论上市公司收购中的中小股东保护——以目标公司为视角

The Protection of Minority Shareholder’s Rights in Acquisition of Listed Company

上市公司的收购行为涉及到多方主体的利益,而在这些利益的主体中,目标公司的中小股东常处于不利地位,其合法权益最容易受到侵害。应当从立法保护、行政监管、司法救济的角度分别说明对中小股权益的保护的制度完善,从而达到目标公司的中小股东权利内部保护机制和外部保护机制的统一。

Acquisition of listed company relates to the interests of multiple subjects, among which the status of minority shareholders are always in a disadvantageous position and their interests are apt to be harmed. The system protecting minority shareholders should be perfected in legislative, administrative and judicial aspects, so to unify the inner protective mechanism and extra protective mechanism for the rights of minority shareholders of the target company.