上市公司私有化过程中余股强制挤出问题研究

Study on the Forced Extrusion of Stock in the Privatization of Listed Companies

当前,我国资本市场蓬勃发展的同时,营商环境仍具有极大的不确定性。上市公司主动私有化是以减轻公司负担为目的,在特定情形下选择主动退市的行为。在上市公司私有化过程中,小股东对所持股份拒不售出将阻碍私有化进程。而余股强制挤出即为破解私有化过程中僵局而产生。建立并完善余股挤出制度,对优胜劣汰良性资本市场的形成具有重要意义。

While China’s capital market is booming,the business environment still has great uncertainty.The active privatization of listed companies is to lighten the burden of the company as the goal and choose the active delisting under certain circumstances.In the process of privatiszation of listed companies,the refusal of minority shareholders to sell their shares will hinder the privatization process.And the remaining forced extrusion is to solve the deadlock in the process of privatization.The establishment and improvement of surplus stock extrusion system is of great significance to the formation of the benign capital market of survival of the fittest.