Conception Of Establishing Classified Stock System In China

Classified stock system helps to classify the shares into diversified types based on the different stock rights attached to the certain stock shares and offer the classified stock shareholder some specific protections.The classified stock system is widely adopted in the countries and regions with sophisticated corporate related legislation,such as America,UK,Germany,Japan,Taiwan.This paper compares the relevant legislative practice including statute laws and cases of major countries from the perspective of comparative law.Based on the analysis on the merits and demerits learned from other countries' experience and current legislation condition of China(such as economic development,corporate governance ability,legal system etc.),this paper intends to give suggestions on establishment of classified stock system in China.Firstly,this paper gives the overview of classified stock system,it identifies the concept of classified stock and categorize different kind of stocks based on different rights content.Then it discusses the jurisprudence basis of the system and proves the necessity of classified stock system legislation in terms of function and value.Secondly,this paper analyzes the legislative practice of classified stock system in other countries and summarizes its characteristics,which are the basis for suggestions for establishing classified stock system in China.Thirdly,though there is not good and sound institution and system about classified stock yet,the past legislative practice mainly focused on the preferred stock which is only one of the classified stock types.This paper gives a review on China's legislation evolution in this field and summarizes the problems showed up in the whole process.Fourthly,this paper provides suggestions and solutions to obstacles facing the country,including the selection of legislation mode and the specific design of the system.At last,In order to ensure the classified stock system can be operated soundly,the paper also proposed the corresponding measures.To briefly conclude,this paper layouts chapters in accordance with the questions analyze and solve the problem and proposes conception of establishing classified stock system in China,the selection of legislation mode,the specific design of the system and the protection of classified shareholders should be more detailed.