The Research On The Transfer Of State-owned Shares In The Shareholders’ Pre-emptive Rights Regime Conflict Studies

According to the provisions of Article72of the Companies Act, the shareholders’ pre-emptive right of the limited liability company established in this system because the protection of limited liability company people together. So, for a limited liability company, the shareholders pre-emptive rights system has the important value of existence. However, in accordance with the law of the state-owned assets, the transfer of state-owned shares in accordance with the approach system and in accordance with the nature of equity to select specific transactions. Approach Under this system, the equity transfer mode specified in the Companies Act will be broken, and not only that, the conditions of the exercise of the shareholders’ pre-emptive rights will also be changed. So, among the state-owned equity transfer, the shareholders’ pre-emptive rights regime approach trading system will be conflict. In addition, the approach into the trading system, the most core transactions the auction, in accordance with the provisions of the Auction Law, the shareholders’ pre-emptive rights regime will auction system conflicts, even in danger of being completely excluded.Only appearance of the conflict between the regime, such a representation by the form of legal provisions to be apparent. The conflict between the regime essence of the conflict of interests. Therefore, the fundamental way to solve the conflict between the systems is to seek a balance of interests. The shareholders’ pre-emptive rights regime in order to ensure that the limited liability company of co; the approach trading system in order to ensure the preservation and appreciation of state assets; auction transaction system in order to guarantee the stability of the auction order. Clearly, among these three interests, increasing the value of state-owned assets in the first position, limited liability company of people together and the auction order stability in a secondary position. To this end, the solution to the issue of the transfer of state-owned shares in the shareholders’ pre-emptive rights conflict, we should give priority to the protection of the system of entering transactions. By sacrificing the principle of efficiency in terms of the shareholders ’pre-emptive rights regime and the auction system, and seek to maximize the interests of that give priority to the protection of shareholders’ pre-emptive rights regime, taking into account the auction system.How to coordinate the shareholders’ pre-emptive rights regime, the conflict between access trading system with the auction system, linking the Companies Act, the state-owned assets law and the auction law, future legislation a direction of development, but this road arduous tasks and Road far, need more theoretical research and extensive practice to be supported. In this paper, from the three aspects of the conflict on the transfer of state-owned shares in the shareholders’ pre-emptive rights regime. The first part of "the transfer of state-owned shares in the shareholders’ pre-emptive rights regime theory analysis", the part of the concept and characteristics of the transfer of state-owned shares in the shareholders’ pre-emptive rights, the need for transfer of state-owned shares in the shareholders’ pre-emptive rights regime established analysis and appraisal; second part of "the transfer of state-owned shares in the shareholders’ pre-emptive rights regime conflict", the performance of the transfer of state-owned shares in the shareholders’ pre-emptive rights regime conflict and the reasons for, the shareholders’ pre-emptive rights in the state-owned equity transfer program conflict adversely impact analysis; third part of "the transfer of state-owned shares in the shareholders ’pre-emptive rights regime conflict resolution measures", the part from the principle of the transfer of state-owned shares in the shareholders’ pre-emptive rights regime conflict resolution, improve the relevant provisions of the Companies Act improve three aspects of the relevant provisions of the auction Law depth description on how to address the transfer of state-owned shares in the shareholders’ pre-emptive rights regime conflict.