余股强制挤出中小股东权益保护的路径

Path of Protecting Minority Shareholders' Rights and Interests in Forced Extrusion of Surplus Stocks

余股强制挤出,允许收购人在特定情形下强制收购小股东所持剩余股份,引发探究小股东权益保护路径的需要。小股东权益保护的具体路径主要包括强制性的信息披露、适当的行政监管、有效的司法救济和公司自治失序的矫正等。根据综合性、协同性和阶段性标准,应构建以信息披露为基础、以行政监管为重要保障和以司法救济为最后防线的路径组合。同时,为确保所选定的路径组合能够顺利实施,应坚持重要性、有限度和追求次优原则,妥善处理好小股东权益保护与追求效率间的关系。

Forced extrusion of surplus stocks allows the acquirer to forcibly acquire the remaining shares held by the minority shareholders under certain circumstances, which raises the need to explore the path of protecting minority shareholders＇ rights and interests. Path of protecting minority shareholders＇ rights and interests mainly includes mandatory information disclosure, proper administrative supervision, effective judicial remedy, and correction of com-pany autonomy disorder. According to comprehensive, synergistic and phased standards, we should build a path combined with the base of information disclosure, the important guarantee of administrative supervision, and the last line of defense of judicial relief. Meanwhile, to ensure that the selected path combination can be implemented smoothly, we should adhere to the princide of importance, limitation and pursuit of second - best, and properly handle the relationship between the protection of small shareholders＂ rights and the pursuit of efficiency.