Research On Information Disclosure And Regulatory System In The Acquisition Of Listed Companies

China has witnessed the rapid developments of securities market for more than20 years.In the development and transformation of China's securities market,China has introduced a series of information disclosure systems to constantly improve and strengthen the supervision of information disclosure in order to strengthen securities supervision and improve its quality.It also protects the interests of investors and maintains the orderly operation of the securities market.Of course,great progress has been made in the information disclosure system of the acquisition of listed companies.However,there is a lot of room for improvement with the growth of the market.The information disclosure system in the acquisition of listed companies plays an important role in the information disclosure system.Its legal compliance facilitates the information flow between enterprises,investors and between regulatory departments,so as to promote the corporate finance and leads to better development.Therefore,it is very important to establish a more perfect legal system that is in line with the actual situation of the market so that the information disclosure obligator can complete the information disclosure in a more convenient way and the supervisor can act more efficiently.At the same time,the phenomenon of illegal disclosure of information is commonplace.It is also a problem that cannot be ignored by lawyers as to how to establish a more sound information disclosuresystem,improve the law to punish the offenders so that the offenders bear due legal consequences.This paper discusses and studies the common problems of information disclosure in the acquisition of listed companies.It adopts the methods of case analysis and comparative analysis,points out the deficiencies in the current law,and puts forward some personal suggestions.Besides the introduction,this paper is divided into four parts,which are about25,000 words:The first part is the overview of information disclosure system in the acquisition of listed companies in China.It explains the concept and the type of the acquisition of listed companies,the basic principles and theoretical basis of information disclosure,as well as the legal framework of it.Therefore,it lays the foundation for further elaboration of specific problems.The second part is the subject of information disclosure of listed companies in China.By adopting case analysis method,this paper expounds the subject of information disclosure obligation under the current system,and the deficiencies of the provisions on the subject of information disclosure obligation in legislation,and puts forward some ideas for improvement in accordance with the law.The third part is about the information disclosure system of the change in equity in China.It combines the Chinese law and that of other countries and expounds the information disclosure system of change in equity in China.It adopts the method of comparative analysis,puts forward the questions such as whether critical point of information disclosure is reasonable,whether disclosure system is flexible,and whether the contents and the format setting is in line with the actual situation.Finally it can find out the drawback of current system,and draw lessons from the laws and the system of the United States,so as to propose amendments in the design of the system in accordance with the actual situation in China.The fourth part is about the legal consequence of violating the information disclosure system in the current acquisition of listed companies in China.This paper expounds the legal liability that the incumbent obligor should bear for violating information disclosure.Besides,it puts forward that the current law stipulates tooslight punishment on the liability for violating information disclosure,which leads to the low cost of violation of the law for lawbreakers and puts forward legislative suggestions.