Protection Of Minority Shareholders Based On The Information Disclosure Of Listed Companies

Protection of small shareholders' interests of listed company has significant meaning both to the development of listed company and the development of securities market, so we can consider it is the foundation of the development of securities market. However, the shares small shareholders hold are relatively few and the location small shareholders scattered are also dispersed, these disadvantages make the interests of small shareholders are easily to be encroached by the "internal persons" of listed company. And the encroachment can attributed to the imperfection of the information listed company disclosed and the information difference between small shareholders and "internal person" in a great degree.In today's time, because of many reasons which existed both in and out of the listed company, many flaw, such as, faultiness, inauthenticity, and out of time are existed in the information disclosure process of listed company. The information "internal person" hold is much more than the information small shareholders hold, so the "internal person" can use their information advantage to encroach the small shareholders' interests easily. Thus, to protect the small shareholders' interests, we must perfect the information which is disclosed by listed company and diminish the information difference between small shareholders and "internal person" gradually. To achieve this goal, we must increase both the quantity and quality of information that the listed company disclosed.This paper is divided into five sections. The first section is introduction, it introduces the intention of the selection of this title, the research value of this issue, and the research thought and method. The second section is basic theories of small shareholder protection, it introduces related conceptions and theories of small shareholder protection. The third section is the hurt that the imperfection of information caused to small shareholders, it reveals the main matter that existed in the information disclosure process of listed company and the expression of the encroachment which small shareholders suffered. The fourth section is reason analyzing, it analyzes the reasons in and out of the listed company that caused the imperfection of information disclosure process and describes its damage to the small shareholders. The fifth section is strategy researching, it hopes to find the way to protect the small shareholders' interests on the basis of information disclosure.