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密 级: 学校代码:10075 分类号: 学 号:20120214 法律硕士学位论文 优先股法律制度的构建 学 位 申 请 人 : 李 灿 指 导 教 师 : 赵金龙 教授 马越平 教授 学 位 类 别 : 法律硕士专业学位 学 科 专 业 : 法律硕士(法学) 授 予 单 位 : 河北大学 答 辩 日 期: 二一四年六月 Classified Index: CODE: 10075 U.D.C.: NO: 20120214 A Dissertation for the Degree of M. Law Construction of the Preferred Stocks Legal System Candidate: Li Can Supervisor: Prof. Zhao Jinlong Prof Ma Yueping Academic Degree Applied for : Juris Master Specialty : Juris Master(Law) University : Hebei University Date of oral examination : June , 2014 摘 要 I摘 要 优先股作为一种在世界各国活跃的金融工具, 对资本市场的发展有着无可取缔的作用。优先股是股份有限公司发行的、与普通股相对称的、在公司利润分配和破产清偿时享有优先权的一种特殊类型股份。 优先股的优先性主要体现在公司盈余分配和剩余财产分配这两个方面,但是这两方面的优先权利,是以放弃对公司经营决策的表决权为代价的。对发行人而言,优先股是一种便利的融资工具,对于投资者而言,优先股的亮点在于它的优先权属性。优先股在投资和融资领域有着不可替代的作用,资本市场对其有很大的需求。虽然优先股制度有很大的制度价值,但是目前我国公司法和证券法中对其都没有明确的制度安排。国务院去年决定开展优先股试点,今年证监会颁布了优先股试点管理办法 ,为优先股制度在我国的发展提供了契机。 本文意在对优先股制度进行分析阐释的基础上, 探讨优先股制度在我国实行的必要性,以寻求优先股法律制度的构建途径。本文主要从以下三个方面对优先股法律制度的构建问题进行了探究: 第一,优先股制度在国外已经有上百年的发展历史了,经过近一个世纪的发展,已经变得颇为成熟。优先股作为一种金融工具,在我国立法上引入是符合国际资本市场发展潮流的, 也是适应我国实际情况的。 首先, 在国际资本快速入驻我国的大环境之下,我国企业适时发行优先股,不仅能够扩大我们的融资渠道,而且企业的控制权可以牢牢握在我们手里。其次,我国股权结构的不合理,阻碍了我国资本市场的发展。如果引进优先股制度,可以改善我国的股权结构,使我国资本市场朝着科学合理的国际化方向发展。再次,在我国,一方面企业面临融资难的问题,另一方面广大投资者面临投资渠道单一的问题,如果将优先股制度构建起来,可以为这两个问题的解决提供出路。 第二,任何制度的构建,都需要有对国外先进经验的借鉴和对本国环境的考察,任何制度的实施,都要有一整套的制度来配合。优先股法律制度的构建,需要在我们对国外优先股制度规定的考察和比较的基础上,结合我国的具体语境,吸收能够为我所用的经验,体现在立法模式上,我们应该更多的借鉴大陆法系国家的做法,采取法定式的立法模式,但要给公司留有一定的空间。同时在优先股法律制度构建的过程中,我们需要全方位的考虑到从优先股的发行、 优先股股东权利的保护到对发行公司的监管等各个摘 要 II事项的具体规定。唯有如此,我们才能保障优先股制度在我国的顺利推行。 第三,由于我国资本市场还不够成熟,又有来自国有股、普通股和公司管理决策层的阻碍等因素,在优先股法律制度的构建上存在一定的障碍。但是只要我们有足够的决心,这些障碍是可以克服的,而且从我国优先股的实践来看,我国法律给优先股制度的设立, 留了一定的空间。 到具体的法律设计上, 我们应当以修改公司法的相关条文为主,以国务院出台相关的实施细则做为具体实施的参照。 关键词 优先股 公司治理 股权结构 股东权 Abstract IIIAbstract As a active financial instrument in the world, Preferred Stock have a significant effort on the development of the capital market .Preferred Stock is a special type of shares, which is issued by limited liability company. And it is symmetrical with common stock and has the priority when the company divides its profits and has the bankruptcy liquidation. The priority of the Preferred Stock is mainly reflected in two aspects, which are the distribution of the companys surplus and the distribution of the residual property. But the right of priority in these two areas is based on the giving up the right of decision-making. The Preferred Stock is a convenient financing tool for the issuers, and its nature of priority attracts many investors. Preferred Stock has an irreplaceable role in the field of investment and finance, and capital markets have a great demand for it. Although the Preferred Stocks have a great system value, there is no clear arrangement in our Corporation law and Securities law. Last year the State Council decided to carry out some pilots of Preferred Stock, and this year the CSRC promulgated the “Preferred Stock pilot management approach”, which provides an opportunity for the development of the Preferred Stock. The article is intended to discuss the necessity of the existence of the system of Preferred Stock, which is based on the analysis of it. After this, we want to seek ways to build up the legal system of the Preferred Stock. This paper researches the question of the construction of the Preferred Stocks legal system from the following three aspects. First, Preferred Stock system has a history of hundreds in foreign countries, after nearly a century development, it has become quite mature. As a financial toll, Preferred Stock is introduced to China, which will meet the trend of international capital markets development, and will also adapt to Chinas actual situation. First, under the background of international capital injection in China, Chinese enterprises issuance of Preferred Stock timely, not only expands our financing channels, but also controls the enterprise firmly. Secondly, our shareholding structure is unreasonable, which hinders the development of Chinas capital market. If we introduce the system of Preferred Socks, the shareholding structure of our Abstract IVcountry can be improved, and our capital market will progress toward the direction of scientific and rational. Once again, our enterprises are faced with financing problems, and our investors are faced with the problem of single investment channel at the same time. The construction of the system of Preferred Stock can provide a way to solve the above problems. Second, no matter what kind of system to be constructed, we need to consider their environment and learn from advanced experience of other countries, and no matter what kind of system is implemented, there must be a set of systems to match up. To construct the system of Preferred Stock, we need to inspect the system foreign Preferred Stock, combined with Chinas specific context, to absorb useful experience. In the aspect of the legislative model, we s
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