Research On Shares Reorganization In Listed Companies

Nonstandard operation of China's listed companies, embarrassment in management as an example, leads to a number of problems such as infringement upon the interests of medium and small stockholders, the lack of the efficient supervision on proprietors and of the control for internal persons, as well as major stockholders' manipulation of stock market, all of which bring violent responses in the whole market. On the basis of an analysis of how to prevent stockholders from harming the interests of the company and other stockholders and how to control internal persons, two typical questions in the management structure in a listed company, this paper puts forward behaviors by stockholders should be regulated through restructuring shares so as to guarantee the independent personality, to protect the interests of medium and small stockholders, to establish a mechanism of internal balance and stimulation to efficiently supervise operators, and to guarantee the business efficiency of the company.For the sake of controlling stockholders and guaranteeing company's independence, this paper also brings forth that a listed company has to completely break away from control stockholders in capital, business and human resources, that share right structure should be bettered for altering the fact that state-owned share is too dominant, and that affiliate transaction between listed company and control stockholders should be restricted or standardized also to prevent control stockholders from adopting such a measure to damage the interests of the company and other shareholders.In order to stop the fact of internal persons' control, this paper advances that agency by agreement in state-owned share should be changed to make it possible that its processor can exert his right of supervision, that clear operation mechanism should be established to prevent undercover manipulation, that more emphases should be imposed on the independence of directorate and independent director system should be introduced also to realize the efficient supervision on operators, and that practical and feasible stimulant mechanism of internal persons needs creating to obtain the satisfactory result of supervision and stimulation.