A Study on the Protection of Minority Shareholders'Rights in Shareholder Equity Adjustments of Listed Companies
In the process of the reorganization of listed companies,the shareholder rights adjustment program generally lacks a relevant system design,resulting in clear shortcomings and difficulty in achieving a balance of interests between controlling shareholders and minority shareholders.In the equity adjustment plan,the stock transfer price is too low,and the mechanism behind it is not transparent,with no clear disclosure to minority shareholders.Moreover,the scope of illegal conduct by controlling shareholders is too narrow,and there is no differentiated treatment for their wrongdoings.Additionally,the investor group meeting voting mechanism lacks a provision for abstaining from voting,allowing controlling shareholders to coerce minority shareholders through the majority capital rule.Therefore,it is necessary to optimize the shareholder rights adjustment scheme based on the practices of foreign jurisdictions and the actual needs of listed companies in China.This will help main-tain the balance of interests within the investor community.A clear pricing mechanism and disclosure mecha-nism should be established,the scope of illegal conduct by controlling shareholders should be expanded,dif-ferentiated treatment should be implemented,and the circumstances for abstaining from voting should be clari-fied and expanded.
Reorganization of Listed CompaniesShareholders'Rights AdjustmentControlling ShareholdersProtection of Minority Shareholder InterestsDifferentiated Treatment
万方数据
维普
