Research On The Protection Of The Rights And Interests Of Small And Medium Shareholders Under The Reform Of Mixed Ownership System

The introduction of various types of investors,the realization of equity diversification,active sleeping capital,and the establishment of a modern enterprise management system are undoubtedly important breakthroughs in the reform of state-owned enterprises.However,the beautiful vision of the reform of mixed ownership of state-owned enterprises from the policy level is in stark contrast to the enthusiasm of the private capital to take a wait-and-see attitude.Because the private capital shareholder are afraid of the harm of its legitimate rights and interests.In recent years,at the policy level,a number of regulations and guidance documents has been issued to promote the balance major shareholders and small and medium-sized shareholders in the state-owned enterprises.At the legal level,many provisions of the Company Law and Securities Law provide a legal basis for the protection the minority shareholders' rights and interests in state-owned enterprises.However,in practice,there are still many legal problems in protecting the rights and interests of minority shareholders,which restricts the smooth reform of state-owned enterprises.This article expounds from the perspective of state-owned assets management and legal restraint,including the vague concept of state-owned assets loss,the absolute rule of "capital majority",the administrative style of state-owned enterprises the which violate the contractual spirit of the market economy.The actual controlling shareholders of an enterprise may harm the interests of the company and other shareholders through insider trading.The judicial protection of state-owned assets and non-state-owned assets is not equal.The cumulative voting system for small and medium-sized shareholders to warm themselves up has not been firmly promoted in China.The mechanism of minority shareholders withdrawal is not perfect.The relevant legal provisions on employee ownership are not sufficient.It is difficult for minority shareholders to seek legal remedies.The penalties for insider trading are little.Analyzing the case of Chen fashu v.Yunnan Hongta group,it is found that the main causes of the dispute are the lack of clear concept of state-owned assets loss,fuzzy judgment on the validity of state-owned assets transfer procedures and unclear subject of examination and approval.Summarize the advanced experience of protecting the rights and interests of minority shareholders in Shandong province mixed reform,including designing the top-level system,clarifying the principle of employeeownership,and improving the voice of minority shareholders.In the light of the above,Targeting the current situation and problems of minority shareholders' rights protection under the mixed reform,combining the case study and the advanced experience of Shandong Province,we put forward some countermeasures.They mainly include: regulating the transfer of state-owned assets,appropriately establishing a structure of category shares or double-storey shares,restricting the administrative style of state-owned enterprises,substantially increasing the penalties for insider trading,establishing an equal judicial protection system for public and private property,improving the cumulative voting system,improving the mechanism for the withdrawal of small and medium-sized shareholders,improving regulations on employee ownership and speeding up legislation on shareholder class actions and claims.