Research On Ownership Structure And The System Of The Protection Of Minority Shareholders' Interests

Protecting the interests of the listed companies'minority shareholders is not only the cornerstone of securities market's development, but also is the core of the coordination between corporate governance and the relations of investor. In view of this, the theory and practice of States continue to research the issue related to protection of minority investors and expand its theory.Currently, comparing to research achievements of foreign scholars in the field, the conducted research of China in this area is still relatively small. Therefore, it is necessary that we explore the relevant issues about the ownership structure and the protection of minority shareholders rights and interests by combining the system of the split share structure reform. On the basis of this research results from home and abroad, this article give a more in-depth study to the issues related to the ownership structure and the protection of minority shareholders rights. The logical structure of this paper is divided into three layers: First of all, the author reviewed and commented the studies from home and abroad. On this basis, the author analyzed the current situation of the protection of the minority shareholders'interests on China's securities market during the period of the share reform, and pointed out the problem. Secondly, the author gave an empirical analysis to the relationship between the ownership structure and the interests of minority shareholders. The author demonstrated the correlated relationship between the shareholding proportion of the first largest shareholder and the interests of minority shareholders by data test. Similarly, the author demonstrated the correlated relationship between the ownership concentration of the second to the tenth largest shareholder and the interests of minority shareholders, as well as the correlated relationship between the proportion of tradable shares and the interests of minority shareholders. Finally, based on the above analysis, the author proposed some policy recommendations of improving the system of the protection of minority shareholders'interests in China, by learning and absorbing the foreign experience and lessons.