上市公司收购之信息披露义务研究

Research on the Information Disclosure Obligation of the Acquisition of Listed Companies

近年来,收购上市公司解决了具体的实际问题,促进了上市公司的收购信息系统的完善。通过加强监管,对证券市场的发展起着重要作用。但投资者在市场上得到的信息也是很重要的,创造健康有秩序的市场环境有助于正确评价投资和决策。但是,在传达信息的过程中,依然存在很多问题。例如,信息披露不符合监管要求、内幕交易、证券交易等,影响证券市场的正常运行。目前,针对实际问题,管理部门在获取信息过程中明确了信息披露的监督管理规则,确保在购买过程中供应商的信息公平公开。应该改善向共同工作的员工和接收公司信息的管理人员传达信息的监督和管理制度。预先跟踪错误信息的流程。因此,构建标准化的公共采购信息系统非常重要。中国证券交易所在对上市公司信息披露的监督管理和立法方面取得了巨大进展,但是上市公司报告义务的规定和主要协议与我国的实际情况发生了冲突。在披露方面,资本市场和投资者的真实资金来源尚不清楚。违法经营后,责任人不受处罚,少数股东的利益不受保护。因此,购买市场上的任何人都必须提供信息、中介、媒体。管理者还扮演着“看不见的手”的角色。通过初步审查、持续监督和事后处罚弥补监督缺陷,最终确保公开符合真实性、正确性、完整性、机会主义和有效性要求。

In recent years,the acquisition of listed companies has solved specific practical problems and promoted the improvement of the acquisition information system of listed companies.By strengthening supervision,it plays an important role in the development of the securities market.But the information that investors get in the market is also very important.Creating a healthy and orderly market environment helps to correctly evaluate investment and decision-making.However,in the process of conveying information,there are still many problems.For example,information disclosure does not meet regulatory requirements,insider trading,securities trading,etc.,which affect the normal operation of the securities market.At present,in response to practical problems,the management department has clarified the supervision and management rules for information disclosure in the process of obtaining information to ensure that the supplier's information is fair and open during the purchase process.The supervision and management system for communicating information to employees working together and managers receiving company information should be improved.The process of tracking error messages in advance.Therefore,it is very important to build a standardized public procurement information system.The China Stock Exchange has made great progress in the supervision and management of information disclosure of listed companies and legislation,but the regulations and major agreements on reporting obligations of listed companies conflict with the actual situation in my country.In terms of disclosure,the true source of funds of the capital market and investors is still unclear.After illegal operations,the responsible person will not be punished,and the interests of minority shareholders will not be protected.Therefore,anyone in the buying market must provide information,intermediaries,and media.Managers also play the role of"invisible hands".Through preliminaiy review,continuous supervision,and subsequent punishments,the supervision deficiencies can be remedied,and ultimately ensure that the disclosure meets the requirements of authenticity,correctness,completeness,opportunism and effectiveness.