中小投资者权益保护视野下上市公司私有化的监管进路

The Regulatory Approach to Privatization of Listed Companies in the View of Protection of Rights and Interests of Small and Medium Investors

上市公司私有化是上市公司至关重要的重组交易活动,在私有化交易中,由于控股股东处于优势地位,私有化交易往往会发生诸如操纵信息披露、操纵现金流、操控财务状况等法律禁止的行为,导致处于弱势地位的中小投资者权益受损。在我国,由于中小投资者缺乏对私有化交易的参与、私有化中控股股东的不当定价以及私有化中信息披露环节的混乱所导致的中小投资者权益受损实例层出不穷。因此,建立基于投资者合理补偿的中小投资者补偿机制是监管者应选择的监管进路。

The privatization of listed companies is an important restructuring activity of listed companies.In the privatization deal,due to the controlling shareholder in a dominant position;privatization deals tend to involve law prohibited behavior,such as the manipulation of information disclosure,manipulation of cash flow,and manipulation of financial situation;leading to the damage to the rights and interests of the small and medium investors in disadvantaged position.In our country,there is an endless stream of instances of damage to the rights and interests of small and medium investors caused by the participation of small and medium investors in the privatization transaction,improper pricing of controlling shareholders in privatization and the confusion of information disclosure in privatization.Therefore,the establishment of compensation mechanism for minority investors based on the reasonable compensation for investors is the regulatory path that regulators should choose.