A Study On The Legal Regulation Of Circulation Market Of Collective Management Land Use Right

Public company go private transaction refers to the behaviors that the corporations acquire the share of shareholders by means of tender offer or incorporating,which led the distribution of corporations shares fail to reach the demands of going public so that the corporations delist voluntarily.The going private transaction is prevalent in western country as an effective route of public corporation exiting the capital market.However,in the process of public going private transactions,the equity of minority shareholders may be harmed or treated unequally due to asymmetric information acquiring and discrepancy controlling rights.Accordingly,constructing a series of legal framework to regulate the behavior of going private transaction is of great significance in the aim of the equity protection of minority shareholders.Recently,public go private transaction case appeared in China's securities market,exposed the party insider trading,price manipulation,against the interests of minority shareholders and public companies controlling,drew the social attraction to the public company go private transaction fairness.Thispaper based on the analysis of the existing laws and regulations of the listed companies in China and the privatization practice,with foreign legislation and judicial practice as the comparative research basis,discusses how to construct a system of private law system of public company which is accordance with china's circumstance.In the first part,the author introduces the theory of economics to analyze the causes of the privatization transaction,and then focuses on two kinds of the basic ways of the privatization transaction.the merger and acquisition of the shares of the four.Finally,from the choice of securities market supervision and the modern capital market law angle,analyzes the small and medium-sized shareholders trading in the weak position in private,proposed to the small shareholders of tilt protection.In the second part,by analyzing the practical cases of China's privatization transactions that PetroChina,Sinopec acquired its listed subsidiary series of cases,we could clarify the relevant provisions of the privatization transaction in China's current legal system,especially the application for the public go private transactions and information disclosure regulations exposed aspects.Analysis of the public Companies in China the privatization transaction legal system has some defects in the protection of the shareholders.The third part mainly analyzes the experience of the western countries in the capital market in the design of the privatization transaction system.The main method of legal regulation for the privatization transaction in the United States,Germany,Britain and other developed capitalist countries and the relevant cases,especially summarizes experience of protecting shareholders.The fourth part to protect the interests of minority shareholders from the perspective of construction of our country's public Companies in the privatization transaction legal rules are proposed,based on protecting the interests of minority shareholders and promote market integration of resources through the pre regulation,supervision,relief in three aspects of system design,put forward from to strengthen the fiduciary duty of controlling shareholder,strengthening the general meeting of shareholders of the privatization transaction decision right,construct the privatization transaction independent committee system,strengthen information disclosure,clear dissenters claim the suitable circumstance,construction of dissent shareholders equity repurchase evaluation system,perfect securities civil claim system in seven aspects,establish a mechanism to protect the rights of minority shareholders China's Listed Companies in the privatization transaction.