Study On The Legal Problem During The Non-tradable Shares Reform

Although the non-tradable shares reform had solved the most difficult problem -non-float shares could be trade on the securities market of China. What's important, some inequality phenomena resulted in the procedure of the non-tradable shares reform couldn't perish along with the end of the reform. How to remedy the limitation and amend the damaging of the free float shares is the most important function of the supervision institution. This essay analyses some system which concerns the profit of free float shares in the procedural and hypostatic aspects from the legal angle of view, at the mean time, the author also enumerates some suggestion on legislation and policy so that the supervision institution could pat attention on.The procedure is the guarantee of the hypostatic. First, in the procedural aspect, the classified voting system and the equal negotiation procedure which the supervision institution regulated in the article of the non-tradable shares reform is to protect the free float shares' profit. Although these systems play the most important role in the protection of the free float shares' profit, the shortage in the system design and collateral measures also made them invaded the free float shares' profit. Secondly, in the hypostatic system, this essay pays attention on the consideration and commitment, because whether they can come true on time is the best compensation to the free float shares. In detail, the author has also analysis the guarantee system of the commitment, its shortage, the liability of going against the commitment, and so on. At the same time, it affords some legal suggestion on the performing of the commitment. In a word, these systems aim on the protection of free float shares' profit.