Legal Issues On The Protection Of Interests Of Small And Medium-sized Investors Under Compulsory Delisting Of Listed Companies

The original design arrangement of compulsory delisting system for listed companies aims to fully realize the function of "winners win losers" in the securities market,so as to provide high-quality investment options for the majority of investors in the securities market.But there are still many problems on the securities market at present,the imperfection of compulsory delisting mechanism enables companies delisted period long,good and bad are intermingled of the quality of listed companies on the market,not only makes "shell resource" hyped,and due to the imperfect information disclosure system,make the broad masses of small and medium investors in the face of the face of compulsory delisting of listed companies in a weak position,when its legitimate rights and interests of vulnerable to abuse.However,in practice,the compensation mechanism for investors is not perfect,the judicial relief channel is not unblocked,all kinds of problems will hit the majority of securities investors' investment enthusiasm,lose confidence in the market,and ultimately affect the longterm healthy development of the entire securities market.Therefore,we need to pay attention to these problems and actively solve them.This paper starts from the Angle of the unbalanced protection of the interests of small and medium-sized investors after the compulsory delisting of listed companies,and discusses the way to solve the problem.The main body of this paper consists of five parts,except the introduction and conclusion,and the main structure is divided into four chapters.The first chapter first introduces the concept of delisting of listed companies,then introduces the theory of investor protection and the existing institutional arrangement of investor protection in China.The second chapter mainly analyzes many practical problems of investor protection faced by listed companies in China under the current compulsory delisting mechanism and investor protection system.The third chapter mainly compares and analyzes the excellent experience of the overseas securities market.The fourth chapter combines the practical problems and the overseas experience,and puts forward some Suggestions on improving the protection of investors' interests under the compulsory delisting system in China.In the first chapter,an introduction to compulsory delisting of listed companies in China is introduced,including its basic concept and positive significance.Secondly,it analyzes the theoretical basis of investor protection and summarizes the practical significance of protecting small and medium-sized investors.Finally,it summarizes the institutional arrangements for investor protection in the existing mandatory delisting mechanism,which are mainly distributed in the documents of laws,regulations and exchanges.The second chapter,the main analysis of the current in the existing in our country listed company under compulsory delisting mechanism and investor protection system,investor protection is faced with many practical problems,compulsory delisting mechanism is imperfect,lack of information disclosure of listed companies,forced to pay after delisting mechanism is not sound,securities tort of lack of judicial relief,etc.The third chapter is a comparative analysis of the compulsory delisting and the investor protection mechanism in the developed overseas securities market.The first section introduces the system of American securities market.Firstly,it is the compulsory delisting mechanism of listed companies on the New York stock exchange and nasdaq.Secondly,it is the main design of investor fair fund.The second section analyzes the standard and procedure of compulsory delisting of listed companies in Japanese capital market and the mechanism of investor protection.Finally,the paper concludes the enlightenment and experience of improving the investor protection mechanism under the circumstance of compulsory delisting of listed companies.The fourth chapter,combined with the existing practical problems analyzed in the second chapter,on the basis of comparative analysis of the institutional design of the overseas securities market with mature development,based on the domestic development reality and legislative framework,puts forward the path to effectively protect the interests of investors under the circumstance of compulsory delisting of listed companies.First,we should optimize the compulsory delisting mechanism of listed companies,speed up the process of compulsory delisting of listed companies,improve the criteria for delisting,and provide relief channels for listed companies.The second is to strengthen the information disclosure obligation of the relevant subject.Third,it is necessary to establish multiple compensation mechanism,improve the first compensation system,explore the establishment of fair fund system in China,and analyze the relationship between fair fund,first compensation and civil compensation litigation.Fourth,we should improve the judicial relief system for investors,establish a class action lawsuit mode with Chinese characteristics,unblock the relief channels for the majority of small and medium-sized investors,and effectively safeguard their legitimate interests.Under the general trend of strict compulsory delisting,the securities market needs a perfect investor protection system to maintain the stability of the market.By improving the process of delisting and establishing a sound relief mechanism for small and medium-sized investors,we can protect investors' interests while optimizing the allocation of resources in the financial market,finally realize the sound development of the securities market,guide investors' rational investment,and push the securities market forward in a healthy and orderly direction.