On The Withdrawing Of Listed Companies And The Protection Of Minority Shareholders' Rights And Interests

With the gradual progress of the registration system in our country,the audit system will gradually withdraw from the stage of history.After the implementation of the registration system,the company's listing will be the government to review the legal provisions of the change,that is,as long as the conditions to meet the listing of the company will be able to market,the same reason,do not meet the conditions of listing companies will face the risk of delisting.This system is the biggest impact on listed companies is listed companies will gradually increase the delisting,with the previous listing difficult and delisting difficult to form a sharp contrast.In the foreseeable future,no longer meet the conditions of listing of the company is bound to embark on the road to delisting,in this process,the interests of the biggest harm will be small and medium shareholders.So take preventive measures to study the listing of listed companies under the circumstances of the protection of small and medium shareholders rights is imminent.In addition to the introduction,this article is divided into four parts.This paper mainly introduces the research background and research significance of the delisting of listed companies and the protection of minority shareholders' rights and interests,and through combing the historical evolution of the delisting system of listed companies,this paper reviews the current situation of domestic and foreign research and determines the research ideas of the article.The first part mainly introduces the basic case of "Bo Yuan case".From the listing of the yuan to the final cause of major violations due to delisting risk of the whole process,through the data and charts analysis of small shareholders in the Bo Yuan delisting behavior and possible losses,and through this case to further lead to this article to talk about The Core Issue-the Protection of the Rights and Interests of the Small and Medium-sized Shareholders in the Withdrawing of Listed Companies.The second part of the delisting of listed companies for the type of analysis,from the initiative to withdraw from the market and compulsory delisting two aspects of the Chinese and foreign companies on the delisting provisions of listed companies.China is mainly based on the SFC issued in 2014,"on the reform and improve the strict implementation of listed companies delisting system of a number of opinions",will be actively withdraw from the delisting system.The United States and Germany in the active delisting of the company are very respect for the autonomy of the company,in the compulsory delisting focus on the protection of small and medium shareholders.The third part discusses the impact of the delisting of listed companies on the rights and interests of small and medium shareholders.First of all,the definition of the meaning of small and medium shareholders,introduced the interests of small shareholders,and then discussed the listing of listed companies under the circumstances of the impact of small shareholders.Specifically,whether there is a positive delisting or a passive delisting there are small and medium-sized shareholder relief channels are limited,and in the case of active delisting there is due to the tender offer follow-up behavior caused by unknown problems,forced delisting There are problems in the information disclosure system of listed companies.The fourth part mainly discusses the protection of small and medium shareholders.Starting from the theoretical basis and the reality of the basis of the rights and interests of small shareholders to protect the legitimacy.Secondly,it analyzes the basic principles of the protection of minority shareholders' rights and interests under the delisting of listed companies.Mainly including the principle of minimum risk and compensatory principles.Finally,it focuses on the conditions and protection of small and medium shareholders.According to the existing legal system,listed companies in the delisting process in violation of the relevant provisions of the premise,the small and medium shareholders in the determined trading securities within the time limit and the exercise of the relevant securities should be protected under the action,and suggested.