Research On The Construction Of China's Acquisition-oriented Class Action System

Under the conditions of market economy,M&A of listed companies is an important economic tool that can bring huge economic effects to the country and society.However,the protection of the rights and interests of small and medium-sized shareholders can not be ignored.Establishing a sound protection mechanism for small and medium-sized investors can strengthen investors' confidence in the capital market,and investors can trade more confidently in the capital market.However,the current remedy for the damage of minority shareholders' rights in China is not that the threshold is higher or the cost of rights is too high.Judging from the existing legal provisions,the Securities Law and the Company Law are the most effective laws in the field of mergers and acquisitions.The protection provisions for small and medium-sized shareholders are relatively abstract and difficult to operate.The representative litigation stipulated in the Civil Procedure Law can theoretically become a weapon for small and medium-sized investors to defend their rights.However,the representative litigation brings high cost of defending rights to small and medium-sized investors,which is also not conducive to the rights of small and medium-sized shareholders.Therefore,a relief mechanism is urgently needed to solve this dilemma,and the M&A group litigation model provides a good idea.The M&A Group litigation runs through the entire process of M&A activities and can respond to violations in a timely manner.This paper analyzes the shortcomings of the existing system in protecting the minority shareholders' rights and interests in the field of mergers and acquisitions of listed companies,discusses the feasibility and necessity of introducing the litigation system of mergers and acquisitions in China,and based on the systematic study of the litigation system of the US mergers and acquisitions group,combined with China's national conditions China's specific proposals for building a merger and acquisition group litigation system hope to benefit the prosperity and development of China's capital market.