Small And Medium-sized Equity Protection System Based On

The article is focused on how to safeguard the rights and interests of the middle and small stockholders. Safeguarding the rights and interests of the middle and small stockholders is the prerequisite to develop the securities market, listed companies, distribution of productive factors, and subjunctive economics. So it is very important to study the protecting of stockholders'rights.Chapter1 looks into the causes of the stockholders' rights. Chapter2 analyses the necessity of the stockholders' weakness. From Chapter3 to Chapter8, it is about specific means of protecting stockholders and the limitations of the means. Chapter9 explains the radical importance and gives specific advices. Chapter10 is the last chapter; it is about the rations between stockholders and interrelated people.Chapter1, Stockholders' Rights and Reasons. There are these problems in this chapter: What are stockholders' rights and reasons? I maintain that the capital should employ the labor. So it is natural for stockholders to have the right of the residual property.Chapter2, The Weakness of Stockholders. I sum up the main channels and reasons that stockholders meet with harming. The main channels are related exchanges, making up profits, etc. The basic reasons for the harming are the incompetence of the money, the misunderstanding of the theories and deviations of the initial institutes.Chapter3, The double commission and acting of the institutional investors. The double commission and acting is the limitation of the institutional investors. It makes the institutional investors harmful to the middle and small stockholders when some relations must be handled with and when the short-term investment and long-term investment must be selected.Chapter4, The bearing on the independent directors and the protracted nature of the institutional building. The limitation of the independent directors is its acting nature. The institution of the independent directors resists the direct interests with the acting interests from beginning to end. So the independent directors and its controlled targets are not evenly matched. Chapter5, The rights market of the control after the event. It is studied what's the effect and advantages and disadvantages of the rights market of the control. The limitation of the rights market of the control is its effect after the event.Chapter6,The state independence to stockholders protecting of the capital structure. Reviews the capital theory. Collates the relations between the capital structure and the stockholders protecting. Discusses the state and effect of the capital structure. The state independence makes the stockholders' rights be realistic only when the company can pay its debt. It is possible for the stockholders to protect themselves when they directly control the debt in the board.Chapter7,The externalism of the control and law. Analyzes the surroundings of the control and law and their function. The weakness of the control and law is the externalism.Chapter8, The deficiency of the contract and the governing of the morals. Discusses the deficiency of the contract that provide space for the governing of the morals. Concludes the characters of the moral governing. The chapter is the summing-up of the preceding chapters and the foreword of Chapter9: It is essential to use moral governing to remedy the defect of laws and regulations if we want to uphold the acting contract. The radical means is to reduce the layers of the acting and make the entrusting people themselves to control directly of course.Chapter9, Bank and natural person's relatively controlling and advices. Here are the article's high tide and home. The conclusion is that stockholders' structure is the radical way to protect stockholders' rights through proving the limitations of various means. I put up the model of bank and natural person's relatively controlling. To counter the model, I put up some advices: Bank should share securities market. Nongovernmental economics should be promoted. Go...