Research on the Protection of Minority Investors' Rights and Interests by Special Shareholding Structure: Institutional Analysis on Science and Technology Innovation Board with Registration System

摘要

In 2018, President Xi Jinping announced at the opening ceremony of the First China International Import Exposition that China would launch a science and technology innovation board with a registration system to allow companies of special shareholding structure and red-chip enterprises that meet the relevant requirements to be listed here. It is also an effective way to prevent the enterprises from being hostile takeover and protect the rights and interests of entrepreneurship team in decentralized equity era. However, in this mode, ordinary voting shareholders and special voting shareholders share the risk of enterprise operation, but it is difficult to restrict the management's "breach of faith" by transferring their decision-making rights. And science and technology innovation board will experiment registration system that adheres to the market orientation and the checks of intermediary agencies, and reduces the administrative interference of the government in the field of issuance audit, which obviously lower the entry threshold. Therefore, there are many potential risks in the stock market, and also a lack of adequate protection mechanism to enable minority investors to better enjoy the dividends of enterprise development. This paper intends to analyze the potential risks of listing with special shareholding structure on science and technology innovation board of registration system, and to put forward risk prevention measures from perfecting information disclosure system, reforming trading system, perfecting self-regulation and supervision system, and supplementing and consummating the restriction mechanism of laws and regulations, so as to better protect the rights and interests of minority investors.