On The Protection Of The Rights And Interests Of Small And Medium-sized Investors In The Forced Delisting Of Listed Companies

The latest revision of the Securities Law was formally implemented on March 1,2020."Investor protection" is a new chapter added to the amendment,which recognizes the protection of small and medium-sized investors and strengthens the importance of the protection of small and medium-sized investors.Another point that has attracted much attention is the addition of a Chinese-style "group litigation",which truly fundamentally opens a new chapter of "protection of small and medium investors".Although China’s securities market is developing in a sustainable and healthy direction,there are still many problems,and the phenomenon of small and medium-sized investors’ rights being infringed still exists in large numbers.Delisting of listed companies is a very common situation,especially because of a large number of false financial data of the company such illegal behavior,resulting in forced delisting of the situation is also numerous.Such widespread delistings make shares in the hands of small investors less liquid.In addition,under the background of forced delisting of listed companies,due to certain deficiencies in obtaining information,professional investment knowledge and concepts,the infringement on the rights and interests of small and medium-sized investors is increasingly rampant,and small and medium-sized investors full of confidence in the securities market are hit hard.Due to small and medium-sized investors have make timely disclosure of information,which leads to the bad situation,in some ways is due to the supervisor of the relevant person in charge of high and dong information disclosure obligation and the loss of the small and medium-sized investors do not match,because another Angle,the concept of investor protection institutions haven’t into the actual operation,so that the protection of the small and medium-sized investors relief means is single,even is scarce,and many small investors even don’t know how to relief for their own legitimate rights and interests by means of litigation.Based on the forced delisting of listed companies in China,this paper focuses on the issue of protecting the rights and interests of small and medium-sized investors,studies the benefits of protecting the interests of small and medium-sized investors,and explores the defects of protecting the interests of small and medium-sized investors in practice.The first part,the theoretical interpretation of the basic meaning of compulsory delisting of listed companies in our country,there will be differences between compulsory delisting of listed company of the circumstances and reasons for classification,this paper discusses the different situations for compulsory delisting of listed companies on the influence of the small and medium-sized investors,in the context of compulsory delisting,analyzing the delisting of listed companies on the impact of the small and medium-sized investors,analysis the necessity of the protection of small and medium-sized investors.The second part,the paper analyzes the under compulsory delisting of listed companies,the legislation in order to protect the interests of small and medium-sized investors made what kind of regulation,and network query related data analysis from the written judgment practice for protection of the rights and interests of small and medium-sized investors,pointed out that nowadays the disadvantages of current our country related system: to strengthen information disclosure system,small and medium-sized investors loss determination and compensate for the lack of specific standards,difficulty relief means a single,start the action mechanism.The third part focuses on the legal provisions of foreign countries such as the United States,Germany and the United Kingdom on how to protect the rights and interests of small and medium-sized investors.Based on this analysis,it absorbs the advantages of protecting the rights and interests of small and medium-sized investors in foreign laws and provides reference for protecting the rights and interests of small and medium-sized investors in China.The fourth part,according to the current forced delisting of China’s small and medium-sized investors in four aspects of the protection of rights and interests and combined with the experience of protection of small and medium-sized investors outside the relevant suggestions for improvement.