上市公司强制退市后中小股东权益保护法律问题研究

发布时间：2018-03-29 07:04

本文选题：上市公司　切入点：强制退市　出处：《辽宁大学》2017年硕士论文

【摘要】：为了配合证券发行注册制改革,我们必须建立完善的上市公司退市机制,保证证券市场的有进有退,以实现证券市场上的资源优化配置。上市公司退市特别是因重大违法行为而导致的强制退市,将会影响股票的流通性,加之中小股东在信息获取、专业知识以及投资理念上的不足。因而,这就导致了在上市公司退市背景下,侵犯中小股东利益的行为屡屡发生,这也严重影响着广大中小股东对证券市场的信心。中小股东作为证券市场上主要的资金提供者,其合法权益能否能够很好地保障,直接影响着证券市场的稳定与健康。因此,在我国证券市场大力推进退市制度改革的大背景下,研究如何保护中小股东的合法权益则是十分必要的。现阶段我国上市公司的退市大多是因重大违法行为而导致的强制退市,因此本文主要是分四个部分研究了在强制退市下如何有效保护中小股东的合法权益。第一部分,从理论上阐述了上市公司强制退市的概念、理论依据、意义以及在上市公司强制退市背景下保护中小股东权益的理论依据和现实意义。第二部分,分析了当前我国上市公司强制退市后中小股东权益保护的现状,指出了目前我国存在以下缺陷和不足:缺乏严格的信息披露制度、缺乏完善的民事赔偿责任制度、缺乏常态化的中介机构先行赔付机制、缺乏有效的民事赔偿诉讼制度。第三部分,重点研究了美国、德国、英国以及我国台湾地区对于这一问题的相关立法,得出了域外上市公司强制退市的中小股东权益保护对我国的启示。第四部分,建立严格的信息披露制度、确立完善的民事赔偿责任制度、构建常态化的中介机构预先赔付机制以及确立有效的民事赔偿诉讼制度四个方面来完善我国上市公司强制退市的中小股东权益保护。
[Abstract]:In order to tie in with the reform of the registration system for securities issuance, we must establish a sound delisting mechanism for listed companies to ensure that the securities market advances and withdraws. In order to realize the optimal allocation of resources in the securities market. The forced delisting of listed companies, especially due to major illegal acts, will affect the liquidity of stocks, and the small and medium shareholders will obtain information. Lack of professional knowledge and investment philosophy. Therefore, this has led to frequent violations of the interests of minority shareholders in the context of the delisting of listed companies. This also seriously affects the confidence of the majority of minority shareholders in the securities market. As the main fund provider in the securities market, whether the legal rights and interests of the minority shareholders can be well protected directly affects the stability and health of the securities market. It is necessary to study how to protect the legitimate rights and interests of minority shareholders in the background of promoting the reform of delisting system in China's securities market. At this stage, most of the delisting of listed companies in our country is forced delisting due to major illegal acts. Therefore, this paper is mainly divided into four parts to study how to effectively protect the legitimate rights and interests of minority shareholders under the forced delisting. The first part, from the theory of the concept of forced delisting of listed companies, theoretical basis, The second part analyzes the current situation of the protection of minority shareholders' rights and interests after the forced delisting of listed companies in China. This paper points out the following defects and shortcomings in our country: the lack of strict information disclosure system, the lack of perfect civil liability system, and the lack of regular intermediary agency advance payment mechanism. Lack of an effective civil compensation litigation system. The third part focuses on the relevant legislation on this issue in the United States, Germany, the United Kingdom and Taiwan. In the fourth part, we establish a strict information disclosure system, establish a perfect civil liability system, and obtain the enlightenment of the protection of minority shareholders' rights and interests in the forced delisting of foreign listed companies, the fourth part, the establishment of strict information disclosure system, the establishment of a perfect civil liability system, To perfect the protection of minority shareholders' rights and interests of the forced delisting of listed companies in our country, we should build up a regular mechanism of prepayment by intermediary organizations and establish an effective civil compensation litigation system in order to improve the protection of minority shareholders' rights and interests.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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