The Effectiveness Of The Stock Pledge

Stock pledge, refers to the pledgor with its own shares as the subject matter and the pledge is established in accordance with the law, to guarantee the principal claim, when the debtor fails to perform its due debts, the creditor shall have the right to the pledge of shares at a discount or assignment of proceeds to seek preferred payments. In practice, the stock pledge for financing small and medium-sized enterprises has become a company especially a new method, because of its advantages of low cost, convenient and quick and fast development, but the related legal provisions on the stock pledge lags behind, often involves the "company law", "security law","security law related explanation", "property law" and other relevant regulations, and by the provisions of the laws and regulations is messy, not form a unified system, at the same time for a lot of problems in reality there is no clear regulation, such as stock pledge contract shall become effective on the time and the distinction between the effective time and recognition of equity pledge, whether the corresponding voting rights after the stock pledge a mortgagor, law private company stock pledge to pledge registration in the ministry of commerce and industry, but in reality the poor maneuverability. To this end, the author through the discussion of this paper and the related knowledge study, carding rules of pledge of shares and forming rules of pledge of shares and the framework of legal understanding.This article is divided into three parts altogether.The first part mainly discusses the scope of pledge of shares and the combination of "security law", "security law explanation", "property law" relevant provision, the characteristics of pledge of shares, the problems existing in the practical operation, the related provisions of Chinese laws of stock pledge introduced in general, which can set up the types of the pledge of shares, from the macroscopic aspect basic understanding of the concept of stock pledge and the status quo.The second part discusses the main content for the establishment of stock pledge, it is time to part for equity pledge contract comes into effect, the effective time and stock right of stock pledge contract discusses the target, the current our country law for equity pledge contract comes into effect the provisions of the conditions there are scattered, but for effective stock pledge time did not make clear a regulation, the author combined with his own perspective on this part discusses and studies, hope in the future legislation can distinguish between stock pledge contract shall become effective on the effective time and the right of pledge. At the same time this part studied the stock which are the subject of the pledge contract, due to the particularity of stock pledge, it is different from ordinary chattel pledge, but rights pledge, the subject matter of a contract is of its equity, the equity is a kind of special right, is different from the real right, it is also different from creditor’s rights, but exist alone, a civil rights equity contains beneficial rights and procedural rights, have the right to property rights and RenShenXing, in setting the pledged equity, equity represents all of the rights are at the same time or only pledge equity pledge of property rights, are the main problems in this paper.The third part main content for the effectiveness of stock pledge, including stock pledge the effectiveness of the confrontation between objects, to guarantee the effectiveness of the creditor’s rights, to the effectiveness of the pledgee and the effectiveness of the pledgor. Through analyzing the effectiveness of stock pledge, to understand the legal effect after the equity pledge, especially after the stock pledge, the analysis of the rights and obligations of the parties, such as the pledgee is has made a claim, for violations of the equity of the litigation right, whether can exercise their voting rights, the pledgor of new shares limited options, return the balance right and right, are the focus of this part discusses.This article mainly aims at stock stock when the pledge is established at the legal issues and effectiveness analysis, tries to combine China’s existing laws and regulations on legal issues of stock pledge to comb, and put forward the law is not clear or no provisions of related problems, combined with the author’s point of view, to carry on the argument, puts forward solutions, hoping to the theory of pledge of stock system in China and it is helpful to further improve actual operation.