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The Study Of The System Protecting Minority Shareholders Interests Under The Privatization Of Listed Companies

Posted on:2017-11-01Degree:MasterType:Thesis
Country:ChinaCandidate:Q X LiFull Text:PDF
GTID:2336330509453740Subject:Law
Abstract/Summary:PDF Full Text Request
Privatization of listed companies refers to the behavior of controlling parties of the companies using the equity offer or merger and other means to obtain a stake from the small and medium investors, and thus not longer in circulation automatic delisting. Surging privatization transactions have been common in the United States and Europe and other developed countries, and to date, privatization transactions of listed companies is to find effective ways to exit the capital markets. However, because in the privatization transaction the controlling parties and investors holding acquire unequal information and advantages and disadvantages of the controlling rights, combined with man-made operational transactions, the result will inevitably lead to unfair and equity investors damage. Therefore, it has already become today's legal difficulty in the privatization deal to establish an effective legal system for the protection of the investors' rights.In recent years, in the case of domestic privatization, a growing number of exposed insiders trading among the controlling parties of the listed companies, manipulation of the price of the stake, infringement of the investors rights and benefits and other issues, led to the wide attention on equity of the privatization transactions among the listed companies. This thesis starts from the perspective of the investors' rights and interests, by analyzing three cases: the privatization of the subsidiary of Petro China and Sinopec and the privatization of Jinma group by Shenhua group, and on the basis of analyzing the American federal security act and Delaware law, found the issues during the privatization transactions of domestic listed companies. For example: reducing the reasonable value of a company, controlling the cash flow of the company, fake achievements, reveal forged information, unreasonable pricing of the merges, etc. I suggest that we use these 5 aspects: statements of the equity of the transactions, the accountability for the revealed forged information, and the aid measures to the investors who have a different opinion, etc.; to improve the legal system of China's listed companies' privatization transactions.We hope that results of this study can provide some useful help to protect the interests of minority shareholders of listed companies in the privatization, and similar enterprises to provide an alternative theory of reference.
Keywords/Search Tags:Privatization of listed companies, Controlling shareholders, Minority shareholders, Protection of the rights and benefits
PDF Full Text Request
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