Research On The Interests Of Maoye's Commercial Related Acquisition Of Small And Medium Shareholders In Chongqing Maoye Department Store

With the continuous development of China's capital market,China has introduced relevant policies to encourage enterprises to make acquisitions,and acquisitions have gradually become an effective way for China's listed companies to improve market competitiveness and enhance company strength.Some large shareholders use connected acquisitions to harm the interests of small and medium shareholders.The reason for this situation is due to insufficient protection of the interests of small and medium shareholders in China,less regulation of related party acquisitions,excessive concentration of company equity,and weak self-protection awareness of small and medium shareholders.Large shareholders have infringed upon the interests of small and medium shareholders through connected acquisitions.Maoye Commercial Co.,Ltd.(abbreviated Maoye Commercial)has completed several acquisitions since its reorganization and listing in 2016.Most acquisitions of large shareholders are difficult to escape the suspicion of infringing on the interests of small and medium shareholders.Based on the information asymmetry theory and the principal-agent theory,this article takes Maoye Commercial's acquisition of Chongqing Maoye Department Store Co.,Ltd.(referred to as Chongqing Maoye Department Store)as an example.Introducing the structure,it is found that major shareholder Shenzhen Maoye Commercial Building Co.,Ltd.(referred to as Maoye Commercial Building)holds more than 80% of Maoye Department Store.The actual controllers of Maoye Commercial and Chongqing Maoye Department Store are both Huang Maoru.The motive of Maoye Commercial's acquisition of Chongqing Maoye Department Store is to avoid peer competition,enhance market competitiveness and realize the company's development strategy.Secondly,through analysis,it was found that during the connected acquisition,the equity of Maoye Commercial's small and medium shareholders was diluted,and the major shareholder Maoye Commercial Building occupied the listed funds,which damaged the interests of small and medium shareholders.In the case where the interests of small and medium-sized shareholders were damaged,the methods used to infringe small and medium-sized shareholders during the acquisition process were explored,and the interests of small and medium-sized shareholders of Maoye Commercial were infringed through the acquisition of high premiums and the pledge of large amounts of equity to financial institutions.Finally,explore the reasons why Maoye Commercial's major shareholder Maoye Commercial Building can infringe Maoye Commercial's small and medium shareholders 'interests because the company's shareholding structure is too concentrated,the governance structure is imperfect,laws and regulations need to be improved,the regulatory mechanism is not perfect,and the awareness of small and medium shareholders' rights protection is weak.Wait.In order to prevent the major shareholder Maoye Commercial Building from infringing on the interests of Maoye Commercial's small and medium shareholders,it is necessary to improve the current situation where Maoye Commercial's equity is too concentrated and give full play to the role of Maoye Commercial Supervisory Board.In addition,for the country,it is necessary to improve relevant laws and regulations and establish a sound supervision mechanism.In addition,the responsibility of the third-party assessment agency is also quite significant,and it should have the required professional knowledge and a high degree of independence.Small and medium shareholders who are victims should also raise their awareness of rights protection and learn to arm themselves with legal knowledge to protect their legal rights and interests.