上市公司收购中信息披露监管法律问题研究

发布时间：2018-01-22 15:03

本文关键词： 上市公司收购收购监管信息披露杠杆收购持股预警制度　出处：《河北大学》2017年硕士论文　论文类型：学位论文

【摘要】：信息披露制度在上市公司收购监管中发挥着重要作用,这源于拥有健全的上市公司信息披露制度同广大投资者权益、上市公司利益和证券市场健全程度具有高度关联性。中小投资者需要依靠披露的信息作出判断,同时证券市场也需要信息披露得以有效运行,在收购过程中对于信息披露监管什么、监管的程度以及如何监管,对维护证券市场的健康发展起着关键性作用。上市公司收购信息披露监管的立法虽然取得了较大成绩,但依旧存在着信息披露义务主体中的合意一致行动人和目标公司董事规定的漏洞,没有结合我国实际情况设置持股预警制度,杠杆收购中资金来源、实际投资者不清晰等信息披露问题。在违规操作后相关责任人未受到应有的惩罚,且没有保护好中小股东的利益。因此在收购市场中的每个主体,即信息披露义务主体、中介机构、媒体要各司其职,监管机构也需要发挥“无形之手”的作用,以事前审查配合事中监督、事后惩处来弥补监管的不足,最终确保信息披露符合真实、准确、完整、及时、有效的要求,这是监管方的重要职责所在。本篇文章除了引言和结语两个部分外,共分成四章,以下为具体章节内容:第一章对上市公司收购中信息披露的界定、分类、原则和内容予以阐述,指出对其监管的必要性;第二章研究了美国、欧洲等发达国家及我国香港地区上市公司收购信息披露的规定,从信息披露义务主体、持股预警制度、杠杆收购等方面予以阐述,为后两章找到我国上市公司收购中信息披露监管存在的问题以及如何解决奠定基础;第三章通过研究“万科事件”等案例出现的问题,阐述了上市公司在收购过程中信息披露监管存在的问题;第四章针对第三章提到的实际问题,阐述了如何从信息披露义务主体、持股预警制度、杠杆收购信息披露等方面着手完善监管制度。
[Abstract]:The information disclosure system plays an important role in the takeover supervision of listed companies, which stems from having a sound information disclosure system of listed companies and the rights and interests of investors. The interests of listed companies and the soundness of the securities market are highly relevant. Small and medium-sized investors need to rely on the disclosure of information to make judgments, and the securities market also needs information disclosure to operate effectively. In the acquisition process of information disclosure regulatory what, the extent of regulation and how to regulate. It plays a key role in maintaining the healthy development of the securities market. Although the legislation on the regulation of acquisition information disclosure of listed companies has made great achievements. However, there are still loopholes in the subject of information disclosure obligations, such as the agreed and consistent action person and the director of the target company. It does not combine with the actual situation of our country to set up the stock ownership warning system and the source of funds in the leveraged buy-out. The actual investor is not clear and so on information disclosure problem. After the violation operation the relevant responsible person has not received the due punishment and has not protected the small and medium-sized shareholder's benefit. Therefore in the purchase market each main body. That is, the subject of information disclosure obligations, intermediary agencies, the media to perform their respective duties, the regulatory body also needs to play the role of "invisible hand", in order to prior review to cooperate with the supervision, afterwards punishment to make up for the deficiencies of supervision. Finally, to ensure that information disclosure meets the true, accurate, complete, timely and effective requirements, which is the important responsibility of the regulators. In addition to the introduction and conclusion, this article is divided into four chapters. The following are specific chapters: the first chapter describes the definition, classification, principles and contents of information disclosure in the acquisition of listed companies, and points out the necessity of supervision; The second chapter studies the provisions of information disclosure of listed companies in the United States, Europe and other developed countries and Hong Kong region of China, including the subject of information disclosure obligations, stock ownership warning system, leveraged buy-out and so on. For the latter two chapters to find out the problems of information disclosure supervision in the acquisition of listed companies in China and how to solve the problems laid a foundation; The third chapter discusses the problems existing in the information disclosure supervision of listed companies in the process of acquisition by studying the problems of Vanke incident and other cases. According to the practical problems mentioned in the third chapter, Chapter 4th expounds how to improve the supervision system from the aspects of the subject of information disclosure obligation, the stock ownership warning system, the information disclosure of leveraged buy-out, and so on.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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