Analysis Of Selective Disclosure Of Information In The Process Of Assets Reorganization Of Company A

Nowadays,in order to adapt to the rapid development of China's market economy,listed companies need to optimize resource allocation,adjust industrial structure and expand market scale,one of the important means is asset restructuring.In the process of asset restructuring,it is not only necessary to redistribute and combine the assets of the enterprise,but also to redistribute and calculate the rights and responsibilities and interests of the shareholders of the enterprise.In addition,factors such as the payment mode and payment time of the transaction funds of both parties will affect the efficiency of asset restructuring in varying degrees.To solve this problem,in order to ensure that the rights and responsibilities of all stakeholders in the process of reorganization are not lost and the assets of the enterprise are not infringed,the role of the regulatory department in it can not be ignored,especially the regulatory department is more important to optimize and upgrade the information disclosure system.However,in order to reflect its fairness and scientificity in the process of supervision,the regulatory authorities have left enough operation space for the information disclosure system of enterprises,but the supervised enterprises can implement according to the regulatory requirements and conditions,so it is particularly important to carry out the information selective disclosure reasonably and effectively.Under the background of asset restructuring,business operators will pay more attention to the selective disclosure of information.Therefore,in this situation,the research on the selective disclosure of asset restructuring information can not only greatly enrich the existing literature on the selective disclosure of information during asset restructuring,but also improve the information disclosure system of asset restructuring,and reduce the space for the selective disclosure of information.This paper takes the release of listed company's reorganization information as the starting point,which also uses the event research method and case analysis to select the asset reorganization case of company A as the analysis object,and the performance,causes and consequences of selective disclosure of the company's reorganization information were systematically studied in this thesis.The author's research was basedon the overview of many scholars' existing research.In this thesis,the major findings are as follows:(1)The selective information disclosure in the company's asset reorganization process is mainly manifested in its performances like choosing to disclose information which is beneficial to the company's development,hiding information that is unfavorable to itself,delaying or disclosing information in advance or delay the time,or disclosing the information to some investors not all investors.(2)Due to the self-interested behavior of managers,the imperfect governance structure,the weak third-party's supervision,and the inefficiency of the information disclosure system,the company's selective information disclosure in the asset reorganization process is existed continuously.(3)The company's selective information disclosure of the asset reorganization misleads small and medium investors,which also increases their investment obstacles and causes unnecessary losses.(4)The selective information disclosure also disrupts the operation order of the capital market and distorts information disclosure.In view of the phenomenon of selective information disclosure of asset reorganization,this thesis puts forward the following suggestions:(1)Improving the information disclosure system of asset reorganization and reducing the space for selective information disclosure;(2)Strengthening the real-time supervision of companies' asset reorganization and identifying major items;(3)Improving corporate governance and optimizing corporate governance structure;(4)Strengthening small and medium shareholders' qualities and improving their ability to analyze and understand company's relevant information;(5)Increasing the supervision and punishment of listed companies' selective information disclosure of assets reorganization.