The Protection Of Minority Shareholders In Listed Companies’Acquisitions

With the establishment and development of the socialist market economy, China’s capital acquisition market has gradually become active again, an increasing number of acquisitions of listed companies, which greatly accelerated the flow of capital and concentrated, and promote economic development to some extent. Of minority shareholders to as weak corporate investors, in the process of acquisition of listed companies, there is a natural disadvantage, often reduced to misuse the majority of victims of the controlling shareholder, in real life, the interests of minority shareholders in listed companies in the acquisition process by infringement of a common occurrence, how to protect the legitimate rights and interests of small shareholders has also become the world’s countries have committed to the legal issues. Our current legal system, the protection of the interests of minority shareholders the acquisition of listed companies mainly in the "Company Law" Securities Act "and" listed company acquisition management, although the new amendments to the current law is increasingly embodied as medium and small shareholders tendency protection of vulnerable groups, and also established a protection mechanism, but there are still some problems in operability. It is in this context that the acquisition of listed companies in China to study the related issues of protection of the interests of minority shareholders and analysis combined with the relevant EU directive, then put forward suggestions for improvement have targeted laws and regulations.In addition to the introduction and conclusion, body is divided into four parts.The first part, step-by-step analysis of the disadvantaged position of minority shareholders in the acquisition of listed companies layers. Defined from the concept paper to clarify the accurate connotation and characteristics of the acquisition and its minority shareholders of listed companies in the perspective of this study, the easy after in-depth explore. Chronological logical order, combined with the specific cases, analysis of the performance and the main reason of minority shareholders in a "weak position" below around focused on protecting the interests of minority shareholders under the bedding. The second part, the first to undertake the above analysis of the weak position of minority shareholders, the theory of to elaborate legislation focused on protecting the interests of minority shareholders of the legal basis, followed by the combination of the existing problems in the acquisition of real-listed companies and the relevant departments of the real survey data, further demonstrates the practical value of the research topic of this article, to protect the interests of minority shareholders without delay.The third part, to examine the relevant legislative directive of the European Union in order to protect the interests of minority shareholders as the main idea, as relatively advanced worldwide legislation modeled on the "Securities Act" the Companies Act "to introduce the system improvement and breakthroughs reference value and reference. Also below the author provides a reference for the many suggestions for improvement of the existing laws and regulations proposed.The final part of the body, in the affirmative on the basis of a detailed analysis of the defects of the current legislation of laws and regulations on the protection of the interests of minority shareholders of listed companies, respectively, from the "Company Law" Securities Act "and" listed company acquisition management sort out required to be pondering; combined with real life and the relevant laws and regulations are incomplete, leading to legal reality operation encountered a bottleneck, resulting in damage to a real case of the interests of minority shareholders, the last in chronological logical order, asked the author of the relevant laws and regulations suggestions for improvement.