A Research On The Mechanism Of Preventing Divorce Risk Of Major Shareholders In China’s Listed Companies

In practice,listed companies take a series of risk aversion measures in order to avoid the adverse effects caused by the divorce of major shareholders,maintain the stability of the equity structure of listed companies,maintain the control of major shareholders over the company,and reduce the company’s operation and management risks.This paper sorts out the mechanism of preventing major shareholders from divorce in China’s listed companies,and studies it in turn,including: first,premarital agreement,discount compensation agreement and agreement of persons acting in concert to make special arrangements for equity property based on the agreement of both parties in the marriage relationship;second,equity retention equity trust to isolate equity ownership through legal and technical means.In the above four kinds of risk prevention,the premarital agreement and compensation agreement retain the ownership of the major shareholders,while in the concerted action agreement and right retention equity trust,although the major shareholders lose the ownership of the equity,they can still control the company.The division of stock rights caused by the divorce of the major shareholders of listed companies is a legal problem caused by the interweaving of marriage and family life and commercial behavior.It also reflects the different value orientation of marriage law and commercial law under the principle of autonomy of will established in the civil code.Specifically,it shows the balance of interests between the divorced parties,the company and the minority shareholders(investors).Starting from the divorce mechanism of major shareholders in listed companies,this paper discusses three basic positions in dealing with the problems arising from such marriage and business: 1.Commercial risks are inevitable;2.Respect for autonomy of the will;3.Deal with efficiency and fairness,and specifically deal with the legal problems arising from the divorce of major shareholders: the agreement of persons acting in concert and the divorce information disclosure system of major shareholders Finally,it puts forward some suggestions on how to improve the degree of trust,and how to pierce the reserved equity trust under the joint property system of husband and wife.In addition to the introduction and conclusion,this paper is divided into four parts.The first part puts forward the problems that this paper wants to solve,that is,the adverse impact of major shareholder divorce on listed companies,and a series of mechanisms to prevent major shareholder divorce risk in order to maintain the stability of corporate governance system and equity structure.It also analyzes the value conflict and value balance between marriage and family law and commercial law.From the second part to the third part,this paper analyzes the mechanism of preventing divorce risk of major shareholders used by Listed Companies in China,and discusses the value conflict between marriage and family law and commercial law.It also discusses in detail the major shareholders’ divorce risk defense mechanism currently used in China,including premarital agreement,discount compensation agreement,concerted action agreement,and equity trust,and analyzes the problems in practice.In the fourth part,this paper uses value analysis and specific normative analysis,around the divorce of major shareholders,puts forward some suggestions on the current concerted action agreement system,information disclosure system,and the penetration of equity trust.