上市公司重大资产重组信息披露制度研究

发布时间：2018-05-27 17:37

本文选题：重大资产重组 + 信息披露　；参考：《安徽大学》2017年硕士论文

【摘要】：重大资产重组是上市公司日常经营活动外的一种资产交易行为。通常情况下,上市公司及其关联公司在购买、出售资产或通过其他方式进行资产交易达到一定比例时,才构成重大资产重组。重大资产重组不仅可以促进资本市场资源的优化配置,而且为上市公司的扩张提供了一种手段。通过重大资产重组,上市公司的资本状况、经营业务等事项可能发生重大变化,重要的是,重大资产重组将对上市公司的价值产生重大影响,往往会引起公司股价的波动。广大投资者的积极参与对证券市场的发展提供了动力,因此,有效的维护广大投资者的权益,将对我国证券市场的稳定发展起到重要作用。当上市公司发生重大资产重组时,广大投资者主要依据获取的信息来决定是否购买和持有该公司股票,这些披露的信息主要包括该上市公司的资本数量和规模、资产质量、经营战略、财务状况、股东成分等。因此,为了保证上市公司重大资产重组交易行为的公平和公正,信息披露义务主体必须依照信息披露制度的有关规定真实、及时、准确、全面地披露相关信息。信息披露制度是证券法中的重要制度之一,也是证券发行和交易的基础,其在上市公司重大资产重组中同样有着重要作用。现阶段,我国已经形成以《公司法》、《证券法》、《反垄断法》等法律为基础,《上市公司重大资产重组管理办法》(以下简称《管理办法》)、《上市公司信息披露管理办法》、《上市公司收购管理办法》等法规为主体,以及证券交易所制定的一系列自律性规范文件为补充的一整套信息披露制度体系。《管理办法》(2014年)的出台对重大资产重组中的信息披露提供了制度支撑,其第五章专门规定了重大资产重组信息管理方面的内容。但是,重大资产重组中的信息披露制度依然存在一些问题,比如信息披露的义务主体范围存在不足、信息披露的具体内容存在不足、信息披露的程序存在不足、法律责任制度不完善、救济机制不完善、监管机制不完善。上市公司重大资产重组信息披露规则是各国（地区）证券立法中的重要组成部分。无论是英美国家,还是日本和香港地区都对上市公司重大资产重组中的信息披露规则作出了规定。英国的《证券交易条例》和《证券交易所管制条例和规则》等单行条例对重大资产重组中的信息披露规则作出了规定;美国的1933年《证券法》和1934年《证券交易法》主要对重大资产重组中的信息披露规则进行了规定;日本主要通过《金融商品交易法》对重大资产重组的信息披露制度作出了规定;我国香港地区则主要通过《上市规则》对重大资产重组中的信息披露制度作出了规定。通过分析和比较域外重大资产重组信息披露制度,笔者发现其中有很多地方是值得借鉴的。如今,越来越多的上市公司期望通过重大资产重组来提升自身实力。重大资产重组实施过程中,上市公司可能会做出一些不当行为,违规信息披露则是一种常见的现象。因此,利用信息披露制度对重大资产重组进行有效地规范具有重要意义。在分析我国上市公司重大资产重组的基础上,通过借鉴域外上市公司重大资产重组信息披露制度,本文建议主要可从以下几方面完善我国上市公司重大资产重组信息披露制度:即扩大信息披露的责任主体范围、完善信息披露的具体内容、完善信息披露的程序、完善法律责任制度、完善救济机制、完善监管机制。利用信息披露制度这一利剑,有效地防范重大资产重组中的内幕交易、操纵股价、欺诈等行为,以期营造一个公平和公正地证券交易环境,更好地保护广大投资者的合法权益。
[Abstract]:The reorganization of major assets is an asset trading behavior outside the daily operation of a listed company. In general, the listed companies and their associated companies can form a major asset reorganization when they buy, sell assets or achieve a certain proportion of asset transactions by other means. Major asset restructuring can not only promote the advantages of capital market resources. It also provides a means for the expansion of the listed companies. Through the reorganization of the major assets, the capital situation of the listed companies, the business and other matters may change greatly. It is important that the major asset reorganization will have a significant impact on the value of the listed company, and will cause the fluctuation of the stock price of the company. Participation in the development of the securities market has provided a driving force, so effective maintenance of the rights and interests of the majority of investors will play an important role in the stable development of the securities market in China. When a listed company has a major asset reorganization, the majority of investors decide whether to buy and hold the stock of the company based on the information obtained. The information mainly includes the amount and scale of the listed company's capital, the quality of the assets, the management strategy, the financial situation, the shareholder composition and so on. Therefore, in order to ensure the fairness and impartiality of the reorganization and transaction of the major assets of the listed companies, the subject of information disclosure obligation must be true, timely, accurate and comprehensive disclosure according to the relevant provisions of the information disclosure system. Information disclosure system is one of the important systems in securities law, and also the basis of securities issuance and trading. It also plays an important role in the reorganization of the major assets of the listed companies. At the present stage, China has formed the basis of the law of the company law, the securities law, the antitrust law and so on, and the management of the major assets reorganization of the listed companies. Law > (hereinafter referred to as "management method >"), < listed company information disclosure management method >, "listed company acquisition management method >" and other laws and regulations as the main body, as well as a series of self-regulatory documents formulated by the stock exchange as a complete set of information disclosure system. < management method > (2014) "on the introduction of information in major asset restructuring It provides the system support, and its fifth chapter specializes in the information management of major assets reorganization. However, there are still some problems in the information disclosure system in the major asset reorganization, such as the lack of the scope of the subject of information disclosure, the lack of specific content of information disclosure, and the lack of information disclosure procedures. The legal responsibility system is imperfect, the relief mechanism is not perfect and the regulatory mechanism is not perfect. The information disclosure rules of the major assets reorganization of the listed companies are an important part of the securities legislation of various countries (regions). Both the British and American countries, Japan and Hongkong have made the rules for the information disclosure rules in the restructure of the heavy assets of the listed companies. The rules of disclosure of information in the reorganization of major assets are stipulated in the regulations of the securities trading regulations and the regulations and rules of the stock exchange, and the Securities Act of the United States in 1933 and the securities and exchange law in 1934 are mainly stipulated in the rules of disclosure of information in the reorganization of major assets; Japan is mainly through the "financial goods". The transaction law stipulates the information disclosure system for the reorganization of major assets; the Hongkong region of our country mainly stipulates the information disclosure system in the reorganization of major assets through the "Listing Rules". By analyzing and comparing the information disclosure system of extraterritorial major assets reorganization, many of them are worthy of reference. More and more listed companies expect to improve their strength through major asset reorganization. In the process of the implementation of major assets reorganization, listed companies may make some improper behavior. The disclosure of illegal information is a common phenomenon. Therefore, it is of great significance to use the information disclosure system to effectively standardize the major assets reorganization. On the basis of analyzing the major assets reorganization of the listed companies in China, by drawing on the information disclosure system of the major assets reorganization of the foreign listed companies, this paper proposes to improve the information disclosure system of the major assets reorganization of our listed companies from the following aspects: that is to expand the scope of the responsibility subject of the information disclosure and perfect the specific internal information disclosure. We should improve the procedure of information disclosure, perfect the legal responsibility system, improve the relief mechanism and improve the regulatory mechanism. Using the information disclosure system, we can effectively prevent insider trading, manipulate stock price and fraud in major assets reorganization, in order to create a fair and just securities trading environment and better protect the investors. Legal rights and interests.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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