Cash Option In The Privatization Of Listed Companies

As a special means of capital operation,the privatization of listed companies has been widely used in Europe and the United States,Japan and Hong Kong and some mature capital markets for a long time.While China,with the 2005 split share reform of the special policy background and many chinese companies have privatized from foreign capital markets since 2011,it should be said that the wave of privatization for the purpose of centralized control and value promotion has emerged.And in the company for privatization transactions,the majority of small and medium shareholders can not get a reasonable value compensation.In foreign legal practice,common to assess the right to claim as the representative of the small shareholders of the right to relief,and China's capital market also will be derived with the corresponding cash option as an independent relief.This paper intends to improve the construction plan of the imperfect cash option in the domestic capital market around the nature and value of legislation,through the analysis of the interests of small and medium shareholders in the acquisition of listed companies suffered internal causes of infringement and the study of extraterritorial relief systems and the existing legal remedies.The paper is divided into the following sections:Chapter 1: The background and theoretical basis of the construction of cash option system in China.This part mainly analyzes the deep-seated causes of the interests of small and medium-sized shareholders according to the realistic background of the privatization of listed companies and the related theories.At the same time,the paper analyzes the status quo of the main system of the protection of the interests of the small and medium-sized shareholders,and discusses the necessity of the establishment of the system in the country.Chapter 2: Comparative analysis of cash option and related systems both inside and outside the domain.This part mainly analyzes and compares the background and theory of foreign cash option and related rights,finds out the experience of extrajudicial legislative experience of cash option,and makes a comparative study on the repurchase request right of China's dissenting shareholders to get the future of the two systems legislation to survive.Chapter 3: Analysis of the legislative nature and value function of cash option.This part analyzes the legal attributes of the cash option in China from the comparative study of the internal and external legislation of the cash option,and discusses the value function of the cash option from the fair value exit and the conflict benefit supervision.Chapter 4: Discussion on the Specific Setting of Cash Option System.This part studies the feasibility and necessity of setting cash option in China by studying the related problems of cash option already exists inside and outside the domain.And then discuss the specific options for cash options,including the right subject,the subject of the obligation,the opposition pre-program settings,pricing model,information disclosure requirements and program settings.Among them,in the improvement of the system focus on cash options pricing model selection and rationality analysis.Through the case summary,the market practice experience and the theory analysis,embody the existing market price pricing method,evaluates the insufficiency of the pricing method and puts forward the solution.