Research On The Protection Of The Interests Of Minority Shareholders During The Compulsory Delisting Of Listed Company

In order to meet the securities registration reform,we must establish a perfect delisting mechanism of listed companies to ensure that the securities market advance and retreat in order to achieve optimal allocation of resources on the stock market.The delisting of listed companies,especially due to major violations caused by compulsory delisting,will affect the liquidity of the stock,coupled with the shareholders in the information access,expertise and investment philosophy on the deficiencies.As a result,in the context of delisting of listed companies,violations of the interests of small and medium shareholders often occur,which also seriously affect the majority of small and medium shareholders confidence in the securities market.As the main fund provider in the securities market,small and medium shareholders are able to protect their legitimate rights and interests,and directly affect the stability and health of the securities market.Therefore,it is very necessary to study how to protect the legitimate rights and interests of small and medium shareholders in the background of the reform of China's securities market.At this stage,most of the delisting of listed companies in China is due to major violations caused by forced delisting,so this paper is mainly divided into four parts in the mandatory delisting under the effective protection of small and medium shareholders of the legitimate rights and interests.The first part mainly expounds the concept,method and significance of delisting of listed companies,and the necessity of protecting the rights and interests of small and medium shareholders in the background of compulsory delisting of listed companies.In the second part,the author analyzes the current legislative situation of minority shareholders' rights protection,and points out the following shortcomings and deficiencies: lack of strict information disclosure system,lack of perfect civil compensation system,lack of normalized intermediary The mechanism of advance payment mechanism,the lack of an effective civil compensation litigation system.The third part focuses on the relevant legislation of the United States,Germany,the United Kingdom and China's Taiwan region,and draws the enlightenment of the small and medium-sized shareholders' rights protection of foreign listed companies.The fourth part is to establish a strict information disclosure system,establish a soundsystem of civil compensation,the establishment of a normal intermediary agencies pre-payment mechanism and the establishment of an effective system of civil compensation litigation four aspects to improve China's listed companies mandatory delisting of small shareholders protection.