Research On The Legal Issues Of Misrepresentation Of Listed Companies In Information Disclosure

The illegal act of misrepresentation of listed companies violates the information disclosure system even though the securities law classifies the misrepresentation,these classifications do not play a role in restraining false statements and protecting the information disclosure system.Based on the data of practical cases,different types of false statements of listed companies have different illegal characteristics,and have different degrees of harmful results.For the false statements of listed companies that cause great harm,more times can be re typed.This paper discusses several types of false statements of listed companies with similar imperfections in legal liability,improves their legal liability,and completes the connection of legal liability of different departments.In addition to the introduction and conclusion,it also includes the following parts.The first part mainly studies the differences between law and practice through the classification of misrepresentation cases of listed companies.This happened in the context of the new securities law.First of all,it lists the significance of the research on the listed company's misrepresentation through case type legal issues.Then it sums up the representative cases of three types of false statements of listed companies,and the results of the legal liability investigation of false statements,which shows that the current legislation for these types of legal liability investigation of false statements of listed companies is insufficient.And summarizes the different types of false statements of Listed Companies in the focus of controversy,that is,whether the negligent omission type of false statements should be criminalized;whether it is unreasonable to investigate the legal liability of multiple false statements of Listed Companies in false records,misleading statements and improper disclosure;the punishment of this type of false statements of listed companies through non designated channels is greater than that of listed companies False statements made by the company in official designated channels.The second part is to expound the dispute focus of the first part by using legal theory.The first type is the dispute focus of misrepresentation of listed companies.Based on the analysis of legal theory,the author concludes that the misrepresentation of the major omission type should be punished even if the unit's fault still causes great loss to the interests of investors and shareholders by sorting out the case data The controversy focus of two types of false statements of listed companies,combined with the legal theory and the analysis of the case data of 2016-2019 CSRC on the administrative penalty of the continuous false statements,it is concluded that the continuous false statements have a greater subjective malice,not only from the loss brought by the legal liability.The third type of dispute focus of misrepresentation of listed companies,the author combines the legal theory and the legal attribution of misrepresentation of Listed Companies in non designated channels with the same type of data that listed companies in designated channels are legally liable for: misrepresentation of Listed Companies in non designated channels has been illegal,and then false statement is illegal The behavior should be punished in criminal,administrative and civil aspects.At the same time,it should refer to the judicial practice of the same type of cases in the United States.The third part analyzes the shortcomingof legal liability in different types of false statements of listed company.Finally,the author puts forward suggestions and countermeasures according to the gap between legislation and judicial practice in different types of false statements of listed companies.