The Improvement Of The Legal System About Stock Pledge Of Listed Companies

In recent years,with the rapid development of China's capital market,the financing needs of listed companies are more and more intense.At the same time,due to the continuous development of financial innovation,various new financing methods have also entered the vision of listed companies.In many ways of financing,the use of equity pledge for financing can not only meet the financing needs of listed companies,but also enable major shareholders of listed companies to make other investments without affecting their own control rights.Therefore,equity pledge has become a very important way of financing for listed companies.However,while listed companies enjoy the convenience of equity pledge financing,there are also huge risks.It mainly includes the legal risks caused by the immaturity of the relevant legal system,the lagging behind of the development of equity pledge business,and the moral risks caused by the behavior of moral failure driven by the interests in the process of major shareholders' pledge.Due to the late start of equity pledge system in China,the construction of relevant legal system is still immature.First of all,there are defects in the legal concepts and principles of the establishment of the pledge right and the effectiveness of the pledge contract,which can not give full play to its guiding role toadjust the orderly development of the equity pledge business of listed companies.Secondly,the specific laws and regulations about the preservation and Realization of the pledge of stock rights of listed companies are scattered in various department laws and even administrative rules and regulations,which have not yet become a system,and there are unscientific ways,lack of efficiency and loopholes in legal supervision.As a new type of right,the operation of stock right pledge of listed companies is relatively complex,and its value is easily affected by various market factors.Therefore,this paper believes that the current laws and regulations on the registration and establishment of equity pledge and the specific way to achieve the preservation of the pledge have actually lagged behind the social development,which can no longer meet the needs and need to be improved.At the same time,in the face of moral hazard,there is a lack of subjective research on the formation mechanism of moral hazard of major shareholders,and in the objective legal construction,there is a lack of information disclosure system for shareholders' pledge,specific restrictions on the scale of off-site equity pledge,early-warning identification and supervision system for shareholders' pledge behavior and imperfect mechanism for shareholders' punishment of illegal pledge,which leads to The phenomenon that the major shareholders of listed companies usurp the interests of the company by using the pledge of stock rights based on moral hazard often occurs,which needs to be solved urgently.All kinds of risk problems have shown that the legal system of equity pledge of Listed Companies in China has lagged behind,which has not been able to adjust more and more and changing equity pledge financing behavior,and in the face of moral risk and market risk,listed companies as Pledgors and financial institutions as pledgees also lack targeted prevention and control measures.This paper mainly analyzes the legal system and existing problems of equity pledge of listed companies,aiming to put forward suggestions to improve the system of equity pledge of listed companies from the two perspectives of principle guiding ideology and specific measures in relevant legal systems.Firstly,this paper introduces the general situation of equity pledge of listed companies,including the concept,legal characteristics and the development of equity pledge business.Then it introduces the current situation of the legal system of the stock pledge of the listed companies in China from two aspects: the legal concept of the effective establishment of the stock pledge and the legal and specific methods of the realization of the pledge preservation,and analyzes the shortcomings of these legal concepts and regulations in the actual implementation of the stock pledge business,so as to find out the two aspects of the establishment and Realization of the pledge On the one hand,it is necessary to adjust the current legal norms.At the same time,by comparing with the foreign equity pledge system,we can learn from the principle of separation of the effectiveness of the pledge contract and the establishment of the pledge,the experience of the stock delivery doctrine and the method of the preservation of the equity pledge,and pay attention to the specific operation of the Japanese and Chinese Taiwan models in the equity pledge transfer,and observe the protection of their rights and interests,Draw on its merits,for the improvement of the legal system of equity pledge in China to provide reference experience.Finally,in view of the current problems faced by the legal system of equity pledge of listed companies,this paper,based on the foreign experience that can be used for reference,follows the principles of safety first,efficiency and fairness,from the perspective of principle legal concept and specific measures,and at the same time,taking into account the prevention and control of moral risks,puts forward specific suggestions for the improvement of the legal system of equity pledge of Listed Companies in China.This paper consists of four parts.The first chapter is an overview of equity pledge of listed companies.Based on the definition of the concept and characteristics of the equity pledge system of listed companies,combined with the current situation of the development of the equity pledge business of Listed Companies in China,it is found that there are some problems behind the rapid development of the equity pledge business.The second chapter is the deficiency of the current legal system of stock pledge of listed companies.First of all,based on the traditional pledge theory,this paper introduces the current legal norms of the establishment,preservation and Realization of the pledge right in the equity pledge of listed companies.From the perspective of whether the rights of the pledgor and the pledgor in the pledge of stock rights are reasonably protected and whether the secured creditor's rights can be fully repaid,this paper analyzes the shortcomings of the current legal system in the establishment,preservation and Realization of the pledge of stock rights,finds that there are certain problems in the provisions of the principle of the upper law and the specific provisions of the lower law in the legal system of the pledge of stock rights of listed companies,and analyzes the existence of these problems The root cause of the.The third chapter is the reference of the pledge system of extraterritorial equity.Based on the main defects of the legal system of equity pledge of Listed Companies in China,this paper analyzes the principles and specific measures of the legal system of equity pledge of Listed Companies in Germany,Japan and Taiwan.From this,we can draw effective experience for the improvement of our legal system.The fourth chapter is the suggestion of perfecting the legal system of stock pledge of listed companies.In view of the above analysis of the shortcomings of the legal system of equity pledge of Listed Companies in China,combined with the main problems in the practice of equity pledge of Listed Companies in China and the extraterritorial experience that can be used for reference,following the principle of safety first,considering efficiency and fairness,starting from the principle provisions of law and specific implementation methods,and trying to regulate the shares of listed companies through legal means The moral hazard hidden in the pledge of right is the suggestion to perfect the legal system of pledge of stock right of Listed Companies in China.