The Study Of Minority Shareholders’ Protection Under The Background Of Listing Corporation Delisting

In2012, the heated dispute of listing corporation delisting is caused with thereform of the delisting system in main board market. For a long time, many listingcorporation which should be delist still appeared in stock market for the existinglisted corporation delisting system in our country, it has weaken the functions of thestock market to achieve the survival of the fittest and optimize resource allocation.Under the imperfect delisting system, the listing corporation and its majorshareholders always damage the interests of minority shareholders. Occupied morethan90%of the stock market, although the minority shareholders is numerous, forlack of access to information, the necessary expertise, investmentphilosophy,self-preservation, the minority shareholders are in weaken positionwhich need to protect, and also the proceedings of compensate for damage isimperfections. As described above, the interests of minority shareholders cannot beprotected timely, at the same time this is seriously affect the confidence of theminority shareholders to participate in stock market.From the perspective of empirical analysis, this article selects the typical casesthat*ST Chuangzhi and*ST Yanhuang are delisting at the end of2012,and Sinopec,Petro China privatization, and draw the conclusion that it is definitely necessary toprotect the minority shareholders by analysis these cases. Then through analyzingthe present situation of the damaged minority shareholders under the background ofdelisting, and deeply discusses the reasons of causing damage to the interests ofminority shareholders, which from different participating subjects to recognize theeffect of their behavior on the minority shareholders. On the basis of learning foreignexperience, it is making a deeply analyzed the mechanism of the delisting of listedcompanies in our country, especially in2012, after the reform of the new rules ofdelisting rules and laws and regulations related to protection of rights and interests ofmedium and small shareholders, and finding that the shortages in our current delisting system and the legal protection of minority shareholders, then put forwardrelevant measures for protection the interests of minority shareholders underdelisting, achieving to improve the status of the damaged the interests of minorityshareholders.