Study On The Equity Protection System Of Preferred Shareholders

The preferred share system,which originated in the UK,has been mature after the long-term precipitation in western countries.Compared with western countries,the preferred share system started late in China.In order to avoid the the inadaptation of the preferred share system in China,we still need to study the system deeply.In order to play the role of the preferred share system in China's capital market,it is necessary to protect the rights and interests of the preferred shares.Our country has issued relevant regulatory documents for preferred shareholders rights and interests protection,but it is still inadequate.It is unable to effectively mobilize the idle fund to participate actively in the development of the company through the preferred share system.Therefore,this paper decides to explore the protection of the equity shareholder's rights and interests,and tries to put forward operational Suggestions for the protection of preferred shareholders' rights,and then promote the development of the preferred stock system in China.Besidestheforeword,thefulltextwillbedividedintofourparts:Part I-The theoretical basis of Shareholders' equity protection.This part firstly defines the concept of preferred stock,induces the characteristics of preferred stock,and introduces the type of preferred stock.Then this paper expounds the formation and development of the preferred stock of the theoretical basis from the perspective of the evolution of shareholders "heterogeneity",believe that the preferred stock,which produced in the context of insufficient assumption of shareholder "homogenization",is the product of shareholder "heterogeneity".Finally,based on the emergence and development of the preferred share system in China,demonstrate the necessity of the protection of the shareholders' rights and interests.Part II-The relevant legislation and practice review of preferred shareholder rights protection in China.This section firstly combed through the relevant normative documents of the preferred share pilot in China from the aspects of legal,administrative regulations and departmental regulations.Then,the paper analyzes the issuance of preferred share and analyzes the protection clause of preferred shareholders in the company's articles of association.On the basis of the analysis of the law and the empirical analysis,summed up the problem that still need to be solved in the process of protecting the shareholders' rights of preferred share.Part III-The legislation and revelation of the Stockholders' rights and interests outside the region.Preferred share system in the west has been mature.The study of the preferred stock legislation in these countries and its excellent system design is very helpful to improve the protection system of preferred shareholders' rights in China.This part combed the Anglo-American law system countries represented by the United Kingdom,the United States of the preferred shareholders rights and interests protection legislation,and the continental law system countries represented by France,Germany preferred shareholders rights and interests protection legislation,and summarizes the enlightenment.Part IV-The improvement of the rights and interests protection system of China's preferred share shareholders.The legal mode of legislation of preferred share is in line with China's national conditions,and further points out that the protection of shareholders' rights should follow the principle of risk-sharing and the principle of protection of creditor's interests.Finally,from the status of the company's articles of association,the trust obligations of directors and shareholders,the voting mechanism of the category and the preferred stock repurchase system,puts forward some suggestions to improve the protection of preferred shareholders.