Research On The Protection Of Shareholders' Rights And Interests In China's Preferred Stock

In China's traditional theory of corporate law,property rights and voting rights are bundled together in the traditional common stock which,the strict system of equity provisions of a share,in this system under the system,on the one hand,investors for investment The company's property rights or voting rights of the special needs can not be met,on the other hand,investors based on the investment income of its determinism and security considerations and the company signed a special provision and because of violation of the company law mandatory,Easy to be considered invalid.In this case,investors' investment enthusiasm tends to be greatly reduced,and they tend to choose more insurance investment channels to ensure the stability and security of their capital gainsAs the preferred stock system can be a good solution to the above problems,its preference for shareholders to protect the rights and interests of the various provisions of the perfect solution to the above investors face the embarrassing situation,that is to ensure the safety of its investment income,but also meet Its right to vote and the special needs of the right to benefit,therefore,the company preferred stock system has its necessary basis for the generation.The Opinions of the State Council on the Guidance on Pilot Preference Shares promulgated by the State Council on November 30,2013,and the Measures for the Administration of Preferential Shares Pilot issued by the SFC on March 21,2014,show that the importance of China's preference for preferred shares has been From the "paper" stage to formally enter the "vigorously practice" stage,by reading the relevant domestic and foreign categories of shares of the literature can be found in the world,especially Britain,the United States,Japan and other countries on the development of preferred shares have been perfected,China's corporate law The preferred stock in the sector is still in its infancy and is too limited,and the scope for the protection of the shareholders' equity is too narrow.Based on the study of the protection of the rights and interests of preferred shareholders in China,this paper discusses the theoretical basis of the preferred stock system and the aspects of the current legislation on the protection of the shareholders of the preferred shares,through the use of case analysis,empirical analysis and comparative analysis And so on how to divide the relief stage to protect the rights and interests ofpreferred shareholders made recommendations.In addition to the introduction,this article includes a total of four parts.The first chapter is the overview of the basic theory of the preferred stock system.It mainly expounds the concept and characteristics of the preferred stock,the theoretical background of the preferred stock system.As the actual part of the article,the purpose of the first chapter is to find out the The conclusion of necessity,and then the importance of guaranteeing the rights and interests of preferred shareholders under the system of constructing preferred stock.The second chapter discusses the related issues of the shareholders 'equity in the view of the preferred stock system,including the content and characteristics of the shareholders' equity of the preferred shareholders,and the analysis of the reality and reasons of the inferior position of the preferred shareholders.On the basis of discussing the system of preference shares,this paper draws out the rights and interests of shareholders of preferred shares,and leads to the analysis of the lack of protection of shareholders' rights and interests in the following way.The third chapter and the fourth chapter are the key chapters of this article.The third chapter mainly deals with the shortcomings of the protection of shareholders' rights and interests in the current stage.This chapter is based on the case of "the first case of the gambling agreement",through the case shows that the practice of investment and financing market only rely on the agreement can not achieve the protection of investors,investors only as the preferred shares of the interests of its holders can be guaranteed,However,there are still many deficiencies in this kind of protection at this stage in our country.This chapter also elaborates on the concrete manifestations of these deficiencies.The fourth chapter takes the third chapter to discuss the necessity of the protection of the shareholders 'equity of the preferred shareholder,expounds the protection mechanism of the shareholders' equity of the preferred shareholder,including the principle of the protection of the shareholders 'equity of the preferred shareholder,the value orientation of the shareholders' equity protection,The author puts forward the specific measures to protect the rights and interests of the preferred shareholders in order to realize the protection of the rights and interests of the preferred shareholders through the combination of various prior and ex post protection measures,and perfect the system of preferred stock.