摘要
上市公司并购重组是市场经济发展过程中的一种常见现象，无论对于上市公司或是对于股东来说都是一种“双刃剑”般的存在，近年来由于上市公司并购重组引发的问题事件也较多，同时关于对上市公司并购重组的监管也越来越严。在上市公司并购重组的过程中，小股东权益属于公司股东的弱势群体，对于上市公司的并购重组活动没有控制权，存在天然的劣势，同时也是上市公司并购重组过程中最主要的权益受侵害主体群体。近年来我国《公司法》、《证卷法》、《上市公司收购管理办法》等法规文件都通过进一步的修订，强化对于上市公司并购重组行为的监管以及约束，从而实现对于中小股东权益的保护，但在这样的背景下，虽然相关法规制度在不断的完善，但在上市公司并购重组过程中仍有小股东权益受损的现象以及问题出现，极大损害了小股东的基本权益，同时也不利于我国整体投资环境优化以及发展。
在本文的研究过程中，本文以上市公司并购重组中小股东的权益保护为研究视角，通过对于上市公司并购重组中小股东权益受损实例分析，找出上市公司恶意并购重组中小股东的权益遭到恶意侵害的手法及具体原因，同时本文通过国外上市公司并购重组中小股东的权益保护现状规定分析，综合两大方面的内容具体提出上市公司并购重组中小股东权益保护策略。通过本文的研究，笔者旨在进一步完善我国上市公司并购重组中小股东权益保护理论体系，通过具体的案例分析为广大小股东的权益保护提供有效引导，也为我国上市公司并购重组中小股东的权益保护机制、相关法规完善提供一定的参考建议。
关键词：上市公司；并购重组；股东权益；小股东；权益保护
Abstract
Mergers and acquisitions of listed companies is a common phenomenon in the process of economic development, whether for business or for shareholders is a "double-edged sword" like existence, mergers and acquisitions of Listed Companies in recent years due to the problems caused by the incident is more, at the same time on the merger and reorganization of listed companies is more and more strict supervision. In the process of mergers and acquisitions of listed companies, minority shareholders of vulnerable groups belong to the shareholders of the company, the listed company mergers and acquisitions activities have no control, there is a natural disadvantage, but also the interests of the major mergers and acquisitions of Listed Companies in the process of restructuring infringement subject group. In recent years, China's "company law", "Securities Law" and "acquisition of listed companies management approach" and other regulatory documents are further revised to strengthen the merger and reorganization of listed companies conduct supervision and restraint, so as to realize the protection of the rights and interests of minority shareholders, but in this kind of background, although the relevant laws and regulations in the continue to improve, but in the process of mergers and acquisitions of listed companies still appear damaged the rights and interests of minority shareholders and problems, great damage to the basic rights and interests of small shareholders, but also not conducive to the overall investment environment of China's development and optimization.
In the course of this study, the protection of the rights and interests in the merger and reorganization of listed companies of small and medium shareholders as the research perspective, through the analysis of mergers and acquisitions of listed companies and minority shareholders’ interests examples, the listed companies to identify malicious mergers and acquisitions of minority shareholders against malicious hand method and analysis of the specific reasons, the protection of the interests of the provisions of foreign listed companies mergers and acquisitions of small and medium shareholders, comprehensive two aspects put forward the merger and reorganization of listed companies of small and medium-sized shareholders rights protection strategy. Through this research, the author aims to further improve China's listed company merger reorganization theory system of protection of minority shareholders, through specific case analysis to provide effective guidance to protect the rights and interests of the majority of small shareholders, the relevant laws and regulations to protect the rights and interests mechanism, also mergers and acquisitions of small and medium-sized shareholders of China's listed companies provide some suggestions.
Key words: listed companies; mergers and acquisitions; shareholder rights; minority shareholders; rights protection
目录
引言 5
第一章基础理论概述 6
一、 上市公司并购重组方式及法律特点 6
二、 小股东权益的界定 7
三、 小股东权益保护理论基础 8
四、 上市公司并购重组中小股东权益保护 9
第二章上市公司恶意并购重组分析 10
一、 九好集团与鞍重股份忽悠式重组案例分析 10
1. 操作手法 10
2. 中小股东受损情况 10
二、 ST慧球科技 11
1. 操作手法 11
2. 中小股东受损情况 12
三、 ZZ系 12
1. 操作手法 12
2. 中小股东受损情况 13
四、 目前上市公司恶意并购重组中侵害小股东权益的手法情形 14
五、 侵害小股东权益手法的原因 15
1. 监管问题 15
2. 制度问题 15
3. 其他问题 16
第三章小股东权益保护立法现状分析 17
一、《证券法》小股东权益保护立法现状分析 17
二、 上市公司重大资产重组管理办法解读 18
1. 2016年9月修订的目的意图 1
