【作者】 韦洪斌；

【导师】 沈四宝；

【作者基本信息】 对外经济贸易大学 ， 国际经济法， 2000， 硕士

【摘要】 在研究生的三年学习当中，由于我的专业方向是证券法，加之我对证券市场的个人兴趣，在平时的研究中对于证券市场的发展以及证券市场的规范便多加关注。在接触和了解的过程中，发现由于我国证券市场的发展刚刚起步，各种制度和规范并不健全，其中对中小股东权益侵害的事例屡见不鲜。因此萌发了对保护中小股东权益，尤其是保护证券市场中小股东权益问题进行研究的想法。 在我国证券市场的发展过程中，广大中小股民的作用不容忽视，他们是证券市场繁荣稳定的坚实基础。然而，对中小股东权益的侵害却成了证券市场进一步发展的巨大障碍。“吃完银行吃股市”的想法并不是没有来由。在证券市场上，信息披露不完全，内幕交易经常发生，大股东和机构投资者更是在证券市场上翻云覆雨，操纵股票市场。作为证券市场的弱者，中小股东的权益屡屡被忽视。信息披露不及时，隐瞒重大事项，上市公司“兰州黄河”几次发布自相矛盾的公告，并隐瞒股权交易中存在等“特殊关系”；本该及时披露的信息瞒上几年再发布公告，“港澳实业”的原发起人股东出资不实，直到七年后才曝光；弄虚作假，欺骗上市，上市公司“大庆联谊”的主要负责人因此而被送上法庭；蓝田股份则虚增银行存款和无形资产；虚增利润，去年先后查出上市公司“东方锅炉”、“四通高科”、“中国高科”和“飞龙实业”违规，其中有两家是在年报中“掺水”；大股东虚假出资，上市公司“闵福发”的大股东在1997年配股时未支付5197万元，但该公司竟在此后多次声称股份全部募足；违规炒作，上市公司“济南轻骑”的大股东因违规炒作股票、内幕交易等行为受到处罚；不履行法定义务，上市公司“ST琼华侨”居然以涉及诸多不确定事宜、董事会内部对中报存在分歧等为由决定暂不披露中报，最后见报时间较交易所规定的时间晚了将近3个月。尽管国家证券监督管理机构也十分重视对中小股东权益的保护，但有关保护中小股东权益的法律法规却少之又少，具体的保护措施也无法落实。《证券法》这部证券市场的基本法对于中小股东权益的保护也没有专门提出来。笔者认为，我国应借鉴外国的有关立法例，加强和完善中小股东权益保护方面的研究和立法规范。 本文共分六章对中小股东权益保护问题进行了论述： 第一章是中小股东以及中小股东权益的基本法概念。通过对大股东和中小股东、一般股东权益和中小股东权益的对比，用比较分析法分析<WP=4>了中小股东和中小股东权益的基本概念。主要从资金实力、公司管理影响力、知识经验、信息的掌握程度和信息的分析能力等五个方面找出中小股东的法律特质。将中小股东权益分为自益权和共益权两个方面。同时还对中小股东在证券市场的特殊权益进行了总结。 第二章是对证券市场损害中小股东权益的情况进行归类分析。综合分析我国证券市场存在的损害中小股东权益的问题和其表现形式。从中小股东的自益权、共益权和证券市场权益三个方面进行了详细的阐述。自益权方面主要是对股利分配请求权和新股认购优先权的损害，共益权方面主要是对表决权和知情权的损害。将证券市场对中小股东权益的损害分为四个方面，分别是内幕交易、违反信息披露制度、关联交易和操纵市场行为。 第三章是讨论中小股东内部权益的保护，主要是中小股东自益权和共益权的保护，如设立表决权排除制度和累计投票权制度，规定中小股东的帐簿查阅权和检查人选任请求权。同时还提出公司内部救济机制保护的初步构想，主要是完善公司的股东大会制度和建立约束董事权利，明确其责任义务的一套有效机制。 第四章是讨论中小股东外部权益的保护，主要是提出对于证券市场各种违规和损害中小股东权益的现象，如何进行有效监管的问题。通过借鉴国外证券市场的管理制度，提出了加强对内幕交易行为的监管、完善强制信息披露制度、加强对关联交易的监督、有效禁止市场操纵行为等四个方面的证券市场规范体系。 第五章是采用综合分析的方法，讨论如何对中小股东权益进行系统保护的问题，分为三个部分，事前预防、事中监管和事后处理。事前预防与监督主要是制定和完善相应的法律法规体系和对证券发行市场的审查与监管。事中监管主要包括对证券交易所等自律机构的监管和对证券商的监督。在事后处理方面，除了提出加强市场教育和行政处理的手段外，重点阐述了股东的代位诉讼制度，并对独立董事制度进行了细致的分析。 第六章是结合我国实际情况，分析当前我国证券市场保护中小股东权益的意义以及需要立法者和市场监管机构认识到的几个问题。 在国内有关的公司法和证券法论著中，我们经常可以看到有关股东权益保护方面的论述，也经常可以看到证券市场立法和监管方面的论述，但是有关中小股东权益保护，尤其是关于证券市场中小股东权益保护方面的论述却很少。这从某个角度说明了我国法学界和证券界对中小股东权益保护的重视不足。<WP=5> 随着证券市场的发展，我国也逐渐开始重视证券市场的规范化，也认识到这是保障证券市场在整个国民经济中发挥重要作用的必要手段。因此，如何制订保护证券市场中小股东权益的法律规范，如何建立一套完整有效的市场监?更多还原

【Abstract】 During three-year study as a master of law in University of International Business and Economics, because my major is international business law with a concentration in Securities Law and due to my personal interest, I have been focusing on the development of Chinese Stock Market and the regulation of Chinese Security Market. With more and more knowledge, I discovered a lot of problems of the regulating system in Chinese stock market. What makes me most surprising is the infringement of shareholder’s right especially the right of minor shareholders. Therefore, I began to study the protection of the right of minor shareholders in stock market.We must admit that the influence of minor shareholders is very great during the process of development of Chinese stock market. However, the infringement of the right of minor shareholders becomes the barrier of further development of the stock market. Among all the problems, the most obvious and harmful problems are information disclosure, insider trading and manipulation of market. A lot of listing companies does not comply with the regulations and laws. In addition, the system of regulation and the governing laws are not sound. Though the publication of "Securities Law" has made great contributions to the development of stock market. The law has some problems especially in terms of the protection of the right of minor shareholders. After comparing with the advanced governing and regulating systems abroad, I hope my article could make some good and significant suggestions to this problem.There are six chapters in this article.Chapter one mainly talks about the definition of minor shareholder and the right of minor shareholders. After comparison between major shareholder and minor shareholder and comparison between the right of common shareholder and minor shareholder, the special character of minor shareholder is very obvious in terms of the economic strength, the influence on the management of company, the knowledge and the acquisition of information. The right of minor shareholders is divided into two aspects which are self-right and common right.Chapter two mainly deals with the analysis of the infringement of the right of minor shareholders in stock market. The infringement of self-right <WP=7>is mainly on the right of claim of dividend and the right of priority on new stock. The infringement of common right is mainly on the right of voting and the right of knowledge. The infringement on stock market is mainly caused by insider trading, imperfect information disclosure, affiliated trade and manipulation of stock market.Chapter three is mainly on the protection of internal right of minor shareholders with regard to the self-right and common right. Some ideas are brought such as the establishment of voting exclusion system, cumulative voting system and right of checking ledger. In terms of internal protection, the main work is to improve the system of shareholder’s meeting and the system of regulating the right of board of directors.Chapter four is mainly on the protection of external protection of the right of minor shareholders in the stock market. The main problem is to improve and strengthen the regulating system of stock market especially on insider trading, information disclosure and manipulation of market.Chapter five is mainly on the systematic protection of the right of minor shareholders. This is divided into three aspects which are advance remedy, regulation of market and remedy system aftermath. I mainly discuss the system of representative suit system or the so-called abrogation system.Chapter six is mainly some problems and some notes on the protection of the right of minor shareholders in securities market such as the market efficiency.The purpose of the article is to give an overall idea and the main structure of the protection of the right of minor shareholders in Chinese securities market. There must be some problems and defects of the article due to my immature knowledge and sense of law. I hope this could attract more law professiona更多还原