Research On The Legal Issues Of The Information Disclosure Of China Listed Companies Merger And Acquisition

Information disclosure system is a core part of the securities market.It providethe majority of investors adequate information for decision-making. Due to theoutstanding performance of the information disclosure system on regulating costs andregulatory effects, it plays an important role in the world’s capital markets. Inconsideration of the particularity of the listed companies’ mergers and acquisitionsprocess, there is a need to take a special information disclosure system on regulatingthe mergers and acquisition behavior. The countries, possessing comprehensivesecurities laws and systems, have formed listed companies merger and acquisitionlegislation, which taking the information disclosure as the core. These merger andacquisition legislation have made provisions for the content, responsibility,supervision of information disclosure of listed companies merger and acquisition. Ourcurrent two core legislations of information disclosure about listed companies mergerand acquisition are "Securities Act" and "The Listed Company AcquisitionManagement Regulatory". However, due to the undeveloped securities market inChina, there are a lot of need for improvement at the practice of informationdisclosure in the mergers and acquisitions of listed companies in China. Aiming atproviding solutions for the information disclosure of listed companies M&A, thisarticle, by comparative analysis, cause analysis and other research methods, analyzethe theoretical basis and content of the information disclosure system of listedcompanies.The essay total of five chapters:Chapter One: Clarify the concept, classification and characterization of themergers and acquisitions of listed companies; Introduce the concept, characteristics and development of the information disclosure system of listed companies on M&A.As well as analyzing the information disclosure system of listed companies on M&A from the value aspect.Chapter Two: From the view of jurisprudence to analyze the informationdisclosure system of listed company on M&A and the basic principal of informationdisclosure. Make clear understanding of the necessity of information disclosure onlisted company M&A. In the end, analyze the value of information disclosuresystem on listed company’s M&A itself.Chapter Three: To explore the subject of the information disclosure system inChina’s listed companies mergers and acquisitions. Introduced the United States, theUnited Kingdom, and China’s Hong Kong requirements on the subject of theinformation disclosure system, in particular the provisions of the persons acting inconcert. Conducted a comparative analysis, among the region of our country andabroad (mainly the United States, the United Kingdom, Hong Kong, China region),about the shareholding early warning system, the information disclosure system ofthe tender offer, the information disclosure system and the regulatory system of thetarget company board of directors.Chapter Four: Introduces the status quo of China’s listed companies in mergersand acquisitions and the development status of M&A information disclosure of listedcompanies in China. And pointed out the information disclosure problems of China’slisted companies in mergers and acquisitions.Chapter Five: Thoughts on perfecting the information disclosure system ofChina’s listed companies mergers and acquisitions. On the analysis of the hazardsand causes of imperfect information disclosure of listed companies in China, putforward suggestions for improvement from the legislativing, regulating, judicialrelief and legal responsibility aspect.