Research On The Protection Of The Interests Of Small And Medium Investors Under The Active Delisting System

In order to boost the stable development of China's capital market and effectively protect the interests of investors,the China Securities Regulatory Commission ceaselessly efforts for consummating the delisting system of public companies.In 2014,the CSRC published several ideas on reforming,consummating and strictly implementing the delisting system of public companies,which is further refined on the basis of the original delisting system.In this opinion,the concept of "active delisting" was first mentioned,and then the Shanghai and Shenzhen stock exchanges revised their relevant rules and regulations.Under the guidance of the perfect delisting system,the number of public companies actively delisting has raised,and the ways of actively delisting also presented a diversified trend.The delisting method has changed from the original method dominated by share swap and merger to other delisting methods such as resolution voting at the general meeting.For the implementation effect of the new delisting method,especially in the protection of the interests of investors,this is an urgent problem to be studied.The study on this problem is of great practical sense to further perfect the capital market supervision system,maintain the confidence of investors and protect the interests of investors.Based on the perspective of the protection of the interests of small and mediumsized shareholders,this paper uses the case study method,the principal-agent theory,information asymmetry theory and the protection theory of small and medium-sized investors to explore the protection of the interests of small and medium-sized shareholders by the active delisting system,taking the active delisting of ST guozhongzhuang as the case study object.Through case analysis,it is found that:(1)the purpose of ST guozhongzhuang choosing to withdraw from the market is to protect the interests of small and medium-sized investors.For the listed companies with continuous losses,they will face forced delisting,and actively guide them to actively delist,which can appropriately reduce the losses of small and medium shareholders.(2)Active delisting can protect the interests of small and medium-sized investors,mainly incarnated in the following aspects: enhanced information disclosure to meet the right to know of investors;diversified exit methods to meet the needs of different investors;the application of prudent re listing rules to reduce the time cost of re listing;cash option has a certain premium,bringing economic compensation to investors.From this,we can get some inspiration: first,the regulatory authorities improve the delisting system and regulate the pricing mechanism of cash options.Second,small and medium-sized shareholders should heighten their protection awareness and actively perform their decision-making power.Third,public companies should choose appropriate delisting methods to protect the interests of investors.