The Study On The Pretection Of Small And Medium-sized Shareholders’s Rights After Reform Of Non-tradable Shares Of The Listed Companies In China

Before the reform of split share structure, there is the dominance, the same stock but the different rights and other issues in the stock market, and the interests of small shareholders and medium shareholders are frequently infringed in the stock market. In 2005, China implemented a split share structure reform, and the share reform is basically completed until 2007. After the share reform, what changes the interests of China’s minority shareholders are infringed, empirical analysis to illustrate the theory of regulatory agencies also pay attention to the problems.Conflict of interest between large and small shareholders has become an equity focus in the company’s agency problem. Departure from the contract theory, leads to small and medium shareholders’equity serious damage to this problem. This paper reviews the literature of the protection of minority shareholders interests at home and abroad. Investor protection at home and abroad, mainly from two aspects:internal governance and external governance mechanisms. Then use the theoretical analysis, the reason of the expropriation of minority shareholders interests, and found that the listed company shareholders of listed companies to pay the implicit supervision services have not been compensated is the main reason for the expropriation of minority shareholders, while from the perspective of game theory the largest shareholder of minority shareholders against market effects. Next, a mathematical model, the use of principal component analysis and regression analysis on the expropriation of minority shareholders interests, both quantitative and qualitative research in a number of factors studied in this article, the cash flow to total assets ratio of control over premium level impact of the end of cash flow to total assets ratio increased, the level of control premium increases. With the end of the cash flow to total assets ratio increased, the level of control premium increases. Outstanding shares of a positive relationship between natural numbers and the control premium level. With the expansion of business scale, the largest shareholder obtained control benefits. Positively related to the share transfer ratio and the level of control premium. Finally, to the listed company’s cash flow to total assets ratio as a starting point, and listed companies from the macro and micro analysis of the environment, it is recommended that the relevant departments to effectively motivate and supervise, promote the securities market to flourish.