The System Of Preferred Stock's Voting Right

Although the establishment of Preferred Stock was late, the research of the Preferred Stock is becoming a hot topic in recently years. Because the government instituted several Acts about Preferred Stock in the last two years, that were Guidance of the development of preferred stock in experimental unit(2013)t and Regulation of preferred stock in experimental unit(2014). On one hand, the domestic scholars held the idea that Preferred Stock had no voting right in nature because of misunderstanding. On the other hand, the domestic scholars 'research into this problem is not sufficient enough, they only focused on Preferred Stock rather than its right contents, especially voting right. It's urge to make in-depth research on acquisition and exercise of Preferred Stock.In this paper, the voting right of preferred shareholders'is the core. Combining the study of equity shares stock right allocation, the article analysis preferred shareholders'right contents. Furthermore, the article make a foreign & Comparative research of Preferred Stock's voting right. In the end, this paper put forward several suggestions about how to improve the level of preferred stock legal.The first part includes chapter 1. This part focus on the types and contents of preferred stock. According to the contents of preferred stock, it divided into two parts, that are preferred right and common right.The second part includes chapter 2. This part introduce different of legislation of preferred stock between several representative countries, such as France, German, Japan, America and England. And the obtain and restoration condition, as well as exercise of preferred stock's voting right are illustrated in this part.The third part contains chapter 3, this paper proposes that preferred stock's voting is the implement of strive the property form the company. However, the total property of company is certain. Thus, it is probable that preferred stockholders conflict with other shareholders when company out of going-concern. What's more, this part analyses the conflict points and solutions.The fourth part is chapter 4, these are main part of the paper. This part analysis the latest Acts which are issued by our government, and point out that it necessary to make further effort to improve the contents of voting terms in the Acts, and it is necessary to establish the preferred stocks'special meeting.