境內(nèi)企業(yè)海外上市持續(xù)信息披露法律問題研究
發(fā)布時(shí)間：2018-10-31 10:25
【摘要】： 信息披露制度緣起于“南海公司案”,指法律強(qiáng)制規(guī)定上市公司按照要求向證券監(jiān)管機(jī)構(gòu)和公眾投資者報(bào)告自身的財(cái)務(wù)和經(jīng)營(yíng)情況的制度,可分為首次信息披露制度和發(fā)行之后的持續(xù)信息披露制度。 本文從中國(guó)境內(nèi)企業(yè)到海外上市的角度出發(fā),針對(duì)中國(guó)企業(yè)在海外上市后在持續(xù)信息披露中出現(xiàn)的違規(guī)案例,分析了這些案例所反應(yīng)的問題,并就出現(xiàn)這些問題的原因進(jìn)行了分析。在借鑒的基礎(chǔ)上對(duì)中國(guó)境外上市公司的監(jiān)管提出了建議。全文約三萬七千字。 文章第一章第一節(jié)對(duì)中國(guó)企業(yè)在海外上市的概念、背景和原因、對(duì)東道國(guó)母國(guó)的意義等問題作了簡(jiǎn)要概述。第二節(jié)對(duì)海外上市的方式作了介紹。第三節(jié)對(duì)海外上市地點(diǎn)的選擇作了對(duì)比。 第二章對(duì)信息披露和持續(xù)信息披露制度作了概述,提出了信息披露應(yīng)當(dāng)遵循的原則,以及持續(xù)信息披露的種類等。 第三章對(duì)美國(guó)和香港地區(qū)的相關(guān)制度作了介紹。在對(duì)美國(guó)的持續(xù)信息披露制度的介紹時(shí)對(duì)1934年《證券交易法》和《薩班斯法案》作了必要的說明。在介紹香港證券市場(chǎng)時(shí)說明了香港法律要求披露的主要內(nèi)容。該章的最后部分對(duì)相關(guān)制度在披露的內(nèi)容和披露的時(shí)間方面進(jìn)行了比較。 第四章是本文的重點(diǎn)之一。該章第一節(jié)對(duì)境內(nèi)企業(yè)在持續(xù)信息披露中出現(xiàn)的典型案例作了歸類和分析,包括網(wǎng)易案、亞洲互動(dòng)傳媒案、歐亞農(nóng)業(yè)案和中國(guó)人壽案。第二節(jié)對(duì)出現(xiàn)上述案例的原因進(jìn)行了深刻的分析,提出國(guó)有企業(yè)、民營(yíng)企業(yè)特有的原因,以及國(guó)企和民企的共同特點(diǎn),包括欠缺規(guī)范操作的理念、國(guó)內(nèi)外制度的客觀差異、各國(guó)各地區(qū)之間監(jiān)管的不力等原因。 第五章是本文的另外一個(gè)重點(diǎn),主要闡述針對(duì)境內(nèi)企業(yè)的持續(xù)信息披露問題應(yīng)當(dāng)采取的應(yīng)對(duì)措施。該章第一節(jié)指出在企業(yè)自律方面,境內(nèi)企業(yè)應(yīng)當(dāng)謹(jǐn)慎對(duì)待上市、完善公司治理結(jié)構(gòu)、更新管理理念、健全信息披露的內(nèi)部責(zé)任制度、培育企業(yè)的核心競(jìng)爭(zhēng)力、出現(xiàn)問題積極尋求解決方案等。該章的第二節(jié)從國(guó)家的層面提出了應(yīng)當(dāng)建立國(guó)內(nèi)對(duì)境外上市的監(jiān)管制度,并對(duì)監(jiān)管的必要性和可能性作出了分析,并且對(duì)美國(guó)的相關(guān)制度進(jìn)行有益的借鑒。第三節(jié)提出從行業(yè)的層面提出發(fā)揮國(guó)際組織,尤其是國(guó)際證券監(jiān)管委員會(huì)組織在監(jiān)管方面的作用。另外,也應(yīng)當(dāng)加強(qiáng)國(guó)家間對(duì)于跨境發(fā)行監(jiān)管的合作,合作的形式可以包括簽訂證券監(jiān)管備忘錄、授權(quán)特定機(jī)構(gòu)進(jìn)行監(jiān)管、通過司法協(xié)助途徑以及頒布特別法等措施來實(shí)現(xiàn)監(jiān)管。隨后,文章提出中國(guó)應(yīng)當(dāng)采取的措施,包括發(fā)掘與特定企業(yè)或特定上市方式相適應(yīng)的監(jiān)管方式、重視條約、備忘錄的作用以及加深與他國(guó)證券監(jiān)管機(jī)構(gòu)的合作等措施。
[Abstract]:The information disclosure system originated in the "South China Sea Company case" and refers to the system under which listed companies are required by law to report their financial and business information to securities regulatory bodies and public investors, It can be divided into the first information disclosure system and the continuous information disclosure system after issue. From the point of view of overseas listing of domestic enterprises in China, this paper analyzes the problems reflected in these cases in the light of the illegal cases that appear in the continuous information disclosure of Chinese enterprises after they are listed overseas. The causes of these problems are analyzed. On the basis of reference, this paper puts forward some suggestions on the supervision of listed companies outside China. The full text is about 37000 words. The first section gives a brief overview of the concept, background and reasons of overseas listing of Chinese enterprises, as well as the significance of the host country. The second section introduces the way of overseas listing. The third section compares the choice of overseas listing location. The second chapter gives an overview of the system of information disclosure and continuous information disclosure, and puts forward the principles that should be followed in information disclosure, as well as the types of continuous information disclosure and so on. The third chapter introduces the relevant systems of the United States and Hong Kong. In the introduction of the continuous Information Disclosure system in the United States, the Securities Exchange Act of 1934 and the Sarbanes Act were introduced. In introducing the Hong Kong stock market, it explains the main contents of the disclosure required by Hong Kong law. The last part of this chapter compares the contents and time of disclosure. The fourth chapter is one of the emphases of this paper. The first section of this chapter classifies and analyzes the typical cases of domestic enterprises in the continuous information disclosure, including NetEase case, Asian Interactive Media case, Eurasian Agriculture case and China Life case. The second section has carried on the profound analysis to the above case reason, proposed the state-owned enterprise, the private enterprise unique reason, as well as the state-owned enterprise and the private enterprise common characteristic, including lacks the standard operation idea, the domestic and foreign system objective difference, Countries and regions between the weak supervision and other reasons. The fifth chapter is another important point of this paper, mainly expounding the measures that should be taken to solve the problem of continuous information disclosure of domestic enterprises. The first section of this chapter points out that in the aspect of self-discipline of enterprises, domestic enterprises should be cautious about listing, perfect the structure of corporate governance, update the management concept, perfect the internal responsibility system of information disclosure, and cultivate the core competitiveness of enterprises. Problems arise and actively seek solutions, etc. The second section of this chapter puts forward that we should establish the domestic supervision system for overseas listing from the national level, and makes an analysis of the necessity and possibility of supervision, and makes a useful reference to the relevant systems of the United States. The third section puts forward the role of international organizations, especially the International Securities Regulatory Commission, from the industry level. In addition, inter-state cooperation on cross-border issuance regulation should also be strengthened in the form of securities regulatory memorandums, authorization of specific agencies to regulate, and regulation by means of mutual legal assistance and the promulgation of special laws. Subsequently, the paper puts forward some measures that China should take, including exploring the regulatory mode suitable for specific enterprises or specific listing methods, attaching importance to the role of treaties and memorandums, and deepening cooperation with securities regulatory authorities of other countries.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2009
【分類號(hào)】：D971.2;D922.29
本文編號(hào)：2301821
[Abstract]:The information disclosure system originated in the "South China Sea Company case" and refers to the system under which listed companies are required by law to report their financial and business information to securities regulatory bodies and public investors, It can be divided into the first information disclosure system and the continuous information disclosure system after issue. From the point of view of overseas listing of domestic enterprises in China, this paper analyzes the problems reflected in these cases in the light of the illegal cases that appear in the continuous information disclosure of Chinese enterprises after they are listed overseas. The causes of these problems are analyzed. On the basis of reference, this paper puts forward some suggestions on the supervision of listed companies outside China. The full text is about 37000 words. The first section gives a brief overview of the concept, background and reasons of overseas listing of Chinese enterprises, as well as the significance of the host country. The second section introduces the way of overseas listing. The third section compares the choice of overseas listing location. The second chapter gives an overview of the system of information disclosure and continuous information disclosure, and puts forward the principles that should be followed in information disclosure, as well as the types of continuous information disclosure and so on. The third chapter introduces the relevant systems of the United States and Hong Kong. In the introduction of the continuous Information Disclosure system in the United States, the Securities Exchange Act of 1934 and the Sarbanes Act were introduced. In introducing the Hong Kong stock market, it explains the main contents of the disclosure required by Hong Kong law. The last part of this chapter compares the contents and time of disclosure. The fourth chapter is one of the emphases of this paper. The first section of this chapter classifies and analyzes the typical cases of domestic enterprises in the continuous information disclosure, including NetEase case, Asian Interactive Media case, Eurasian Agriculture case and China Life case. The second section has carried on the profound analysis to the above case reason, proposed the state-owned enterprise, the private enterprise unique reason, as well as the state-owned enterprise and the private enterprise common characteristic, including lacks the standard operation idea, the domestic and foreign system objective difference, Countries and regions between the weak supervision and other reasons. The fifth chapter is another important point of this paper, mainly expounding the measures that should be taken to solve the problem of continuous information disclosure of domestic enterprises. The first section of this chapter points out that in the aspect of self-discipline of enterprises, domestic enterprises should be cautious about listing, perfect the structure of corporate governance, update the management concept, perfect the internal responsibility system of information disclosure, and cultivate the core competitiveness of enterprises. Problems arise and actively seek solutions, etc. The second section of this chapter puts forward that we should establish the domestic supervision system for overseas listing from the national level, and makes an analysis of the necessity and possibility of supervision, and makes a useful reference to the relevant systems of the United States. The third section puts forward the role of international organizations, especially the International Securities Regulatory Commission, from the industry level. In addition, inter-state cooperation on cross-border issuance regulation should also be strengthened in the form of securities regulatory memorandums, authorization of specific agencies to regulate, and regulation by means of mutual legal assistance and the promulgation of special laws. Subsequently, the paper puts forward some measures that China should take, including exploring the regulatory mode suitable for specific enterprises or specific listing methods, attaching importance to the role of treaties and memorandums, and deepening cooperation with securities regulatory authorities of other countries.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2009
【分類號(hào)】：D971.2;D922.29
【參考文獻(xiàn)】
相關(guān)期刊論文 前2條
1 石建勛;民企海外上市的國(guó)際差異分析及其對(duì)策研究[J];財(cái)經(jīng)問題研究;2004年04期
2 于緒剛;論海外間接上市及其監(jiān)管[J];證券市場(chǎng)導(dǎo)報(bào);2000年04期
，本文編號(hào)：2301821
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