我国上市公司收购信息披露制度研究

发布时间：2018-02-10 14:35

本文关键词： 上市公司收购信息披露制度完善　出处：《安徽大学》2006年硕士论文　论文类型：学位论文

【摘要】： 在市场经济日益发展的今天，上市公司收购已经成为公司谋求外部扩张的重要手段，为保障上市公司收购稳定、持续、健康发展，一个完善的上市公司收购法律体系的构建就显得格外重要。而信息披露制度作为证券法的核心，是证券交易和发行的基础，在上市公司收购这一特殊的证券交易行为中也不可避免的发挥着重要作用。虽然新《证券法》在有关信息披露主体、内容、程序等发面做出了重要改进，但就我国当前上市公司收购活动开展的实际需求和投资者利益的保护来说还是远远不够的。本文在借鉴境外上市公司收购信息披露制度法律规制的基础上，遵循我国《证券法》、《上市公司收购管理办法》等相关法律法规的基本精神，同时采用演绎归纳、比较分析等研究方法，对我国现行上市公司收购信息披露制度的立法与实践进行探析，并在此基础上对我国上市公司收购信息披露制度的完善进行了尝试性的探讨。全文分为五个部分，约三万四千字。文章首先从经济功能、法律功能出发进行分析，通过对比上市公司收购与一般证券交易行为的不同，分析了上市公司收购信息披露制度的特殊意义，在此基础上提出了上市公司收购信息披露的一般标准，并对我国现行上市公司收购信息披露制度整体法律框架进行评述，提出应从持股预警披露制度、要约收购信息披露制度、协议收购信息披露制度和信息披露责任制度四个方面构建与完善我国上市公司收购信息披露制度。持股预警披露作为一项前置性制度，对上市公司收购信息披露的规制有着重要作用，，文章从对“控制权”，持股内容，持股数额确定的理解与认定出发，从持股预警披露义务人的范围、法定披露内容等方面将我国与境外相关立法进行比较，提出具体的完善意见。要约收购是各国在证券立法中普遍重视的规制对象，文章对我国要约收购信息披露制度从要约收购披露内容、披露形式、披露期间和披露主体等角度与境内外要约收购信息披露制度进行了分析比较，对我国上市公司要约收购信息披露制度完善提出意见。在我国当前证券市场中，协议收购是上市公司收购实务中的主角。文章在分析协议收购信息披露制度合理性的基础上，分析了我国协议收购信息披露制度在披露主体、披露界点、披露内容与披露程序上的规定并就其完善提出意见。最后文章从评析我国现有信息披露责任制度的不足之处着手，从信息披露的民事责任与行政责任两大方面对我国信息披露责任制度的完善提出相应对策。
[Abstract]:With the increasing development of the market economy, the acquisition of listed companies has become an important means for companies to seek external expansion. In order to ensure the stable, sustained and healthy development of the acquisition of listed companies, The construction of a perfect legal system for the acquisition of listed companies is particularly important. As the core of the securities law, the information disclosure system is the basis for securities trading and issuing. It is also inevitable to play an important role in the special securities trading behavior of listed companies. Although the new Securities Law has made important improvements in the related information disclosure subjects, contents, procedures, etc., However, it is far from enough to protect the interests of investors and the actual demand of the current acquisition activities of listed companies in China. On the basis of drawing lessons from the legal regulation of the information disclosure system of overseas listed companies, this paper follows the basic spirit of the relevant laws and regulations, such as the Securities Law and the Management measures for the acquisition of listed companies, at the same time, it adopts deductive induction. Through comparative analysis and other research methods, this paper probes into the legislation and practice of the current information disclosure system of takeover of listed companies in China. On this basis, the paper tries to probe into the perfection of the information disclosure system of listed companies in China. The full text is divided into five parts, about 34,000 words. Firstly, the article analyzes the special significance of the information disclosure system of the acquisition of listed companies by comparing the differences between the acquisition of listed companies and the general securities trading behavior, starting from the economic function and the legal function. On this basis, the general standards of information disclosure of takeover of listed companies are put forward, and the overall legal framework of the current information disclosure system of takeover of listed companies in China is reviewed. The information disclosure system of agreement acquisition and the system of information disclosure responsibility are four aspects to construct and perfect the information disclosure system of acquisition of listed companies in China. As a preemptive system, early warning disclosure of stock ownership plays an important role in regulating the disclosure of acquisition information of listed companies. This paper starts from the understanding and confirmation of "control right", content of stock holding, determination of stock amount, etc. In this paper, the author compares the relevant legislation of China with that of overseas countries from the aspects of the scope of pre-warning disclosure obligor and the content of legal disclosure, and puts forward some concrete suggestions on how to improve the legislation. Tender offer is the object of regulation that is generally attached importance to in the securities legislation in many countries. This paper introduces the disclosure form and content of the information disclosure system of tender offer acquisition in our country. The disclosure period and disclosure subject are analyzed and compared with the information disclosure system at home and abroad, and suggestions are put forward on the perfection of the information disclosure system of tender offer for listed companies in China. In the current securities market of our country, the agreement acquisition is the main role in the acquisition practice of listed companies. On the basis of analyzing the rationality of the information disclosure system of the agreement acquisition, this paper analyzes the disclosure subject of the information disclosure system of the agreement acquisition in our country. Disclosure points, disclosure of content and disclosure procedures and suggestions on its perfection. At last, the article analyzes the deficiency of the present information disclosure liability system in our country, and puts forward the corresponding countermeasures to the perfection of the information disclosure liability system from the two aspects of the civil liability and the administrative responsibility of the information disclosure.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2006
【分类号】：D922.287;D922.291.91

【引证文献】