A Research On The Performance Commitment Under Material Assets Reorganization Of Listed Companies And The Protection Of Minority Shareholder's Interests

With the gradual development of the capital market,assets reorganization by listed companies has gradually become an important way to optimize the allocation of resources.Usually the material assets reorganization produces important influence on listed company's equity structure,profitability,quality of assets,stock prices as well as the control of the company,thus will affect the interests of minority shareholders.In order to reach a fair price,the compensation commitment system formed due to the support of the regulation department and the practice of assets reorganization,of which the aim is to protect the interests of the listedcompany and itsminority shareholders.But in recent years,the system gradually shows some disadvantages,which seriously violated the legitimate interests of the company and minority shareholders.So how to regulate the performance of the compensation commitment and protect the interests of minority shareholders has become an urgent problem to be solved.The first chapter introduces the history of the compensation commitment system in material assets reorganization of listed companies,which shows what the regulation department have done to perfect the system.The second chapter presents the statistical data of the commitment defaults in recent years,and cases which show the methods that promisees usually adopt to avoid their responsibilities.The third chapter emphasizes on a typical case,which introduces how major shareholders of a company named SHANDONG GEO-MINERAL co.,ltd avoid their responsibilities twice.The fourth chapter puts forward concrete suggestions for the regulation department to protect the interests of minority shareholders,which includes how to disclose information,optimizethe way of compensation,promotethe establishment of classified shares system,and build a sound system of compensation for minority shareholders,etc.