Research On Information Disclosure In Bankruptcy Reorganization Of Chinese Enterprises

The bankruptcy reorganization procedure is one of the most important procedures in the modern bankruptcy system.Its original intention is to save the enterprises that are in debt dilemma but have the hope of rebirth.After entering the bankruptcy reorganization procedure,the creditors and the reorganized debtors are in a serious state of information asymmetry.The debtors often cheat to escape debts under the guise of bankruptcy and damage the interests of creditors.The balance of interests between the two depends on the due process in the bankruptcy law.In the reorganization procedure,the most basic thing is to protect the creditor’s right to know.A perfect information disclosure system is the legal basis for realizing the creditor’s right to know,which is also an important institutional guarantee for the successful promotion of the bankruptcy reorganization procedure.Whether from the perspective of economic theory or jurisprudence,regulating the information disclosure in reorganization is both legitimate and reasonable.At present,the research on the information disclosure of enterprise bankruptcy reorganization in China is mostly from the theoretical level,lack of practical research.According to this,the author uses the method of combining theory and empirical analysis,first of all,combs the theoretical basis and the status quo of the laws and regulations of the information disclosure of enterprise bankruptcy reorganization in China,and then randomly selects two listed companies that enter the reorganization process every year from 2007 to 2019 as samples.Through sorting out the statistics of the information disclosure of 26 listed companies in the reorganization.It is found that the information disclosure system in China’s bankruptcy law is deficient in both legislation and practice.The main defects of the system are that the scope of the subject of information disclosure obligation is too narrow,the content and time of disclosure are not clear,the way of disclosure is single and the binding force of legal responsibility is not enough.On the basis of learning from the mature experience of bankruptcy reorganization information disclosure in the United States,Britain,Germany,Japan and other countries,this paper compares and absorbs the excellent practices in China’s securities law,and combined with China’s economic situation,proposes to start from the path of bankruptcy law,choose the mode of decentralized legislation,and improve the information disclosure system in China’s enterprise bankruptcy reorganization according to the logic of bankruptcy reorganization process.The improvement of specific disclosure rules mainly involves the following aspects:(1)expand the scope of the subject of information disclosure obligation;(2)standardize and refine the time node and content of information disclosure in three stages;(3)establish the standard of true,accurate,sufficient and timely information disclosure;(4)standardize the way of disclosure,introduce the public inquiry system such as hearing and limited investigation system;(5)improve the civil and criminal liability for violating the obligation of information disclosure.