A Research On The Legal System Of Share Transfer Market Of The Unlisted Joint-stock Company

The share transfer market of unlisted joint-stock company is an important part of Chinese share transfer market and is also a significant cornerstone to build a multilevel capital market.Nevertheless,the imperfections of the legal system have elicited many illegal behaviors in the share transfer market of the unlisted joint-stock company for a long time.What the unlisted joint-stock company lacks most are the systematical market structure and the targeted legal regulation.A large number of lawbreakers who take advantages of the loopholes in the law or violate the law intentionally make exorbitant profits and do harm to the interests of other investors.Such events indirectly reduce the liquidity of share right of unlisted joint-stock company and make it harder to raise funds.Therefore,to reveal the characteristics of the share transfer market,to analyze its statue quo,to put forward suggestions to perfect the relevant legal system can not only make the educational circles pay more attention to the research on the theory of the legal system of unlisted joint-stock company,but also have practical significance for the healthy development of social economy.This paper mainly consists of four chapters.Chapter one is an overview of the legal system of the share transfer market of unlisted joint-stock company.Starting from the non-legal concept “the unlisted joint-stock company”,this chapter will find out the difference between unlisted joint-stock company and non-listed company,and figure out the relationship among unlisted joint-stock company,non-listed public company and non-public stock company.The legal characteristics of unlisted joint-stock company can be shown through being compared with the listed corporation.This paper analyzes the function of unlisted joint-stock company in detail after explaining the constituent part of the share market of this kind of company.Chapter two will introduce the present situation and illumination of the share transfer market of overseas unlisted joint-stock company.This part will introduce the share transfer market of the unlisted joint-stock company in the United States,Britain,and Japan.Through analyzing the status quo of the above developed capital market,four conclusions can be drawn as follows: the developed capital market usually pays much attention to hierarchy construction,the legal construction,the transfer-board and delisting system construction and hybrid market-maker system construction of the share market of unlisted joint-stock company.Chapter three will present the current situation and the existing problems of the share transfer market of unlisted joint-stock company in China.This chapter analyzes the status quo and existing problems of China's new third board market and property rights trading market in a deeper degree.The problems existing in the property rights trading market are much more complicated compared with that in new third board market.In addition,this paper will analyze the unlisted joint-stock company in detail in the practice process.Chapter four is about the legal system construction of the share market of unlisted joint-stock company in China.This chapter will respectively put forward relevant suggestions on the transfer-board system and delisting system of this kind of company,as well as investor admittance system,supervision system,information disclosure system.The creative original researches of this paper also can be seen in this part.