The Research On Protection Of Rights Of Minority Shareholders In Chinese Listed Companies

Most listed companies of our country are born out of traditional state-owned enterprises, and have developed in the transition from the planned economy to the market economy with the setup of two stock exchanges. With the development about over ten years, the number of listed companies is becoming greater. Many vital state-owned enterprises turned into listed companies, enriched the capital source, gained large amount of capital, and achieved rapid development.For the historical and ideal reasons, the reforms of state-owned enterprises are incomplete. These halfway reform are the unreasonable equity ownership structure that state-owned share is on controlling position and huge amount state-owned share, as well legal-person share can not freely trade-off in stock exchange; and the incomplete corporate governance, additionally state-owned share's special position and the loss of supervision lead that listed companies are under state-owned share's control. Under such circumstance, controlling shareholders maybe invade the rights of minority shareholders. In fact, such things are very often. It is urgent to protect the rights of minority shareholders.From the point of equity ownership structure, the thesis analyses the phenomenon mentioned above. Chapter one introduces the background and meaning of the thesis ,the overseas and domestic research on the same topic and relative theories. Chapter two analyses characters of listed companies in western countries and China, the influence of equity ownership structure on corporate governance, and the relation of Principal—Agent between controlling shareholders and minority shareholders. Chapter three explains the way that controlling shareholders invade the rights of minority shareholders. Chapter four raises the methods to protect the rights of minority shareholders.