Research The Share Swap Merge On The Perspective Of Investor Protection

China's capital market has entered The Stock Entire Circulation Time,in order to meet market demand,different ownership structure,different types of companies began mergers and acquisitions,in which small investors has made tremendous contributions to this change.Since 1990 s LLSV had conducted groundbreaking research with laws and regulations on investor protection,scholars began to focus more and more research on the protection of small investors.December 25 th 2013,the State Council issued "The instructions on further strengthening the protection of capital market of small and medium investors' legitimate rights and interests “emphasizesd on the role of small and medium investors played.Existed literature is often focused on the role of investor protection within laws and regulations,the failure to implement in-depth analysis of specific investor protection mechanism,so it is necessary to re-examine investor protection mechanisms.This essay is mainly discussed based on theory study,case study,comparative study,inductive study.Firstly,it set forth the relative theory base to understand the theory deeply.Secondly,combine the present situation of investor protection in share swap merge in China to explore the problem involved,then making the Midea Group as the studied case,giving an introduction of the process of this merge,raising questions and analyzing them while comparing with other similar companys,thirdly we draw an conclusion meanwhile giving our suggestions on the investor protection in share swap merge in China and looking into the future perspective.We draw a conclusion that when it comes to share swap merge companies often forget the benefit of small and medium investors,especially on the aspect of cash option,exchange ratio,circulation on the price,effort should be made to improve this situation.The innovation part of this paper is that the concept of share swap merge and investor protection has been put forward for sometime,but few researchers combined these two aspects together to discuss,and bring the financial index to the content of investor protection which used to be carried out based on law and regulation system.The case of Midea group is the first case since the introduction of the major asset restructuring management approach of non-listed company merger and acquisition of listed company,the experience of the merge will be a good measure to the future of merger and acquisition of Companies in the investor protection.This is a financial innovation.