The Split Share Structure Reform Of Chongbai And The Reach Of The Small And Medium-sized Shareholders' Right Protection

The split share structure came into being during the transition process from planned economic system to market economic system.Its original purpose is that Chinese stock market can adapt the demand of market economic system from scratch gradually,and smooth the transition to the mature stock markets.The reform of split share structure is to change the situation of the split share structure.The reason is that Chinese stock market have experienced some period of development,and become increasingly sophisticated and expanding.The non-tradable shares hold by the state and componies need to be liberated from the split share structure and to achieve full circulation of shares, which is a mature pattern in foreign stock market. Because this pattern of the split share structure created by China,there are no foreign mature experiences to learn. In the course of the split share structure,the issue price is great difference between tradable shares and non-tradable shares.When the latter change into the former,it can directly damage the benefits of the tradable shareholders(often the small and medium-sized shareholders).The state and companies which hold non-tradable shares(often the big holdshares) through this way that pay consideration ratio get the right of circulation in return. But after arriving at an agreement, the big holdshares often don't keep their promises due to variety of reasons within the period of validity of agreement,which damge the benefits of the small and medium-sized shareholders.The relative regulations and laws are so rough that hardly regulate those illegal behavior. By means of analysis of the reform of split share sturcture of Chongqin baihuo and the big shareholders don't keep promises ,this paper try to analyse the quality of their behaviors, which in order to furher protect the legal benefits of the small and medium-sized shareholders provide a useful explore.This paper divides three parts to reach the problem of Chongqin baihuo Split share structure reform and the postreform right protection of the small and medium-sized shareholders. The first part focuses on Chongqin baihuo's stockholder's Right Structure and setting of the programme of the reform of Split share structure, from which include consideration ratio arrangement of the programme of the reform of Split share structure and non-tradable shareholders' matters of Commitment; The second part elaborates on the implementation of the split share structure reform, violating the commitment of the split share structure reform, and duty analysis in which mainly discus legislative authority and legal character of the split share structure reform, the legal responsibility of the split share structure reform; The third part expounds the the small and medium-sized shareholders' right protection of the postreform, which include the importance of protection of the small and medium-sized shareholders' right, the infringement of the small and medium-sized shareholders' right of the postreform, the present laws' deficiency in protection of the small and medium-sized shareholders' right, the relative regulatory authority regulation inefficiency, the realization of the small and medium-sized shareholders' right in postreform.This article mainly takes the means of case study method. Through detail introduction of case, finding the existent problem and deficiency. During the reach process, both the example, the contrast, and the chart are used, which made the problem explaining clear.A lot of articles in special research of the split share structure reform,but most of them elaborate from the point of view of pure theory. This paper analysises the single split share structure reform from the point of view of application of the topic.Through the analysis of single one, like watching a tiger from a tub, we can know the whole characteristic of the split share structure reform, and find the deficiency of the present laws and supervision, give a feeling of more reality and appropriateness.