on this,the author hopes to use the method of comparative analysis,cause analysis,mainly about the theory basis and content of the existing system of information disclosure of listed companies are analyzed,with some drawbacks now the company's information disclosure from the aspect to find the solution to the problem,through all aspects of information and research to mobile phone to find the solutions to the problems in information disclosure,through solving the problem to make the market more perfect information disclosure system.This paper first introduces the related theories of asset reorganization,including the theory of resource allocation,the theory of property rights reorganization,the theory of flow transformation,and the theory of institutional innovation.Then it summarizes the necessity of the disclosure of the assets reorganization of the listed companies and the provisions of the main body.The regulations of the United States,the United Kingdom,Hongkong and our laws on the major assets reorganization of listed companies are expounded.Then,based on the major asset reorganization information of Listed Companies in 2015,the sample was established,and descriptive statistics analysis and comparative analysis of information disclosure in major asset reorganization were conducted.In order to further analyze the major asset restructuring of Listed Companies in China,we set up an evaluation system for information disclosure of major assets reorganization of listed companies according to Sample Firms disclosure information.According to the analysis results,we put forward relevant countermeasures and suggestions for improving the information disclosure system of listed company's major asset reorganization from content supervision,information disclosure evaluation,and disclosure liability.Finally,it points out some shortcomings in the process of writing and the prospect of the development of information disclosure related system in the future.