中国持股权益披露制度：法律移植与比较研究 (The Substantial Shareholding Disclosure Rule in China: Legal Transplant and Comparative Study)
16 Pages Posted: 1 Mar 2021
Date Written: January 29, 2019
Chinese Abstract: 美国的持股权益披露规则（简称披露规则）被移植到中国，并没有解决违规举牌等投资者保护问题。已有学术研究集中在法律解释角度，对于披露规则的理论和实践难题没有提供令人满意的解决方案。本文系统比较了中国和美国、日本、韩国、新加坡、中国香港和台湾的披露规则。研究发现中国的经验违背了国际学者的一般理论假设。本文提出一系列国情因素来解释中国的制度特点，例如国家战略、股权结构、利益集团等，并在此基础上提出了完善建议。
English Abstract: The shareholding disclosure rules of the United States transplanted to China did not solve investor protection problems such as illegal listing. The existing academic research focuses on the perspective of legal interpretation, and does not provide a satisfactory solution to the theoretical and practical problems of shareholding disclosure rules. This paper systematically compares the shareholding disclosure rules of mainland China with those of the United States, Japan, South Korea, Singapore, Hong Kong and Taiwan. China's experience refutes some general theoretical assumptions of international scholars. This paper puts forward a series of national conditions to explain the characteristics of China's system, such as national strategy, ownership structure and interest groups. On this basis, it puts forward some suggestions for the improvement of the Chinese shareholding disclosure regime.
Note: Downloadable document is in Chinese.
JEL Classification: G34, K22
Suggested Citation: Suggested Citation