Research On Protection Of The Minority Stockholders' Equity In Listed Companies

Protection of investors'equity, particularly minority investors'equity is the prerequisition of the development of stability of capital market. After reformation of capital, our capital market have got gratifying achievement, but the protection of minority stockholder's equity still meet lots of obstacle. Low protection level, encroachment on behavior existent everywhere, at the same time once the equity of small shareholders have been damaged, they can't get immediately help and effective compensate, so the investor's confidence has accepted strike. All these have restricted the capital market to development healthy and orderly. In view of the damage that bring to society when the small stockholder's equity is dameged, more and more attention is being paid to protection of minority stockholder's equity.Think of the reality of the capital market, First, The thesis has analysed the current situation of the protection of minority stockholder's equity of a listed company, and the difficult when the minority stockholder want to defend their equity. Second, the thesis analysed the entrust and agent relationship between the shareholders and the operators, between the major shareholders and the minority stockholders. And the means that the major shareholder infringe minority stockholders' equity. Then the thesis spent a great many of words to carry out a demonstration studies concentrating on the degree of damege that the major shareholders having bring to the minority stockholders. In this demonstration studies, the thesis has selected 61 sample from business of big stock transfer of listed company which happende in 2005,2006 and 2007 years as object of study, and has come to a conclusion that the average of premium level is 10.5%. Last, the thesis give some advice on perfect protection of minority stockholder's equity from two aspects that is perfect the strcture of the inside company governs and the outside company governs.