Perfection Of The Legal System Of Unlist Company's Share Trading

Unlisted company share transactions, as an important way of capital distribution and trading, is necessary and reality. Legal system of unlisted company's shares trading are not perfect in China. Lack of the transaction monitoring system, the information disclosure system and the protection system of the interests of traders are major problems in legal norms of unlisted company's shares trading in China. How to improve the legal system of unlisted company's shares trading and provide a favorable financing environment for unlisted company, become an important issue in academic study. Through analysis the legal system of the unlisted company's shares trading status, useing foreign experience in the the legal system of unlisted company's shares trading, we can improve our country's legal system of the unlisted company's shares trading from the following aspects:first, we should establish centrally hosted system of unlisted company's shares, establish the specialized agencies for the registration and hosting of shares in every province and municipalities. Second, we should improve the trade monitoring system, adhere to the principle of self-regulation, authorize the regulatory power to Securities Association of China. Third, we shuold establish the unlisted company's information disclosure system, on the basis of the principle of elasticity and importance, we should establish a national integrated and specialized platform that use for unlisted company's information disclosure, and set the specific requirements of unlisted company's information disclosure. Finally, we shuold perfect the protection system of the interests of traders, establish a specialized institution for investor protection, and develop the incentives for reporting unlisted company's inlegal transactions and so on. We only establish a perfect legal system for unlisted company share transactions that can maintain the normal operation of the transaction, protect the interests of investorst, and maintain normal financial order.