| Investors are the main body of the security market, protecting investors especially the minority investors is the prerequisites the capital market develops steadily and the aim of portfolio supervision. As the owners of the company, they take the final surplus risk. Because of completeness of agreement, their interests can't be ensured like creditor through sign agreement. So, how to protect the minority stockholders is a subject that the economist had been devoted to studying since1970s. During the last ten years, we have taken a series of measures in stockholder's equity protection. However, with the development, constant promotion and reform of the security market, the profound questions in the transition course of economic system occurred. A large number of incidents infringing minority stockholder's equity appeared. It becomes the great obstacle to the development of the capital market. Protecting the minority stockholder's equity causes the extensive concerns of the society and becomes the most important work of the securities regulator. So, the research on protecting minority stockholder's equity has important realistic meanings.This text researched the course of the infringement on the foundation of the minority stockholders'equity being occupied. It announced the infringement principle through real example, reflected the market environment the minority stockholders in, probed the influence factors of encroaching and supervision behaviors through playing chess, found out the reasons of the infringement and put forward the countermeasures combined with the result of real example. This text is divided into six parts, the main contents of each part is as follows:(1) Introduction. Firstly, this part gives a review of the research done, then points out the inadequacy of existing research to take note of the purpose and significance of this research, and finally notes the methodology and the main ideas of it.(2) Analysis on current situation of protecting the minority stockholder's equity. Firstly, it introduced the relevant theory. Then it analyzed the current situation from legislation and law enforcement. It made a appraisal to the protecting by the legislation of our country referring to the stockholder right index researched by LLSV. At last, we compared with actual conditions according to appraising result, draw the conclusion that the legal provisions are relatively complete, but the efficiency of law enforcement is very low.(3) The expression form of the infringement on the minority stockholder's equity. This chapter made a systematic study on the infringement through the whole circulation of the funds in listed companies. The research of the rights issuing revealed that majority stockholders can infringe the minority stockholders through various means through increasing income or reducing cost because of the defects of system. The typical case analysis revealed the non-tradable shares and unreasonable stock right structure offer the infringe possible, but the non- complete law make the possibility turn into reality. The research of the profit distribution found that it has the profound reason behind assigning the cash at high proportion in the listed companies.(4)Chess match analysis on the infringement of the minority stockholder's equity. This part finds out the influence factors on the supervision to major shareholders through the chess match between the major and minority stockholders, major stockholders and supervision department.(5) Analysis on the reasons the minority stockholder's equity is infringed. Through the analysis of the third part and the fourth part, find out the main reason why the minority stockholder's equity of our country is infringed.(6)Set up the complete protection system of the minority stockholder's equity. This part put forward suggestions according to the analysis of the last part. It is hoped that these suggestions can offer some valuable theoretical foundation to related departments of our country. |
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