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《Frontiers》 2016-01
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Protecting the Rights and Interests of Small and Medium-Sized Investors under the Mixed-Ownership System

Gao Minghua;Cai Weixing;  
The mixed ownership reform of the SOEs is essentially the mixing up of the state-owned and private capital. In a situation where the control power of the state-owned capital is emphasized, the private capital shareholders often have the status of small and medium-sized investors in the SOEs being reformed. Therefore, protecting the rights and interests of the private capital has become the key issue in encouraging the private capital to participate in the SOE mixed ownership reform. The government should ensure that the small and medium-sized investors and the large shareholders exercise their power equally; reduce the cost of the exercise of power for the small and medium-sized investors by way of cumulative voting, separate vote count, increasing the proportion of independent board directors, and ensuring the power of the small and medium-sized investors to convene temporary general meeting of shareholders and make a proposal; ensure relative holding by the SOC as much as possible, and establish the checks and balances mechanism between the small and medium-sized investors and the major shareholder; greatly improve the cost of non-compliant information disclosure, and strengthen the right of the small and medium-sized investor to know through legislation on collective action and collective claims, and insider trading; and guide the listed companies to increase dividend, and guarantee the returns of the shares held by the small and medium-sized investors, in order to reduce the risk of the collapse of the stock market and maintain its stability.
【Fund】: 国家社科基金重大项目“发展混合所有制经济研究”;国家社科基金重点项目“深入推进国有经济战略性调整研究”的阶段性成果 项目批准号分别为:14ZDA025 12AD059
【CateGory Index】: F271;F276.1
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