Research On Proxy Solicitation Legal System Of Our Country

With the trend of diversification of the stock structure in the modern company, the form of shareholder's attendance at general meeting has already transformed from presenting himself into entrusting other people to attend and vote, and then changed into proxy solicitation. Nowdays, proxy solicitation has become an important way to contest the management control of the company together with M&A. The legal mechanism of the proxy solicitation has been an effective mechanism in outside governance systems in the United Kingdoms and the United States. Now developed countries and areas such as the United States, Germany, and Japan and Taiwan in China have also put this legal mechanism into effect. Since 1990s', the practices of the proxy solicitation occurred in China. This activity has brought great impact in the capital market, unfortunately however, there are little regulations over it in China. The academic research on this issue is also on a beginning stage. Being "a game without rules", the proxy solicitation results in poor performance in China.Besides the preface and the conclusion, this article includes three parts.Part one is the basic theories for proxy solicitation. First, it introduces the concept of proxy solicitation .Then introduces of advanced legislation of the proxy system in variou countries and region. The latest the advantage and disadvantage of proxy solicitation are also been analyzed.Part two, it explores the functions of proxy solicitation in our country, and pionts out two problems(structure of equity and defect of law in our country) in the practice of the proxy system.Part three, it suggests three principles to improve the legislation of proxy solicitation in our country, and proposes the specific suggestions to our proxy system from four aspects.