Research On The Protection Of The Rights And Interests Of Small And Medium Shareholders In The Process Of Controlling Controlling Rights

After entering the Jinke through private placement,SUNAC China Holdings Limited initiated the battle for the control of Jinke Property Group Co.,Ltd.After that,Huang Hongyun,the controller of Jinke Group,had battled several times with Sunac Group.This capital warfare finally ended by an announcement of logouting the repurchased shares.In this war of control rights,Huang Hongyun and his concerted activists took the leader in reaching 30% and won a victory.Compared with countries which have more developed capital markets,China's capital market has a short time and developed rapidly.Although China's relevant laws and systems are designed to catch up with the development of the capital market,unfortunately,it has not been able to keep up with the development of the capital market.Besides,structure of the companys' management is still not perfect,the development of the capital market is imperfect,and there are many loopholes in the process.It is particularly striking that the competition of control rights had affected the rights and interests of minority shareholders.The competition of control rights often has an immeasurable negative impact on the development of the company,especially for minority shareholders.The focus of research in this paper is the impact of the controlling rights on the interests of minority shareholders and proposing to protect the rights of minority shareholders.This paper adopts literature research method and case study method,taking Jinke shares as a case,through the analysis of various aspects of the controlling rights competition period,the impact of controlling rights competition on the company's minority shareholders' rights is studied.The case study found that in the case of the control of Jinke's shareholding rights,the right to know,decision-making and income of small and medium-sized shareholders were infringed to varying degrees.Specifically,in the process of controlling the controlling rights,Jinke shares are not fully disclosed,not timely,and the board of directors is controlled by major shareholders,which makes the minority shareholders' right to know and decision-making power infringed;Jinke suddenly suspends trading to counter the The increase in holdings brought a negative short-term market reaction to Jinke,and the actual controlling shareholder of Jinke Co.,Ltd.implemented a high dividend dividend during the suspension.When the new director was elected,he won the support of small and medium shareholders and defended the company.Control,but the company's high-interest loans at the same time carry out huge financial support,seriously infringing the rights of small and medium shareholders.In the end,this paper proposes protection of minority shareholders' interests from three aspects,namely,internal corporate governance,external supervision and small and medium shareholders themselves.Most of the domestic and foreign influences on the rights and interests of small and medium-sized shareholders are empirical studies on the relationship between equity structure,performance,corporate governance and the protection of small and medium-sized stocks,interest transfer.Jinke is a typical case of the control of the controlling rights in recent years.It has a certain representativeness,and the competition for the controlling share of the major shareholders has led to the first competitive offer,and it has certain uniqueness.The significance of the research in this paper is mainly to regulate the behavior of shareholders of listed companies,protect the interests of small and medium shareholders,and protect the healthy development of the capital market.