论上市公司收购中的信息披露制度

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1、通过对比，分析我国上市公司收购信息披露存在的缺陷和不足，建议重点从上市公司收购信息披露立法和监管的指导思想、确立“一致行动人”规则、股东持股及变动报告制度调整、协议收购中信息披露制度等八个方面进行立法完善。关键词：上市公司收购信息披露制度AbstractInformationdisclosureisallimportantobligationoflistedcompanybuyers，isthepremiseforthefunctionofbuyinglistedcompanies，andisaneffectivewaytoprotecttheinterestso

2、ftheshareholdersofthetargetcompany．Italsoguaranteestopreventthecheatandabuseofpowerduringtheprocessofbuying，andisthemainmanliertosupervisethebuyingprocessoflistedcompanies．Asasupervisionwayforsecuritieswithlowcostandhigheffectiveness，informationdisclosurehasalreadybeenintroducedamongm

3、ajorcapitalizedmarketintheworld．Inordertogetinvolvedinthedevelopmentofbuyingpractices，majorwesterncountriesbegantoreviseormakeaseriousoflawsandsystemsregardingtheacquisitionoflistedcompanies，suchasthedisclosuresystemofpre—acquisitionoflistedcompaniesanddisclosureofmainbodyforinformati

4、onpublication，whichregulatedtheinformationdisclosureoflistedcompanies’acquisition．Itisuntiltheestablishmentofsecuritymarketnlattheacquisitionoflistedcompanyemergedinourcountry．Thefirstregulationis“TemporaryRegulationsfortheSupervisionoflistedCompaniesinShenzhen”，whichwascardedoutin4也a

5、pril，1992．Thefollowing“TemporaryRulesforStockIssueandTransaction”，“SpecificRulesforInformationDisclosureofCompaniesIssuingPublicStock”，“SecurityLawofPRC”，‘‘AcquisitionRegulationforListedCompanies”and“RegulationforInformationDisclosureofListedCompanies”，etc．，regulatedtheinformationdisc

6、losureforacquisitionoflistedcompaniesinourcountryandthelegalresponsibilityforbreakingthelawofinformationdisclosure．However,thissystemismainlytheresultofcopyingthedisclosuresystemofacquisitioninformationfromdevelopedwesterncountries．Itdidn’tcatchtheguidanceforthelegislationofinformatio

7、ndisclosureforacquisition，andalsocouldn’treviseandapplysomespecificrulesinnovativelycombiningChinesepractice．Therearestillmanyshortcomings．Forexample，fromtheperspectiveoftheguidanceoflegislation，itstillcouldn’tsurpasstraditionaldisclosurephilosophycenteredbytheissuer；fromtheperspectiv

8、eofth