The Research On Legal System Of Listed Company's Rights Offerring And Stock Dividend

Financing and distribution are important aspects of corporate governance. Financing is the foundation of an enterprise's sound and continuous development . A company in order to raising capital continuous should distribute profits to the stockholders rationally from the post-taxation interests.In China, Rights offering is the most important channel for equity capital raising of China's listed companies and our listed company always prefers to use stock dividend as its dividend policy, bonus has been carried out in China's listed companies in an important way of sending the stock and distribution of shares in the financing and distribution system has reduced the cost of financing and profit distribution to improve the efficiency of financing and profit distribution and other institutional advantages. Distribution shares and therefore, once favored by the market, but in practice, the distribution system in China's shares are generally ineffective, a lot of problems, and to the market brought new problems. The functions of the right offerring and stock dividends questioned much by the investors.In practice, however, this is not the delivery system of its own shares, but China's special economic environment, characterized by information asymmetry and market imperfections in the system is imperfect, characterized by defects in the system is a listed company Distribution Unit of the main reasons for non-standard behavior. Thus, the solution to distribution and financing problems in the system unit, reshaping the image of the system of distribution shares, and give full play to the functions of distribution system advantages, from the settlement of the problem in China's securities whole market environment, through the improvement of the system, in particular, is to improve the legal system to strengthen the monitoring, at the same time to speed up the system associated with the distribution of market shares of the building, improve the function of the stock market itself to resolve. System deficiencies is the biggest problem, by standardizing the shareholder structure of listed companies to improve corporate governance structure of listed companies to improve the regulatory approval system, as well as placing foster rational behavior of investors and other measures to resolve . The information asymmetry problem, on the one hand, by strengthening the information disclosure system of listed companies and the role played by intermediaries to transfer delivery the information of shares distributions and right offering , enhance market transparency and reduce the degree of information asymmetry; on the other hand, can pass the legal mechanisms in place to avoid moral hazard , as far as possible, limit the adverse effects of asymmetric information. So will it be possible to make the system of distribution and right offering are becoming more and more normative shares.