Research On The Legal Issues Of Investor Rights Protection In The Bankruptcy Reorganization Of Listed Companies

With the promulgation and implementation of the new bankruptcy law,listed companies have used the bankruptcy reorganization system to resolve the crisis they face.The reorganization of listed companies has a great impact on economic development and social stability.Reorganization system is designed to balance the interests fully.In the process of promoting reorganization of listed companies,it is necessarily for us to restrict and protect rights and interests of relevant stakeholders and confirmation.But in practice,the phenomenon of the investor rights and interests of adjustment is too harsh,seriously affected the implementation of the restructuring program.So we should pay more attention to confirm,reasonable protection and limit the rights and interests of investors.On March 6,2018,the supreme people's court held a press conference,issued a "national work conference on court for bankruptcy judge notes,noted that the restructuring program has a series of problems.Restructuring program is the focus of the reforming of maintaining the enterprise value of the operations,and the press points out that the business plan should be feasible,and the voting procedures should be legal.The press hold content may not damage the interests of each voting group of opponents in the liquidation.The court shall also prudently apply article 87,paragraph 2,of the enterprise bankruptcy law,and shall not abuse the power of compulsory approval.However,China's current relevant legislation has appeared serious lag and poor feasibility.This article according to the meeting spirit combined with the current legal problems in judicial work,analysis all kinds of problems of the protection of the rights and interests of investors in bankruptcy reorganization.The article combined with domestic and foreign related legislation example,the United States and Germany and other countries for reference in the excellent reforming the legislative concept and legislative rules,puts forward some suggestions and enlightenment to the concept of court trial,so that we can improve the lack of some of China's current legislation and practice,to protect the rights and interests of investors.The first part of this article,the typical case analysis of the existing in our country.I chose some respectively cases,such as the xinjiang million road reorganization case,the nuclear titanium white reforming in case and jincheng paper reorganization case.Through the case analysis of the three cases,the article pointes out that China's current reforming trial to sponsor reforming right,to participate,voting rights,and the court's compulsory approval from unreasonable rules.Of course,these problems can not comprehensively summarized the present a problem for the investor of our country's bankruptcy reorganization,but are relatively obvious,and the urgent need to solve.In the second part of this paper,the basic concepts of investor and investor's rights and interests are explained,and then the necessity of investor's rights and interests adjustment is analyzed,which is the theoretical basis of this paper.The first part summarizes several problems,mainly including the investor reforming limited application right,the lack of investor reforming participation,the ambiguous investor voting rights and the unreasonable applicable for mandatory approval from court this four aspects.Through the analysis of the legal status of these four issues,I put forward some suggestions to change the idea of the direction,and for certain theoretical analysis accordingly.The third part of this article,on the above issues first one-on-one put forward concrete Suggestions on modification,such as the liberalisation of legal restrictions,clear legal regulations and detailed implementation rules,and then apply the countermeasures and suggestions to the typical case analysis.At the end of the article,according to the problems of present judicial trial,the court of justice in the future work,puts forward some enlightenment.This paper discusses mainly the concept of benefit balance legislation,judicial review and the expected,the idea of the organic link and bankruptcy judge professionalism.