A Study On The Legal Protection Of Small And Medium Shareholders' Rights And Interests

With the development of China’s securities market, more and more medium andsmall investors constitute the base of the stock market, without the active participationof medium and small investors, there would not be prosperity in the securities market.However, due to the weak position in the vagaries of the stock market, medium andsmall investors become more vulnerable. For those medium and small investors whoonly care about the operating performance of listed companies, the delisting of itsstock holdings means the loss of circulation sex, trading opportunities and timelytransformation. Experience shows that in mature markets environment, thosecountries which protect the interest of medium and small investors adequately alwayshave developed capital markets. For the emerging securities markets in China, lack ofthe protection of the interests of minority shareholders is unfavorable for the securitiesmarket. In the current situation, we lack the effective relief mechanism for minorityshareholders who suffer serious losses after the delisting, and there is no systematicinnovation for the protection of small investors, especially in the listed company area.Therefore, it is necessary to protect the interests of minority shareholders of listedcompanies delisting research constantly updated.Except the abstract and the epilogue, the article is divided for four main parts:The first part describes the delisting of listed companies and the impact on theinterests of minority shareholders, including basic theory of delisting the listedcompanies, listed companies delisting impact on minority shareholders’ interests andthe minority shareholders’ legal rights and interest value analysis. By clearing thetheoretical basis for delisting of the company, determine the issues to be studied.The second part introduces the legislative situation of the protection of minorityshareholders of listed companies which are delisted, and then the existing problemswere analyzed. China at this stage of the interests of minority shareholders protectionlegislation exists legal system is not perfect, the interests of minority shareholdersremedy the lack of appropriate mechanisms delisting system is imperfect, and otherissues.The third part of the legislation on the protection of minority shareholders of listed companies in America, Germany, China’s Hong Kong delisting were introduced,and which summed up the Perfection of Legislation can learn from the experience:For the protection of minority shareholders’ interests to have a sound legal system,clear legal responsibility and a sound supporting systems.The fourth part is the focus of this article, this section analyzes the build systemof legal protection of minority shareholders of listed companies in China’s stockmarket delisting from the reality of the legislation and the protection of workingconditions for the real problems focused on improving China’s listed companiesdelisting the proposal to protect minority shareholders, from the perspective ofcomparative law proposed initiatives to improve China’s securities market,institutional innovation of China’s securities market.