The Study Of Chinese Stockholder's Rights Structure

Since has implemented the stock system reform, our country stock market formed and entered the phase of order development gradually, however, with the securities economy continue development, we shoud give our great attention to the establishment and consummation of right hide behind the stock change from only pure or excessive attention to the fluctuation of stock price.Capital stock generally was divided to common share and prefered stock, according to the various countries. But, in near 30 years of reform and oppening , prefered stock has not been used in our country that existed in West country widely, and our present law of corporation has not officially established the prefered stock system. Other than the total stocks was divided into the common share and prefered stock in most country, ours was divided to the state-owned shares, the corporate shares and the social public stock and so on, and only the social public stock could circulate in the market ,the current stork only account for more than 30%. This special structure of stockholder's rights has caused numerous malpractices in society and economy.Learned advanced theory and experience about operation of the prefered stock from foreign country ,and combined with our country actual condition ,this article proved that to improve our country stockholder's rights structure, it was necessary to establish the prefered stock ,and has a preliminary discussion for the pattern of prefered stock that suit for Chinese national condition.This paper is divided the following several parts: 1. Perface 2. the elementary theory about prefered stock. 3.the trait of stock system economy in China. 4. analysis of the prospects of prefered stock in China. 5. discussion for the pattern of prefered stock 6. question of realizion of prefered stock's priority .7. Research conclusion.The first chapter, perface. This chapter introduced The purpose and significance of the research and made the summary of accomplishments of both domestic and foreign researchThe second chapter, the elementary theory of prefered stock. This chapter first introduced the concept, characteristic of prefered stock and the priority in the assignment of payoff and residual property of corporation. Then made the prefered stock for classification based on the degree of the above two priority. Finally, made a comparative analysis to the prefered stock, the common share and the bond from the refund for cost, the constancy of income,the status of refund and the hareholder's right of management.The third chapter, the trait of stock system economy in China. This chapter ,first, introduced the development of our country's stock system economy with the reform of the State-owned corporation.Then, introduced two typical pattern of stockholder's rights: the dispersive pattern in UK & US, the concentrative pattern in Japan & Germany, and analyzed present situation of the structure of stockholder's rights in China : 1. high degree concentration of stockholder's rights, "alone big" state-owned shares was. 2. Detached stockholder's rights, low proportion of the circulating stock. Then, the article analyzed how the present structure of stockholder's rights impacted on our economy and society from five aspects of state-owned shares, benefit detached between non-circulation stock and circulation stock, disassimilation of financing function in stock market, phenomenon of strong speculation in the M&A of China's corporation come into the market and the question of efficiency of the China's stock market made the price.The fouth chapter, analysis of the prospects of prefered stock in China. It first analyzed the inevitability of prefered stock appearing in our country .Nest,introduced the present situation and some questions need to face in the reform of detached stockholder's rights, and proposed that it is not all-propose to consummates the structure of stockholder's rights.And we can introduce the prefered stock system taking the advantage of the reform of detached stockholder's rights.Then,the article proved the advantage of prefered stock perfecting present structure of stockholder's rights through aiming at the five questions of state-owned shares, benefit detached between non-circulation stock and circulation stock, disassimilation of financing function in stock market, phenomenon of strong speculation in the M&A of China's listed corporation and efficiency of the China's stock market made the price. Next, the article analyzed the feasibility of prefered stock's implement from the angle of law, market and groups with correlation of benefit.The fifth chapter, discussion for the pattern of prefered stock in China. This chapter mainly aimed at the way of initial appearance, limit of quantity, kindst, determination of dividend and price to discuss the pattern of prefered stock.The sixth chapter,question of crealizion of prefered stock's priority. This chapter mainly raised the proposal for realization of priority from following aspects: the establishment of legal status, the realization of priority in gain dividend and assignment of residual property, the suitable implementation of right to vote, the protection of right in redeem process and reduce taxs.The sevenrh chapter,this chapter was summarization of whole article ,and pointed out it's innovation and deficiencies.