Stock Pledge During Bankruptcy Reorganization Proceedings In Listed Company

In order to make reorganization maximum success,the listed company usually adjusts the shareholders' equity when it enters bankruptcy reorganization proceedings.So far,stock transfer is the most widely applied method for shareholder equity adjustment in listed company reorganization legal practice.However,stock pledge is increasingly common in listed company,and the quantity of stock pledge accounts for a large proportion of the quantity of stock held by the shareholder.When the proportion of stock transfer is larger than the proportion of stock without pledge in the same shareholder during bankruptcy reorganization proceedings,there is a conflict of interest among pledgee,shareholder,creditor and investor.Based on theoretical analysis and empirical analysis,this paper has concluded the legal problems of stock pledge in listed company reorganization practice and has offered a proposal to improve the system of stock pledge during bankruptcy reorganization proceedings in listed company.Chapter 1 focuses on shareholder equity adjustment,particularity of stock pledge and the value of pledge stock during bankruptcy reorganization proceedings in listed company.This paper only recognizes the pledgee has interest relevance when the listed company is in solvent reorganization.Chapter 2 is stakeholder analysis.In solvent reorganization,stakeholder analysis shows up as the balance of interest between pledgee and pledgor,pledgee and creditor,pledgee and investor.Chapter 3 conducts empirical analysis and combines the theoretical analysis to point out the legal problems of stock pledge in listed company reorganization practice.Empirical analysis concludes two parts,stock transfer and the change of stock registration.The legal problem of stock pledge system during bankruptcy reorganization in China listed company is the proportion of stock transfer,the effect of reorganization plan and the protect of pledgee.Chapter 4 is reference of foreign legislation.This paper chooses the legislation of America,Germany,Japan and Taiwan district as the object of reference of foreign legislationChapter 5 offers a proposal to improve the system of stock pledge during bankruptcy reorganization proceedings in China listed company.The proposal is to confirm the proportion of stock transfer rationally,give enforceability to reorganization plan and give approach for pledgee to prevent risk and protect right.