【作者】 王瑞雪；

【导师】 陈绪刚；

【作者基本信息】 华中科技大学 ， 经济法学， 2009， 硕士

【摘要】 中小股东权益保护问题一直是各国所关注的研究课题。在不同法系、不同司法制度下,各国各公司中小股东权益实际受损害程度也不尽相同,而在我国特殊环境和制度下,中小股东权益受损害程度更为严重。尽管现在已经施行了股权分置改革制度,非流通股股东与流通股股东在“同股同权”的基本原则下,法定权利趋向一致,但是大股东与中小股东权益的冲突并没有消除,大股东与其他相关利益主体对中小股东权益的损害仍然存在,并呈现出新的特点。因此,如何在股改实施阶段,在大小非解禁下对中小股东权益进行保护成为新形势下的旧问题。在本文,笔者以两个案例做引,提出大小非解禁下中小股东权益的保护问题不容忽视,通过对中小股东权益受侵害的必然性理论分析,指出股权结构、公司治理结构、法律环境和股东理性冷漠是影响中小股东权益的四大因素。在对大小非解禁下的中小股东权益问题研究之前,笔者先分析了股权分置条件下的中小股东权益受侵害状况和原因,经对比发现,在大小非解禁下,我国的资本市场、股权结构都发生了深刻的变化,由此引起的中小股东权益受侵害状况呈现出多样性和隐蔽性的特点。因此,原有的对中小股东权益保护制度凸显不足,针对于此,笔者提出要以法律为主导,通过法律制度推进其他制度的辅助,建立一个全面的保护体系,概括地说就是一个明晰(表决权信托制度)、两个建立(投资者保护机构和证券投资者保险制度)、三个细化(表决权代理、相关诉讼机制、权益保护的执行)和四个改善(累积投票制度、独立董事制度、股份回购制度和股东派生诉讼制度)。最后,笔者提出“天下之法,不难于立法,而难于法之必行”,因此对于中小股东权益的保护不仅仅在于法律的完善和法律的主导,更在于将法律保护落于实处,切实为中小股东权益做出保障。相对于国内其他学者对中小股东权益保护的研究,笔者选取了新的形势,新的视角,通过对股权结构和公司治理结构角度研究中小股东权益受损的必然性在于权益的冲突,通过大小非解禁前后股东权益受侵害的形式对比,发现大小非解禁下中小股东权益受损具有多样性和隐蔽性特点,并对现阶段中小股东权益保护现状做出了评述,提出自己的观点:合理的公司治理结构与完善的法律体系过于理想化,制度的完善需要一步一步进行,当务之急就在于在资本市场要将法律的地位提升,建立以法律为主导的保护体系,通过法律的实施切实保护中小股东权益。更多还原

【Abstract】 The minority shareholders’rights and interests protection question has been the research subject which various countries pay attention. Under the different legal system, in various countries’ various companies the minority shareholders’rights and interests actual are also different in the extent of damage, but under our country special environment and the system, the minority shareholders’rights and interests has been more serious in the extent of damage. Although we had already implemented The split share structure reform now, and under“the same stock and the same power”basic principle, non-circulation stock shareholders and circulation stock shareholders’legal right trend to consistent, but this has not eliminate with the major stockholders and the minority shareholders rights’ and interests’ conflict. The major stockholders with other related benefit main body are still harm to the minority shareholders’rights and interests, and present the new characteristic. So, how to protect the minority shareholders rights and interests in share reform implementation stage is an old problem in new situation.In this article, the author use two cases to propose that after the split share structure reform the minority shareholders’rights and interest’s protection question is still hard to neglect. Through theoretical analysis which the minority shareholders’rights and interests’violation is inevitable, the author pointed out that the stockholder’s rights structure, the company management structure, the legal environment and the shareholders’rationality indifferent are the main factors which influence the minority shareholders’rights and interests. Before research the minority shareholders’rights and interests question, the author analyzed under the stockholder’s rights mounted cylinder condition, the main condition and the reason that minority shareholder rights and interests to violate. After contrast research, under the split share structure reform, our country’s capital market, the stockholder’s rights structure has had the deep transformation, from this caused the minority shareholders’rights and interests are violated ,and the condition to present the multiplicity and the covert characteristic. Therefore, to the original minority shareholders’rights and interests protection system seems insufficient. In view of this, the author proposed that we must take the law as the leadership, advances other system’s auxiliary through the legal regime, establishes a comprehensive protection system, said broadly is one defined (the right to vote trust system), two establishments (investor protection agency and negotiable securities investor insurance system), three refinements (proxy voting, related lawsuit mechanism, rights and interests protection execution) and four improvements (cumulative voting system, independent director system, stock buy-back system and shareholder derives lawsuit system). Finally, the author proposed that“law of the world, not difficulty with legislates, but difficulty with method must the line”, therefore to protect minority shareholders’rights and interests not only lies in legal regarding and the legal leadership, but also lies in the legal protection falls in the tangible, makes the safeguard earnestly for the minority shareholder rights and interests.Was different from other domestic scholars to the minority shareholders’rights and interests protection research, the author has selected the new situation, the new angle of view, from the stockholder’s rights structure and in the company management structure angle research that the inevitability which the minority shareholders’rights and interests suffered injury lies in the conflict of the rights and interests, through contrast the shareholders’rights and interests which had been violated before and after The split share structure reform ,I discovered that under this special time the minority shareholders’rights and interests to suffer injury has the multiplicity and the covert characteristic, and the made the narration to the present stage with minority shareholders’rights and interests protection present situation, then the author proposed her own viewpoint: The reasonable company management structure and the consummation legal framework are too idealizes, system’s consummation needs to carry on gradually, the urgent matter lies in the capital market must built the legal status promotion, establishes take the law as the leading protection system, through in legal implementation to practically protect minority shareholders’rights and interests.更多还原