Research On The Disclosure System Of Fund Sources In The Acquisition Of Listed Companies

A sound information disclosure system is the key to ensure the effective operation of the securities market and the interests of investors.Compared with western developed countries,China's securities industry started late.Although China's acquisition information disclosure system for listed companies has been constantly improved,the system still cannot meet the needs of the development of the securities market.It is mainly reflected in that the acquisition information disclosure system is too principled and the legal cost of violating the system is too low,which not only makes it difficult to guarantee the effective operation of the securities market,but also causes losses to the company's investors.In particular,it can be seen from the acquisition cases in recent years that the source of acquisition funds becomes the key to the success of a company's acquisition and plays a significant guiding role in investors' investment decisions.Therefore,the innovation of this paper lies in the research on the disclosure system of capital sources in the acquisition of listed companies.Although China's "securities law" and"measures for the administration of listed company acquisitions" stipulate the disclosure of capital source information in the acquisition of listed companies,compared with the legislation of western developed countries,the provisions are too simplc and crude,and the requirements for information disclosure obligor are too loose.China should refer to the relevant institutional experience of the securities exchange law of the United States and the financial Commodity Exchange law of Japan,and further improve the information disclosure system of the sources of acquisition funds of listed companies in combination with the actual situation of China.That is to say,in order to improve the accuracy of the information of fund sources disclosed in the acquisition of listed companies,the disclosure of fund sources in the acquisition of listed companies should be more comprehensive and detailed in terms of structured financing and equity change reports.In addition,the administrative responsibility and civil liability of the party violaung the information disclosure obligation should be established based on the protection of the interests of the majority of investors,so that the damage caused by the illegal disclosure can be effectively protected by law.