Research On The Share Rights Investment

Nowadays, the investment of share rights is a form of investment appearing in practice in our country. The investment of share rights was forbidden in the early Company Act and scholars pay less attention to it. The reason is that the value of share rights has been dynamic. If the investment of share rights was allowed, certainly it world have great impacts on the three principles of registered capital system in the Company Act and caused uncertainty of company capital so as not safe for the market order. The new Company Act amendment has abolished the legal capital system, and established the compromising authorized capital system, but it does not make a clear regulation on the investment of share rights. Meanwhile, the cases of the investment of share rights are emerging constantly in practice, which need guidance and regulations. For the contradiction between theory and practice at present, we think it meaningful to discuss the investment of share rights. This thesis focuses on the difficulties and risk of the investment of share rights, analyzing the differences and relations with relevant legal concepts and discussing the concrete operation and the restrictions of risk in investing share rights. At last, the author of this thesis puts forward his own suggestion of legislation on the investment of share rights. The whole thesis includes five parts with introduction and conclusion. The article includes three parts.Part One has expounded the theoretical foundation of the investment of share rights. From the capital in economics to the capital in Company Law should be a kind of wealth transition mechanisms. It is the highest priority for a proper and high-efficient company capital system to have more investment into production to make more social wealth. Meanwhile in China, the legislation of company law should change into efficiency first, safety then, and the arrangement of company's system should embody high-efficient, furthermore help to make the investment too. The investment of share rights, embodies many system values, such as flexibility and convenience to invest and so on. It is adopted by the market economy, so it ought to be admitted by law.Part two carries it on horizontal comparison with relevant legal questions. It is not an isolated legal question. It stores countless connections with the stock transfer, company has been established with share rights as capital contribution, former company and new company form the affiliate companies. We must study on this question.Part three has described the concrete operation of the investment of share rights. The process includes announcement, share assess, check the capitals, the change of share rights as capital contribution and responsibility for shareholder to fill in. Part three also looks back previous rules about investment of share rights and give some suggestion to the legislation on the investment of share rights. In my opinion, special administrative statute or department's rules should be made as soon as possible.