Research On The Perfection Of The Legal System For Voting On Bankruptcy And Reorganization Plans Of Listed Companies In My Country

The listed companies’ reorganization plan voting procedure plays a crucial role in the reorganization plan in each stage,it is the bond to connect the reorganization plan formulation and execution of the program.The listed companies’ reorganization,with a wide range of economic and legal process,involving many stakeholders,including ordinary creditors,banks and other financial creditors.Besides,the social concern also grow with each passing day,it becomes a hot topic in academic and practical fields.In order to safeguard the legitimate rights and interests of reformed parties and to realize the fairness and justice of bankruptcy reorganization,the law must give the reorganization parties the right to vote,improve the voting methods and rules,and ensure the integrity and adequacy of the information disclosed before the voting.Since the implementation of “Enterprises bankruptcy law ” on June 1,2007,the case of listed companies’ reorganization has never been interrupted,and the problems caused by imperfect voting subject,voting rule,voting method and information disclosure system also emerge endlessly.Based on the analysis of the bankruptcy reorganization cases of listed companies since the implementation of Enterprise bankruptcy Law,this paper aims at the practical problems exist in the listed companies’ reorganization plan voting procedure in our country,and compares the relevant legal systems of foreign countries to check and fill up the gaps,and then puts forward some suggestions for perfection.The first part of the text introduces the basic theory of reorganization plan voting.In this part,the author expounds the essence of contract theory and dynamic game theory,compares the advantages and disadvantages of the two theories to explore the essence of the reorganization plan voting,and then analyzes the substantive value and procedural value of the reorganization plan voting,so then summarize the basic theory of reorganization plan voting.The second part discusses the current situation of the legal system of bankruptcy reorganization plan voting of listed companies in China and the main problems in practice.This part probes into the voting subjects,information disclosure,voting groups,voting methods and voting rules,and points out the problems existing in the voting process of listed companies in the reorganization plan voting process.The third part analyzes the legal system of reorganization plan voting and combines it with cases.This part first analyzes the qualification of the subject of voting right from the angle of whether the power is reduced or not,and points out the voting rights of the creditor and the creditor of mass infringement,and then analyzes the content of the disclosure of information and the extent of the disclosure.Finally,this part discusses the voting rules of creditor group and investor group.The fourth part mainly analyzes the current situation of the legal system of the bankruptcy reorganization plan voting of the listed companies in China,and discusses the legal system of the reorganization plan voting in the United States,Germany,France,Japan and Taiwan.Further understand the relevant systems of foreign countries and Taiwan region to make us learn from this.The fifth part goes back to the legal system of reorganization plan voting in our country,and puts forward the reconstruction suggestion combining with the related defects which put forward above: giving voting rights to special creditors and investors,constructing and perfecting the information disclosure system of our country,refine the grouping before the reorganization plan vote,and clarify the way of creditors and investors exercise their voting rights.