Research About Protecting The Minority Shareholder Benefit In The Acquisition Of Listed Companies

In short, The Acquisition of Listed Companies is to control the company through the purchase of shares of listed companies, which in the stock market has a significant impact on the legal action. The rights and interests of minority shareholders,who are in a clearly disadvantaged position , is vulnerable to be damaged in the process of Acquisition of Listed Companies. It is necessary to protect the rights and interests of minority shareholders, which is not only the starting point of regulating the Acquisition of Listed Companies but also the implementation of a fair legal destination. Only after perfecting the legal system to fully protect the interests of minority shareholders, the public can be confident in the market, and China's securities market can have a rapid and healthy development.However,because China's securities market is in the early stages of development,China's information disclosure system,corporate governance structure,securities regulation system,securities litigation system have a lot of loopholes, through which controlling shareholders and company management who in a strong position can easily damage the interests of small shareholders. Through the publication of false information, and malicious anti-acquisition, and other means of controlling abuse they damage seriously the legitimate interests of small shareholders, which affect the minority shareholder's enthusiasm for investing in, and affect the healthy development of the securities market.Therefore, it is very necessary to protect minority interests in the process of acquisition, which is objective requirements of information disclosure principle,the principle of equal treatment of shareholders, the social contract theory and theory of corporate social responsibility from a legal point of view;and which is conducive to the survival and development of listed companies,securities capital market prosperity and social stability and development.At present, the United Kingdom and the United States represented by the developed Western countries formed a relatively complete legal system for the acquisition of listed companies, whose legal framework and monitoring system are relatively mature. Their mandatory tender offer system,information disclosure system and anti-takeover system requires that the full protection of the listed companies in the acquisition of minority interests. These advanced experiences and practices deserve us to reference and quoted on the basis of our foothold in the country In order to promote the healthy development of the securities market,our government must intensify efforts in the protection of minority interests in the process of the acquisition of listed companies,which must foothold on the basis of the basic conditions and learn from advanced foreign experience. In view of the existing legal system related problems and loopholes exist, I believe, some measures should be taken in the following some aspects: Strengthen the legal regulation system for controlling shareholders and improve the legal system about anti-takeover, securities regulation, information disclosure, securities litigation, so that the interests of minority shareholders in the acquisition of listed companies will be effectively protected ,then provide effective legal protection For the development of the securities market and the national economy.