Studies On The Illegal Disclosure In The Acquistion Of Listed Corporation

With the increasingly matured of China capital market in recent years,the acquisition of listing Corporation has become an important means of resource integration and expansion of the company.Information disclosure in the acquisition of the listed Corporation not only play a role in protecting the minority shareholders,but also conducive to the healthy development of the stock market.Information disclosure violations often occur in the acquisition due to the establishment of China securities market somewhat later and supporting system of information disclosure in listing Corporation is lagging behind,especially for the companies listing in small and medium enterprises board and GEM,and the illegal cost of information disclosure is low,as well as the regulations are not perfect.This paper is divided into three parts: as the information disclosure of listing Corporation throughout the entire acquisition behavior,so the first part is about basic concepts and theories of acquisition of listing Corporation and protection of minority shareholders;The second part mainly analysis the information disclosure violation of two listing Corporation which are 'Shanghai Meilin' and 'Tibet Tourism',in order to solve the issues occurred in those cases.For example,the legal effect of acquired shares with information Disclosure Violation and the restrictions on the voting rights of the illegal purchase;The third part put forward some advices for the information disclosure system in listed company acquisition and the amendment of securities law based on the discussion of the those cases.