Share Reform Promises Law Studies

“Equity division ” refers to the statute that the “shareholder of liquid share ” and the “shareholder of the non-liquid share ” are jointly existed with dual structure in the listed company of China. As the special product for the security market of China in special period, it played the positive role for the production and development of the security market of China, but the disadvantage of this system is obviously gradually and it even became the obstacles for the development of the security market of China systematically in the later period. On 29 th April of 2005, China Securities Regulatory Commission issued the Notice regarding to Pilot Work for the Equity Division Reform in Listed Company, which is the symbol for the official initiation of equity division reform in China. Up to now, this reform has been conducted for nine years, and the equity division reform has been completed comprehensively, but, there are still a lot of problems to be solved, among which, the commitment of equity reform is one of them. In order to obtain the liquid right for the shares held by them, the non-liquid shareholders made a lot of commitments to the liquid shareholders, the implementation of the commitment of equity reform directly relates to the actual performance of the equity division reform. As for the implementation of the commitment for equity reform. the effective policy and regulation system has not been set up to regulate the implementation of the commitment for equity reform.The reason and the development of the equity division, as well as its detailed disadvantage, it includes the definition of equity division, reason of its production and its background; the necessity of the equity division reform resulted by the equity division, its further statement of equity division reform, and the conception, content and significance of the equity division reform; lastly, the conception of the commitment of equity reform resulted by the equity division reform is introduced.The introduction for commitment of equity reform. It includes the definition of conception for equity reform, content and significance. It also analyzes the legal quality of the commitment of equity reform. Based on the provision of Contract Law, the legal quality of the commitment of equity reform is stated in further extent. The commitment for equity reform is the contractual relationship between each party subject to themeaning of Contract Law and the content of the commitment composes partial content of the contractual term for two types of shareholders. Meanwhile, the legal characteristic of the commitment of equity reform is analyzed. In addition to the general legal characteristic, the commitment of equity reform also has the specialty, such as it is related to public law, policy and technology.The implementation of the commitment for equity reform is introduced and analyzed, for which, the different problems possibly occurred are analyzed for the implementation of commitment of equity reform, such as: subject matter, object matter and the monitoring.The responsibility resulted by the defaulted performance of commitment in equity reform is analyzed in further extent, and the remedy to the defaulted performance is discussed in further extent. First, the administrative responsibility is proposed when the commitment of equity reform is defaulted, secondly, the civil responsibility is analyzed when the commitment of equity reform is defaulted. Among them, the civil responsibility is involved a principle, that the special provision is prevailed when both parties conclude any provision, and when the special provision is absent, the civil responsibility to be undertaken by the non-liquid shareholders. Lastly, the article analyzes the specific measures when non-liquid shareholders does not perform the commitment and the remedy measures and guarantee for the liquid shareholders.