The Regulation Of Category Shares Under Corporate Law

Category shares have different types with different rights,obligations and interests.Its shareholders' equities are mainly reflected in the distribution of earnings,the distribution of surplus property,the right to vote and the right to repay,etc.Category shares settings are based on the result of market choice,to meet the growing investment preference of different investors and increasing financing needs of the company,thus prompting the company to gain greater competitive advantage in the economy and internal governance.Category shares system has been developing for more than one hundred years.It is based on its unique system advantages and value created by the corporate law in developed countries such as the United States,and has become one of the most important components of modem corporate law.In recent years,with the deepening development of economic globalization and the rapid expansion of multinational corporations,international competition has become increasingly fierce.In order to in order to satisfy the needs and preferences of the investors both at home and abroad,Japan,South Korea and other Asian countries begin to pay more attention on category shares system and have established the system in their corporate law,which largely improves the international competitiveness of domestic enterprises.In contrast,although China has been in the pilot rmeasures for the administration of preferred stock and other administrative regulations provisions have scattered in the category of a certain type of stock,but the corporate law in our country has never formally established category shares system.The absence of category shares system in the legislation of the corporate law in our country has directly led to the fact that the corporate law of our country unusually appears slow and powerless in the face of increasingly complicated behaviors of the capital market transactions.With the prosperity of China's reform and development of market economy,the importance of category shares system is self-evident for China's social and economic development.Unfortunately,as for the research of the category shares system,most Chinese scholars stop at the introduction of legislation of foreign countries,and the specialized research for constructing category shares system is little.What is worse,no related legislations have made a formal response to the category shares system.In all,visible system in China's theory and practice sessions do not pay due attention on the system.Thus this paper attempts to put forward some suggestions to construct our country specific category shares system based on foreign experience.This paper is divided into three parts:introduction,text and conclusion,and the text is divided into four pieces,mainly as follows:In the first chapter,mainly introducing the definition,elements,characteristics,theoretical basis and practical significance of category shares,in order to set the theoretical foundation of building the category shares system.In the second chapter,mainly analyzing the current situation and development trend of categories of category shares system on legislation in our country,and seeking for the legal basis of constructing category shares system so as to provide legal space for China's construction of category shares system.In the third chapter,mainly introducing the legislative practice in common law countries and civil law countries and evaluating the category shares system of the United States,Britain,Germany,Japan,so as to provide a system reference for our class of shares system.In the fourth chapter,trying to make suggestions on substantive and procedural norms of category shares system,and seeking for protections and of rights and remedy methods for shareholder rights,then putting forward some concrete suggestions to construct category shares system of our country.