A Legal Research On Non-listed Public Company Share Transfer

Non-listed public companies are those limited companies which openly offer stock to non-specific public or have more than 200 shareholders, and the stock is not publicly traded at the Stock Exchange. For various reasons, transfer of shares of such companies in China lacks legal and efficient market systems and regulatory measures. Non-listed public companies which emerged in history have also been closed down as illegal the securities market. On the other hand, private investment surging enthusiasm and non-listed public company shareholders transferring their ownership in urgent need a channel. Aiming at the needs of reality, this article strives to put forward suggestions on improving trading system for stock transfer of non-listed public company in China through theoretical analysis on and the world comparative analysis of the existing system.This paper is divided into five sections:The first part, the general theory of non-listed public company share transfer system. The theoretical basis of the definition of non-listed public corporation and improving non-listed public company share transfer system is capital joining of such corporations in law and incompleteness of contract as well as the harmony of security,efficiency and justice in economics. Improving non-listed public company share transfer system has great practical significance for improving corporation governance, protection of minority shareholders, and enriching the capital market system, to encourage venture capital and solve their financing difficulties and other practical significance.The second part, introducing non-listed public company share transfer system foreign and in Taiwan. This article raises that broker system and the market maker system both have their own advantages and disadvantages. Brokers system is more transparent, less transaction costs, while the market maker system will help to stabilize the market price, so that the stock price reflects the equity value, and can provide more liquidity. This mixed use of the system is the world trend and also referred to China's actual needs. The third part, Analysis on the various systems share transfer channels of non-listed public companies in history. Put forward that make share transfer agent system as a unified market, and the property rights Exchanges as regional markets, establish a classified non-listed public company share transfer market system.The fourth part, the completion of China non-listed public company stock transfer market System. Improving the measures from four areas:the subjects of trading system, the market access, the basic operation of the system and the switch board system.The fifth part, the completion of China non-listed public company stock transfer controlling System. Put forward the principle of supervision is to ensure market efficiency without sacrificing the safety of transactions. Establishing the SFC's regulatory responsibilities and regulatory measures, combined Securities Industry Association's self-management, to ensure the healthy development of the non-listed public company share transfer market. Finally, against the market maker's special position in the market, put forward a special management measures for the market maker.