Research On The Merger And Acquisition Of Stock Exchange From The Perspective Of Small And Medium Investor Protection

From theissue of the last B shares to today,the B share market has gone through nearly 14 years of stagnation,which has led to the split share structure reform.But with the end of the share of China's capital market reform,coupled with the emergence of full circulation market has also attracted a large number of cases with the reform of the convertible merger,"one after another B shares H shares" case,but B shares A shares "of the case are rare.As soon as possible to resolve the issue of B shares,need to have big ideas,provides a new idea and the new situation for the reform of B-share convertible merger.In this case,we should pay attention to the protection of the interests of small investors.In the market economy countries,in order to maintain the peace of the market and the interests of investors,the most basic work is to protect investors.This work has been carried out for many years and has been recognized by the public,and has played a positive role in the relevant aspects.So in order to resolve the issue of B shares,in the scheme design requires not only actively and steadily,but the stock market development,more important is to fully consider the interests of the minority shareholders.However,although all have realized the importance of this issue,and has reached a consensus,but due to many reasons,the history and reality so far,investor protection still has not been effectively implemented,large shareholders,management and other aspects of infringement of improperbehaviorofsmall and medium-sized investors still appear constantly.Therefore,no matter in theory or in practice,there are still many problems in the protection of the interests of small investors.This article mainly through the five part of the new town of convertible real estate holdings convertible analysis.Firstly,this paper introduces the research background and significance of this paper,and expounds the research status at home and abroad,research methods,etc.Secondly,it introduces the related theories and concepts in this case.Then the basic situation of the two companies involved in this case and the convertible merger market background is introduced,and the Metro holdings of convertible merger town estate motivation,the concrete scheme,the convertible merger and capital structure and the combined changes in profitability and other related content.Again is the most important,is the part of case analysis,the case with company information disclosure,the company's ownership structure,the mergerexchange ratio,stock price and the cash option of rationality is analyzed in detail.The last part is the conclusion and enlightenment,and based on the above analysis,thepaper puts forward some suggestions on how to improve the merger and acquisition of Chinese enterprises on the basis of protecting the interests of minority shareholders.The innovation of this paper lies in the selected case is in the merger of East power occurred in 2013 B and A shares in zheneng power convertible second cases "after the listing of A shares B shares" case of successful listing,is the first domestic success to complete the transfer B A real estate company.Since the "B to A" is still in the initial stage in China,there are few domestic researches,but the advantage of this method is obvious.In this paper,the case analysis of the new city,to determine whether the merger of the program is to effectively protect the interests of small investors,but also for the future of the real estate industry and other B-share Companies to provide reference.