Research On The Protection Of The Rights And Interests Of Medium And Small Investors Under The Compulsory Delisting Of Listed Companies

Medium and small investors occupy an absolute proportion in the investor structure of China's securities market.therefore,protecting the legitimate rights and interests of medium and small investors can fully reflect the degree and level of the rule of law in the protection of investors' rights and interests in China's capital market.this is the inherent requirement of maintaining fair trade in the securities market and promoting the healthy development of the securities market.However,under the compulsory delisting system,the rights and interests of medium and small investors are not effectively protected,but are more vulnerable to infringement.The emergence of this abnormal situation is due to the fact that the mechanism for protecting the rights and interests of medium and small investors under compulsory delisting is not perfect at the present stage in our country;second,the damage to their rights and interests has been aggravated by the characteristics of "low professional ability and weak awareness of safeguarding rights and interests" of this group of small and medium-sized investors.Although our country pays more and more attention to the protection of the rights and interests of medium and small investors and carries out legal reform with the goal of strengthening the protection of medium and small investors for many times,there are still problems in the relevant laws and regulations in practice.it is difficult to achieve the desired protection effect of the protection system.Therefore,by analyzing the current situation of the protection of the rights and interests of medium and small investors under compulsory delisting in our country,we find that there is a gap between them and the expected goal,and learn from the experience of foreign securities markets in protecting the rights and interests of medium and small investors.To explore ways to protect the rights and interests of medium and small investors under compulsory delisting with Chinese characteristics,in order to improve the protection system of investors' rights and interests in China's securities market,It is of great help to promote the reform and development of China's securities market.This paper studies the protection of the rights and interests of medium and small investors under the compulsory delisting of listed companies.the main body of the full text consists of five parts,which are summarized as follows.The first chapter defines the relevant concepts of compulsory delisting,analyzes the situation and procedures of compulsory delisting,and discusses the significance ofcompulsory delisting,so as to form a basic understanding of the basic theory of China's compulsory delisting system.At the same time,it defines the medium and small investors and discusses the basis of tilting to protect the rights and interests of the medium and small investors.The second chapter mainly discusses the current situation and existing problems of the protection of the rights and interests of medium and small investors under the compulsory delisting in our country.Through the research,it is found that the problems at this stage are mainly reflected in the following aspects: lack of strict information disclosure system;imperfect judicial relief mechanism;advance compensation has not formed an effective mechanism;delisting procedures need to be optimized and delisting is single.Through the introduction of the regulations on the protection of the rights and interests of medium and small investors in the United States,South Korea and Japan,the third chapter explores how they protect the rights and interests of medium and small investors.It is expected that we can learn from their useful experience and combine the reality of our country to provide the direction for the development of the protection system of the rights and interests of medium and small investors in our country.The fourth chapter puts forward the corresponding countermeasures by drawing lessons from the corresponding experience and combining with the specific market environment of our country.In view of protecting the interests of medium and small investors,this paper puts forward the following specific suggestions: optimize the delisting procedures,refine the direction of delisting;improve the supporting relief mechanism for small and medium-sized investors;improve the information disclosure system;and strengthen investment education for small and medium-sized investors.improve their risk prevention awareness.The last part is the summary of the paper,which is a brief integration and supplement to the whole paper.This paper analyzes the current situation of the protection of the rights and interests of medium and small investors under compulsory delisting in China,and probes into the existing problems and the causes of poor protection,in order to prescribe the right remedy to the case.to provide some superficial suggestions for better protecting the rights and interests of medium and small investors under compulsory delisting,improving the compulsory delisting system of listed companies,and building a sound development of the securities market.