The Study Of Chinese Legal System Of Class Stock

The class stocks are for ordinary shares.Compared with ordinary shares,class stocks are shares whose content has been expanded or restricted.The category stock system is a legal system that combines the various supporting mechanisms with the core of the rights carried by the stocks.Today,the legislation of the category stock system in foreign countries is becoming more mature and the practice is becoming more and more abundant.However,China still has no systematic stock index system.The various special equity agreements that frequently appear in the company's practice,as well as many Chinese high-quality enterprises,are far-reaching,abandoning the vast Chinese market,and resolutely choosing to go overseas to list the real situation reflects the strong demand for the class stock system in the practice of Chinese companies.It is precisely because China's existing corporate legal system has always followed the traditional one-to-one rights standardization of equity allocation,and has not provided legal support for special arrangements of equity,so that the heterogeneous preferences of shareholders can not be satisfied,and the autonomy of the company's shareholding structure adjustment has been restricted..In reality,parties that want to make special arrangements for equity can only be resolved in two ways: First,they risk the uncertain legal risks by signing a special agreement containing the special arrangement terms of the equity,such as the gambling agreement;It is through the listing of countries that allow special arrangements for equity,in order to achieve the company's purpose of free arrangement of equity,as well as legal protection,such as Alibaba as a typical overseas listed company.Therefore,no matter from the modernization trend of the company system or business practice,it is extremely urgent to improve the legal system of corporate class stocks in China.This paper first analyzes the theoretical basis of the class stocks,including the basic concept,nature,and legal basis of the class stocks,in order to have a more comprehensive understanding of the class stocks,and to explore its value.Next,it analyzes the development status of the category stocks in China,and finds that the problems of the category stocks in our country's legislation and practice,including the fuzzy provisions of the class stocks in our country's legislation,the lack of systematic legal norms,and the protection system of the class shareholder rights.Imperfections and existing stocks cannot meet the development requirements of emerging companies in China.Finally,through the experience of countries with mature foreign stock market development,the improvement of China's category system is proposed from the aspects of legislative model selection,type setting and distribution rules,and the protection of class shareholder rights.Suggestions.That is to say,based on the establishment of the legislative model for the closed-type company and the public company to apply the category legal model and the sub-rights legal model respectively,we strive to build a comprehensive view from the protection of the shareholder rights protection boundary,the establishment of the diversified conflict of interest adjustment,and the improvement of internal and external supervision.The category shareholder rights protection mechanism.