Regulation Of The Controlling Shareholders' Rights

There is a problem at structure of stock ownership in most of quoted company in our country that state-owned shares is a only most large shares all of shares,our country hold most of high centralized stock ownership.That structure of stock ownership no doubt guarantee the driver's seat of state-owned shares,but the instance of exorbitant proportion of state-owned shares operate against the basic principles of market economy,so it decides inconsequence in company father configuration foundation, it came forth a series of problem that controlling shareholders damage Medium and Small Shareholders's benefit. Currently, how to regulate controlling shareholders's droit has being a hot and significant subject,moreover the problem of owners phantom and nontradable shares is anyone developed market economy country never falling across puzzle. This special situation of a country of China decides this practical diversity with theory of Principal-agent as the core in west country company governance.This dissertation is the background of father practice of ChinaState-owned Listed Company, concretely analyse different legislationexamples under the three distinct mode controlling shareholders rightregulation with comparative method angle,and on the basis nails downespecial idiographic issue other than so you say mode on the situationof our country—the problem of owners phantom and nontradableshares. As a result of "the presence of owners in the state-owned listedcompanies" is a False Proposition , so none but carry through Equitydivision reform,put into practice full currency and reduction ofstate-owned shares.And bringing to bear Tobin's Q Value Theory carry through demonstrational analysis of holding shares interval of controlling shareholders and corporate shareholder,figure out topgallant share proportion of controlling shareholders and accumulated holding shares interval.This disquisition delve likelihood and reality of limited control rights by the mode of quantization, based on demonstration analysis, author consider that on the condition of reduction of state-owned shares incapable completeness realization in a short time, should moderately sustain other corporate shareholder moderately increase proportion of stock ownership, moderately reduce proportion of state-owned shares,and so ascertain interval of large shareholders voting rights.All circulated content should fasten on board of directors after carried through rulation of cntrolling sareholders from periphery structure, because owners phantom make for not legibility of controlling shareholders's duty,right,behalf,author rebuilds a sort of model of company interior structure relation of boar chairman comprehensive services, and puts up performance analysis for this modle. And this dissertation putes up regulation and c improvement by choosing several kinds of best representative and universal controlling shareholders's duty—the duty of fair exchange,the duty of prohibition of competition,the duty of corporate control transfer,the duty of information publicity, force diagram to construct one of relatively perfect regulation system to controlling shareholders of state-owned listed companies.