Research On The Protection System Of Minority Shareholders’ Rights And Interests In The Bankruptcy Reorganization Of Listed Companies

Listed companies gradually increase with the development of the economy,and they will also face bankruptcy with the development of the market.After bankruptcy,more companies will choose to implement reorganization and use their still existing operating value to save the company and make it more profitable.able to be reborn.The process of reorganization is a process of mutual game between various stakeholders.Under the operation of the current system,the bankruptcy reorganization of listed companies pays more attention to the interests of creditors in the creditor’s rights side,ignoring the interests of shareholders in the equity side,not to mention the existence of a large number of Disperse small and medium shareholders.Because small and medium shareholders do not participate in the daily operation and management of listed companies,they not only face the fate of the company’s bankruptcy during the bankruptcy reorganization,but also bear the control from the controlling shareholders,and cannot make their own demands during the reorganization.In the absence of protection of rights and interests,it is necessary to conduct research on the relevant rights and interests of small and medium shareholders,so as to achieve the balance of interests among various subjects and realize the value of the reorganization system.This article is divided into five parts:The first part is the introduction.Firstly,it introduces the background,theoretical significance and practical significance of the rights and interests of minority shareholders in the bankruptcy reorganization of listed companies studied in this article,and then combines the current situation of domestic and foreign research on the protection of such rights and interests and the relevant views of domestic and foreign scholars,so as to propose the research ideas and methods of this article and form the significance and value of the research on this issue.The second part is the special characteristics of bankruptcy reorganization of listed companies in China and the necessity of protecting the rights and interests of small and medium shareholders.Firstly,the basic overview of bankruptcy reorganization system of listed companies is introduced.Secondly,due to the special nature of bankruptcy reorganization of listed companies,there are many interested parties involved,and the rights and interests of minority shareholders as the equity end of the group are often the most easily ignored and their interests cannot be protected.Finally,it is discussed that the important position of minority shareholders,who can create the operating value of the company,save the enterprise in a critical state,and achieve a balance of interests,promotes the value objective of the establishment of the reorganization system.The third part is the legislative status and problems of the protection of the rights and interests of the minority shareholders in the bankruptcy reorganization of listed companies in China.On the one hand,it discusses the protection of legal norms for the inherent shareholder rights system of minority shareholders.On the other hand,it analyzes the problems of the system of protecting the rights and interests of minority shareholders in the bankruptcy restructuring of listed companies in China,which are divided into three aspects: the difficulty of protecting the rights of minority shareholders in applying for restructuring plans,voting rights,and major rights and interests of information,the neglect of the rights and interests of minority shareholders in the adjustment plan of shareholders’ rights and interests,and the lack of protection of the rights and interests of minority shareholders in the court’s compulsory approval of restructuring plans.The fourth part is the reference of the protection system for the rights and interests of minority shareholders in bankruptcy restructuring of listed companies in China.By analyzing the system protection in the United States,Japan and Chinese Taiwan,we compare and draw reference from the relevant protection measures that can be applied to the reorganization of small and medium shareholders in China on the basis of our national conditions.The fifth part is the improvement of the protection system for the rights and interests of minority shareholders in bankruptcy restructuring of listed companies in China.By understanding the protection systems at home and abroad,the protection of the rights and interests of minority shareholders in China,the protection of the right to apply for reorganization,the right to vote,the right to information,the rights in the equity adjustment plan,and the conditions for the court to approve the reorganization plan,the protection of the rights and interests of minority shareholders will be improved.The sixth part is the concluding remarks.While paying attention to the interests of creditors in bankruptcy restructuring in China,it is also necessary to pay attention to and protect the rights and interests of minority shareholders,so as to achieve the value goal of restructuring more quickly.