Information Disclosure System Of Block Holder Of Listed Companies In China

As a trading activity in the securities market in recent years,large shareholdings have positive significance for improving market efficiency,and show obvious problems.The disclosure of large shareholding information is from external investors to insiders and other public investors.Based on this particularity,new requirements for the disclosure system of large shareholding are put forward.This paper takes the large shareholding information disclosure system as the research object,based on the domestic status quo and current existing problems,and learn from the experience of foreign institutions,to provides lessons for the improvement of relevant systems.The first chapter introduces the theoretical basis and significance of the large shareholding information disclosure system.The content includes defining the concept and system composition of large shareholding,analyzing the particularity of large shareholding information disclosure,introduce basic theories such as information asymmetry,and put forward the realistic meaning of perfecting the system.The second chapter analyzes the current situation and existing problems of large shareholding information disclosure.First,his part analyzes the current situation of large shareholding information disclosure from the existing domestic regulatory rules and the existing practice of regulatory rules.Second,from three aspects,the inconsistency between the current system rules,the unreasonable design of specific rules for information disclosure,and the impossibility of the accountability mechanism for breach of contract.The third chapter examines the large shareholding information disclosure system in the United States and Japan.This part sorts out the US Securities Exchange Act of 1934 and Japan's Financial Commodity Exchange Law,and compares and analyzes the three aspects of the independent establishment of the rule system,the design of specific rules,and the legal liability of violations.The two countries have experience in the disclosure of large shareholding information.The fourth chapter puts forward suggestions for improving the system on the basis of analyzing the status quo and existing problems in China.First,a unique rules system should be established to establish a large shareholding information disclosure rule.Secondly,a reasonable information disclosure obligation trigger point and disclosure content should be designed,and the restrictions on trading behavior during the disclosure period or outside period should be gradually eliminated,the legal responsibility for information disclosure should be strengthened.In conclusion,this paper summarizes the main research results of this paper,and loos forward to the future development direction of large shareholding information disclosure system based on the current regulatory direction and trend.