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Research about Protecting the Minority Shareholder Benefit in the Acquisition of Listed Companies

Author: LiuJianDong
Tutor: RenYiShun
School: Ocean University of China
Course: Economic Law
Keywords: Acquisition of listed companies The interests of minority shareholders Perfection of Legislation
CLC: D912.28
Type: Master's thesis
Year: 2008
Downloads: 254
Quote: 2
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Abstract

In short, the acquisition of listed companies to obtain control of the company through the purchase of shares in a listed company activities. Acquisition of listed companies is the stock market have a significant impact on legal acts, involving a very wide, it is not only directly related to the interests of investors, but also have a significant impact on other social interests. Listed in the acquisition process, the controlling shareholder, the management of the Company is significantly disadvantaged position of minority shareholders is extremely vulnerable to damage their legitimate rights and interests are not timely and effective protection, easily a contusion small shareholders investment enthusiasm, thus affecting the healthy development of the securities market and the national economy and even affect the social stability and the interests of minority shareholders in the acquisition of the protection of listed companies is very necessary. This is both a legal company acquisition regulation starting point and end-result is fair implementation of the law. China now are in the early stages of the development of the securities market, it is more important to strengthen the protection of the interests of minority shareholders. Only improve the legal system and adequately protect the interests of small shareholders and to the public confidence in the market, healthy and rapid development of China's securities market. China's securities market is in the early stages of development, China's information disclosure system, the corporate governance structure, the system of securities regulation, securities litigation system and so there are many loopholes in our legal system is far from perfect acquisition of the protection of the interests of minority shareholders of listed companies, provides an opportunity to take advantage of its strong position in the acquisition of listed companies to the detriment of minority shareholders as controlling shareholders, the company's management and the acquiree. Greatly against them by publishing false information and malicious anti-takeover abuse of a controlling stake in the legitimate rights and interests of the minority shareholders, to some extent affected the enthusiasm of the small shareholders' investment, affected the healthy development of the securities market. The interests of minority shareholders in the protection of listed companies in the acquisition process is necessary, from a legal point, the interests of minority shareholders in the acquisition of the protection of listed companies is the principle of information disclosure, the principle of equal treatment, the inevitable requirement of social contract theory, the theory of corporate social responsibility to the shareholders; from for the reality of the situation, to protect the interests of minority shareholders favor the development and growth of listed companies, is conducive to the prosperity of the Equity Capital Markets, is conducive to the stability and development of the society. At present, the United Kingdom and the United States on behalf of the Western developed countries, formed a relatively complete legal system of the acquisition of listed companies, the legal framework and regulatory systems are relatively mature, especially about the mandatory tender offer system, information disclosure system and the system of anti-takeover provisions adequately protect the interests of minority shareholders in the acquisition of listed companies, these advanced experience and practices are worthy of our country based on national conditions on the basis of leverage and references. Must be based on national conditions and to learn from the advanced experience of foreign countries in order to promote the healthy development of the securities market, to strengthen efforts to protect the interests of minority shareholders the acquisition of listed companies. Present the current relevant legal system problems and vulnerabilities, the author think that may be in strengthen the acquirer legal regulatory system and strengthen the controlling shareholder of the legal regulatory system, improve the system of anti-takeover perfect the securities regulatory system, improve the information disclosure system, perfect Securities Litigation The system aspects make efforts so that China's listed companies to acquire effective protection of the interests of small shareholders, and thus provide effective legal protection for the entire stock market and the development of the national economy.

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