On Hosted Laws Of Equity Adjusted

Since the latter half of 2000, the operation that the equity of listed company is entrusted to private enterprises has never stopped. The reorganization of listed company's assets takes three approaches: 1, equity trust; 2, judicial rule; 3; purchasing large stockholder's equity. That is to say, equity trust has been one of the transitional ways that listed company takes state-owned stock. The motivation of equity trust is complex, and not all equity trust is for the transference of stock. In order to improve operational benefit, some enterprises also entrust their stock to professional trust companies or those with good operational performance under the agreement of equity trust. The benefit obtained belongs to the trustor, and the trustee will be paid the commission according to the agreement. Equity trust is quite popular with state-owned enterprises.In fact, equity trust has met with systematic barrier since its appearance. The present laws do not give direct rules for it, so some people treat it as an innovation and praise it, while some people criticize it regarding it as illegal behavior. As lawmen, we should make a research into it rationally, considering both its reasonable existence and its nonstandard aspects. We should find counter-measure for it. A large number of cases have showed that research on equity trust is insufficient, which is reflected not only by the nonstandard operation in the practical equity trust, but also by the ignorance of it in the law and economic circle. Firstly, the research on enterprise trust is often made, but the research on equity trust system is little. The two things have similarity but also differ in background, condition, operation mechanism, etc. Secondly, as equity trust is related to capital market, the related articles and works are mainly in the work of economics and finance. The research on it from the angle of law is rare. The main creative idea of this dissertation lies in the analysis of the nature of equity trust. On the basis of exact understanding of the nature of equity trust, this dissertation compares several legal adjustment approaches and ways of equity trust. It proposes that our country should adopt the compound pattern of both public and private laws to adjust equity trust, and it also gives some advice to the perfection of the specific law system under the compound pattern. A country on market economy mechanism often adjust equity trust under private law, that is to classify trust either into trust law or into contract law, which is mainly dependent on the country's legal system tradition and legal governing idea. Either trust law or contract law emphasizes the spirit of autonomy under private law. Since our country hasn't transmitted into market economy completely, the change of state-owned economy is a sensitive problem, needing high level of balance means and wisdom. In China, equity trust involves the trust and transference of state-owned stock, which related the benefit of the public, so we must adopt the compound pattern of both public and private laws(dual-pattern).This dissertation includes four parts:The first part analyses the reason of equity trust and discusses the necessity of its legal adjustment. The operation of equity trust requires only a little innovation cost for the trustee, and makes the target enterprise's owner receive dividends on profit. The way of equity trust is not single or inelastic, but flexible. We need legal adjustment of equity trust because the system supply is insufficient and there are nonstandard problems in it. The second part is about the goal and principle of legal adjustment on equity trust. The goal is: firstly, to standardize the behavior of equity trust and set up good operational order for state-owned capital; secondly, to maintain the state-owned assets and protect the legal benefits of the stockholders; thirdly, to balance the benefit protection and allocation. The principles are: to protect the benefits of middle and small stockholders, and to reveal information, to preve...