A Study On The Legal Protection Of Minority Shareholders' Rights And Interests In The Acquisition Of Listed Companies In China

In recent years,China's securities market thriving,companies increasingly fierce competition between listed companies have gradually become the important way of expansion.But in the acquisition process we must also focus on the legitimate rights and interests of the target company shareholders have been damaged.At present,most of the company's shareholding structure is quite scattered,a company may have a large number of small and medium shareholders,its shareholding ratio is small,and the will is difficult to fully reflect in the company management decision-making.Target companies in the acquisition process,the target company's controlling shareholders,directors in the absolute dominant position,they often use the advantages of holdings,information superiority of the target company's small and medium-sized shareholders of the rights and interests.However,small and medium shareholders in the acquisition process is very few to protect their own methods,the existing laws and regulations on the protection of small shareholders is not perfect,and difficult to adapt to the new situation and new problems.The face of a large number of vulnerable and vulnerable shareholders,if not take effective measures to protect their interests,is bound to affect the company's governance,and even shake the entire financial market,the consequences could be disastrous.This paper hopes to analyze the present situation of the protection of small and medium-sized shareholders in the acquisition of listed companies in China.By drawing lessons from the excellent legislative experience of Britain and the United States,it is suggested to establish anti-takeover measures from the legal level,improve the information disclosure system,Litigation system,in order to protect the legitimate rights and interests of small shareholders.This article is divided into five parts.The first part is introduction,mainly introduced this article selected topic background,research ideas and literature review;The second part expounds the takeover of listed companies,small and medium shareholders,and the concept of anti-takeover,and mainly introduces the necessity of anti-takeover measures and common anti-takeover measures;At present,the third part studies the acquisition of listed companies in small and medium shareholders' rights and interests protectionlegislation present situation,analyses the anti-takeover measures,the information disclosure system,the system of mandatory bid and shareholder litigation system on the legislative defects of;The fourth part introduces the American and British about legislative steps to protect the minority shareholders in acquisition and evaluation;The fifth part focuses on perfecting the anti-takeover measures are put forward advice,and information disclosure system,mandatory bid system and shareholder lawsuit system improvement methods are proposed.