Listed Companies And Shareholders' Equity Protection Regulation

It is generally believed that mergers and acquisitions (M&A) is a security exchange conduct, and the corporation purchaser aims at obtaining the substantial controlling rights of the target company so as to realize the adjustment of its industrial structure and perfection of its resources. On the other hand, in the field of security law and corporation law, it is of vital importance to protect, to the maximum, the shareholders' and the vast investors' interests so as to realize the unity of efficiency and fairness. During the purchasing process of listed corporations, the conflict of among different stakeholders will inevitably arise such as the purchaser, the dominant shareholders of the target corporation, the directors, and the minority shareholders. Laws and rules concerning regulating M&A of listed corporations in many countries have laid focus on how to balance such conflicts especially how to protect the legitimate rights of minority shareholders, especially in Britain and the US. This dissertation, based on a comparative study of mature legislation experience in Britain and the US, relying on a positive analysis of current issues of the infringement of minority shareholders' legitimate interests in China, dedicates to offering some valuable legislative suggestions and concepts so as to solve those tough issues.