Research On The Perfection Of Information Disclosure System Of Private Negotiation In Listed Company

Since 2005,the number of listed companies in China has continued to grow and is now in an active market.However,there are still many problems in the acquisition of listed companies,including several typical cases in recent years that have caused widespread public concern.For example,the Wanjia Cultural Information Disclosure Case.This paper selects the information disclosure system of the listed company's agreement acquisition,from theory to case analysis of the problems existing in the information disclosure system under the conditions of the listed company's agreement acquisition,and considers the solution to the problem.The second part is the domestic law investigation of the listed company's agreement to acquire information disclosure system.The legal provisions in the legislative level mainly introduce The relevant provisions of the Securities Law and the Measures for the Administration of the Acquisition of Listed Companies indicate that the legal norms of the listed company's agreement to acquire information disclosure systems are not yet sound.Secondly,from the judicial level,it analyzes the dilemma faced by China's practice through the combination of Wanjia culture disclosure case.The third part is a comparative analysis of the information disclosure system of the acquisition agreement of the overseas listed company,which briefly introduces the laws of the United States,Britain and Japan.Relevant regulations,through comparative analysis,can summarize what can be learned from China;the fourth part is to make suggestions based on the problems pointed out in the previous article.The main idea is to take four steps: firstly,effectively integrate market securities;secondly,set science The acquisition process;the second is to establish a strict information disclosure mechanism;the last is to improve the responsibility system.In this way,the behavior of listed companies to manipulate the market is effectively avoided,and insider trading is constrained.