Research On The Protection Of Small And Medium-sized Investors Under The Mode Of Stock Exchange And Merger

Due to the rapid expansion of China's foreign exchange reserves,financing through overseas channels is more convenient,and the introduction and development of the QFII mechanism.The B-share main board market is under external pressure,and its main capital market function has weakened.Therefore,in China's capital market,the pace of reform of “going to B shares” is getting faster and faster.The conversion of City Investment Holdings and Yangchen B shares is an innovative business of B-shares to A-shares in China's capital market.In order to improve the problems in China's B-share market,new ideas and solutions are given.However,the problems brought about by the new changes cannot be ignored.The innovative scheme of stock exchange merger under the background of “B to A” has also brought new challenges to protect the interests of small and medium investors.Protecting the interests of investors,especially small and medium investors,will inevitably be more difficult.By studying the protection mechanism of small and medium-sized investors in the process of stock exchange merger under the background of “B to A” in China's securities market,it not only has a positive and effective reference for safeguarding the interests of small and medium shareholders,but also promotes the healthy and orderly capital market in China.development of.This paper uses theory and practical research theory.First of all,it reviews the relevant theories and literatures of the stock exchange and innovative business under the background of “ B to A ” in the domestic and international capital markets,understands the current market hotspots and the latest developments,and is familiar with the principles of asset mergers and acquisitions,etc.The impact on the interests of small and medium investors;Secondly,study the relevant theories of small and medium investor protection,grasp the mechanisms and principles of small and medium investor protection.Based on this,combined with the actual case,based on the protection of the interests of small and medium investors,based on the cash option,the share conversion ratio,the stock exchange price,the market reaction,etc.,based on the system design,the case study is carried out.Clear the relationship betweenregulators and merger entities on the protection of small and medium investors.From the perspective of the company,it puts forward relevant suggestions for protecting small and medium investors in the implementation process of the stock exchange and innovative business under the background of “B to A”.The conclusion of this paper is that when a company converts shares,it tends to ignore the group of small and medium investors,which leads to the loss of the interests of small and medium investors,especially in information disclosure,cash option,share conversion ratio and share price.etc.Therefore,China's capital market supervision layer and enterprises themselves need to strengthen management and constraints in these areas,and effectively protect the interests of small and medium investors.Protecting the interests of small and medium-sized investors is not a new field for the theoretical community.However,compared with the general protection of small and medium-sized investors,it is only limited to the legal level.There are few measures to study the protection of interests of small and medium investors based on specific financial indicators..The contribution of this paper is mainly the research on the protection of small and medium investors and the design of specific schemes in the process of stock exchange merger.Through the analysis of the actual case of China's “B to A” stock swap merger,the effect of the scheme implementation is summarized and the experience is summarized.Then,the specific ways to protect small and medium investors are discussed,and the implementation plan of small and medium investor protection in the process of stock exchange merger is proposed.In addition,the theoretical community has not given due attention to the research on the protection of small and medium investors in the process of stock exchange merger.Through the analysis of the merger case,this paper hopes to expand and deepen the research scope of small and medium investor protection theory.