Research On The Protection Of Minority Shareholders' Equity In The Equity Pledge Of Listed Companies

With the rapid development of China's economy,market participants have a strong desire to pursue economic interests.The emergence of equity pledge enhances the liquidity of company funds and embodies the idea of making the best use of everything.As a kind of pledge of rights,equity pledge is different from traditional pledge,and it has become an effective means of corporate financing.The pledge of shares of listed companies is common nowadays.It can supplement the liquidity of listed companies,break the restriction of restricted shares and realize the economic value of restricted shares,which is extremely beneficial to the operation and development of listed companies.However,in the process of equity pledge of listed companies,it is very easy to produce moral hazard,which damages the interests of companies and shareholders.As an information disadvantage,minority shareholders have natural defects in information acquisition and risk response in the process of equity pledge of listed companies.When there is moral hazard of equity pledge,the rights and interests of minority shareholders will be greatly harmed.Based on this,under the pledge of shares of listed companies,how to protect the rights and interests of minority shareholders becomes extremely important.This article takes the protection of minority shareholders' rights and interests under the pledge of shares of listed companies as the core,and elaborates it through five parts.The first part outlines the equity pledge system of listed companies and its impact on shareholders'rights and interests,so as to establish the relationship between equity pledge and shareholders' rights and interests.The second part elaborates the theoretical reasons of damage to minority shareholders'rights and interests in equity pledge of listed companies,and explores the relationship between equity pledge and corporate tunneling behavior,as well as the specific ways of shareholders' tunneling behavior under equity pledge.The third part,through the exploration of the current system of protecting minority shareholders in our country,puts forward the insufficiency of the current system of protecting minority shareholders in the pledge of shares of listed companies.The fourth part explores the experience of protecting minority shareholders'rights and interests in foreign countries to learn how to protect minority shareholders' rights and interests.The fifth part,through the analysis and discussion of the first four parts,puts forward some suggestions to improve the protection of minority shareholders' rights and interests in equity pledge of listed companies.Through the exploration of the above five parts,this paper hopes to improve the protection of minority shareholders' rights and interests,so as to protect the interests of minority shareholders under the moral hazard of listed companies pledged shareholders.