The Perfection Of The Information Disclosure System Of Connected Transactions Of Listed Companies In China

The public company of stock exchange have significant impact to stock market.There are connected transaction between public company and their related party,especially enterprise group and parent-subsidiary corporation.If public company use connected transaction to harm itself,make a false report,sell and buy all by itself,or other unfair connected transaction,the public investor and the market itself must suffer a lot.At present,connected transaction is not all prohibited by law,but make it legal only if the connected transaction meet the conditions of equity principle.The reason is,connected transaction is in favor of reduction of cost and optimizing allocation of resource.In the stock market,in order to protect the right to be informed of public investor,it's important to publish the information of connected transaction.this paper research the system and practice problem of connected transaction information publish through teasing law about it,and try to find answer to solve these problem in the angle of comparative law.This paper include three parts:introduction,main body and epilogue.First,the main body including 4 parts.First,proofing the necessity of information publish of connected transaction from the perspective of the features of connected transaction that happened,protecting the interests of public investors,market supervision.Second,tease practice documents which including judgment of civil actions about connected transaction which have been searched from the magic of PUK and web of referee documents,administrative penalty of CSRC from 2005 to 2017 about connected transaction and report of public company which have been punished by CSRC because of unlawful act about publish of connected transaction.Put forward problems in practice which including the form of periodic report is too simple,there are too much act hiding connected relation and connected transactions,false disclosure,fall to perform the procedure of consideration,etc through teasing practice documents said above.Third,through teasing legal system about connected transaction,which including the definition of connected relation and connected transaction,the way,the time,the form and the content of publishing of connected transaction,illegal liability and remedy approach,etc.Then thought comparing with Stork Listing Rules of HKEX,etc,try to find the reasons lead to these practice problems from the angle of legal system.These reasons include blur of the definition of connected relation and connected transactions,thesimple form of publish of connected transaction,less detailed content of publish of connected transaction,unspecifity of disclosure of procedure of consideration,etc.Finally,try to come up with measures to solve these problem.these measures include redefine of connected relation and connected transaction,improving integrity of disclosure of connected transaction,enhance the authenticity of disclosure of connected transaction,etc.