On The Construction Of Listed Company Reorganization Law

There have been more than 1000 listed companies on Chinese security market since the establishment of the capital market, which has existed for over a decade in China. Among these listed companies, some are in straits, some have already terminated stock transaction on the security market. Whereas, none of them so far enters into the procedure of bankrupcy and settlement. Furthermore, in the event of application of burst-up, some exceptional company even capitalizes the pragramme of bankrupcy to the aim of compulsory compromise which is dominated by governments.The security regulatory institutions and the local governments always feel pressured about the in-trouble listed enterprises which haven't found the methods of settlement in marketability and legalization, moreover, the debtors and the shareholders of these corporations couldn't find the way to gain according compensation in spite of the endured great loss.Now, the bankrupcy draft which is being sensored stipulates the institution of reorganization whose applicable subjects of which are artificial persons. Anyway, the firms come into the market are always large and mid-scale artificial persons which consist of the complex market entities and have an override influence to ordinary corporations on the market. In order to solve the difficulties of orientation to the listed corporations, in the viewpiont of the writer, it should establish more mature legal systerm of reorganization when they are in straits.As to the reasons of the lurch which happens on the firms, this article adopts positive methods, compares the development history of the legal systems of solvency of listed company and reorganization all over the world, uses the design of the bankrupcy procedure and reorganization procedure for reference such as American, Japan, France, Korea, British and TaiWan region, analyzes the profund social and economical merits from the angles of legal ecomonics and legal sociology, and the final destination is to propose on the perfection of the system of reorganization.Therefore, on the basis of thoughts of the positive analyses on the causes and directions of the listed enterprises which still struggle on the market and the social and economical influnces imposed by the institution of reorgnization, the writer renders the...