Share Subscription Priority Of Its Way To Study

Upper face to face new our country legislation share subscribes for the priority problem not being enough to take serious, and simultaneous theory is studied also being not enough to go deep into. Based on the thinking about companies'current situation, this text studies some problem related.Full text contained four chapters. The first chapter, analysis new share subscribe for the pertinent concept of priority, characteristic, and the principle. Second use the way of comparing, analysis IPO priority in Anglo-American law and civil law and realizing approach. Articles Since then, the end of his macro-theoretical issue of new shares subscribed priority research into the micro-fields of study. The third chapters, analysis on several important problems on our country's IPO priority: the structure character, subscription allotment priority issues, to subscribe for additional shares in the issue of priority, and the development on IPO system. These four aspects go along going deep into field investigation and discussion. The fourth chapter, that is the structure about realizing IPO priority, studies several law problems on IPO priority concretely. This paper argues that the transferee is the first realization of the right to subscribe for the rules of priority is to run the program in specific concrete manifestation. Warrants priority is the protection on realization of IPO priority. There should be compensation for the liability regime, when company and IPO priority are infringed. The innovation of this article is proposing advices on IPO priority which is under a unique ownership structure in China. This section analyzes under the unique ownership structure, what is the nature of IPO priority and the issue of IPO priority in SPO. The conclusion reaching is:Ought to will allot the share bring into share subscribing for the priority right system category, be that standard legal system gets up to the positive role. IPO priority can protect the interests of company's existing shareholders more adequately; state-owned shares and legal person shares should be active in the placement of shares. These can both ensure equity is not diluted, but also promote the country there are shares of corporate shares and value-added.The core viewpoint in this text is:The stock company in order to defend the interests of shareholders, ought to admit that the new share subscribes for priority is shareholder one kind of inherence right, then it may slow down the dilution effect in new issue of shares. Innovations in this text are to explore the meanings which IPO priority to the legal system of Chinese corporation. Especially in our country's unique ownership structure of listed companies, the exercise of IPO priority makes it play a role in the shares reform. The key issue in writing this text is the structure of IPO priority and our unique ownership, that is, A shares and B shares, tradable shares and non-tradable shares. In such complex circumstances, how to exercise the IPO priority and protect state-owned shares make stock companies financial benefits. Protection of the right of shareholders in China has just started, under the unique ownership structure in our country, legislation should recognize the legal right to IPO priority, and make it play the right role on protecting shareholders'rights.