我國優(yōu)先股股東權(quán)益保護(hù)問題研究
發(fā)布時(shí)間：2018-09-04 14:24
【摘要】：優(yōu)先股制度在國外的發(fā)展有悠久的歷史,19世紀(jì)40年代的英國就已經(jīng)開始使用,至今已較為成熟。而在我國,2013年底國務(wù)院才決定開展優(yōu)先股試點(diǎn),并出臺(tái)了《國務(wù)院關(guān)于開展優(yōu)先股試點(diǎn)的指導(dǎo)意見》1,2014年初證監(jiān)會(huì)發(fā)布了規(guī)范優(yōu)先股制度的《優(yōu)先股試點(diǎn)管理辦法》2,同年十一月底在我國才正式發(fā)行了第一只優(yōu)先股。雖然我國優(yōu)先股進(jìn)入實(shí)際操作階段至今才短短不到兩年的時(shí)間,但優(yōu)先股制度卻展現(xiàn)了其磅礴的生命力和活力:在銀行業(yè)率先發(fā)行后,其他上市公司也都紛紛出臺(tái)了發(fā)行預(yù)案,如今在新三板市場上,發(fā)行優(yōu)先股的態(tài)勢十分迅猛�？梢�,優(yōu)先股的興起一方面是因?yàn)榉芍贫鹊耐晟坪蛧艺叩闹С?另一方面,也反映出我國當(dāng)前市場對這種投融資方式的需求。發(fā)展優(yōu)先股制度對我國建設(shè)和完善多層次資本市場具有重要意義。而在建設(shè)優(yōu)先股制度的進(jìn)程中,完善對優(yōu)先股股東的保護(hù)顯得尤為重要,因?yàn)槠淇梢允箖?yōu)先股制度進(jìn)入一個(gè)良性循環(huán)。完善對股東權(quán)利的保護(hù)才能最大程度上打消投資者的顧慮,吸引更多的人選擇優(yōu)先股;同時(shí),也只有優(yōu)先股股東的權(quán)益得到充分的保護(hù),公司才可能實(shí)現(xiàn)籌資的需求。3以免一旦出現(xiàn)問題后,會(huì)使人們對優(yōu)先股制度喪失信心,甚至產(chǎn)生錯(cuò)誤認(rèn)識(shí)。但是,目前我國立法對優(yōu)先股股東的權(quán)益保護(hù)方面的規(guī)定并不夠完善,還亟待增強(qiáng)。針對優(yōu)先股股東優(yōu)先權(quán)保護(hù)的問題,本文分了四章來介紹和分析。在第一章里首先介紹了優(yōu)先股的相關(guān)性質(zhì)、優(yōu)先股股東享有的權(quán)利和所受的限制,以及在國內(nèi)的大致發(fā)展歷程,使讀者可以對優(yōu)先股及其股東權(quán)形成一個(gè)基本的了解,為后文的陳述做理論鋪墊。第二章梳理了《管理辦法》等法律法規(guī)在優(yōu)先股發(fā)行、持有和退出各階段的保護(hù)現(xiàn)狀和現(xiàn)存問題。就當(dāng)前規(guī)定的不完善和不合理之處進(jìn)行了分析并指出了相應(yīng)的問題。在發(fā)行環(huán)節(jié),過于嚴(yán)格的限制不利于增強(qiáng)優(yōu)先股的流動(dòng)性,在持有階段賦予優(yōu)先股股東的股東權(quán)不夠充分,在退出機(jī)制的規(guī)定上,優(yōu)先股股東選擇的余地也不夠大。第三章分析了對優(yōu)先股股東權(quán)進(jìn)行保護(hù)的原因和意義,并按照必要性,有益性和可行性三個(gè)方面進(jìn)行了論述。著重分析了優(yōu)先股的有益性,其不僅可以降低優(yōu)先股股東所擔(dān)風(fēng)險(xiǎn),平衡公司股東間利益,而且也有利于充分實(shí)現(xiàn)優(yōu)先股的價(jià)值。第四章是本文的重點(diǎn),針對優(yōu)先股股東權(quán)益保護(hù)存在的問題,首先分析了保護(hù)優(yōu)先股股東應(yīng)當(dāng)遵循的思路,之后根據(jù)第四章分析的問題提出了相應(yīng)的可行對策,如減少對上市公司發(fā)行優(yōu)先股的限制,擴(kuò)大優(yōu)先股股東的股東權(quán)范圍以及完善退出機(jī)制等,全方面對優(yōu)先股股東的權(quán)利進(jìn)行保障與完善。
[Abstract]:The preferred stock system has a long history in foreign countries. It has been used in Britain since the 1940s and is relatively mature now. However, in China, the State Council decided to carry out the preferred stock pilot project only at the end of 2013, and issued the Guiding Opinions of the State Council on the pilot of preferred stock. 1. In early 2014, the Securities Regulatory Commission issued a standard preferred stock system. The first preferred stock was officially issued at the end of November of the same year in China. Although it is less than two years since the preferred stock came into operation in China, the preferred stock system has shown great vitality and vitality: after the first issue in the banking industry, other listed companies are also numerous. It can be seen that the rise of preferred shares is due to the improvement of the legal system and the support of national policies on the one hand, on the other hand, it also reflects the current market demand for such investment and financing methods. In the process of constructing the preferred stock system, it is very important to perfect the protection of the preferred stock shareholders, because it can make the preferred stock system enter a virtuous circle. At the same time, only the rights and interests of the preferred shareholders are fully protected, the company can realize the financing needs. 3 In order to avoid any problems, people will lose confidence in the preferred stock system, or even misunderstanding. However, the current legislation on the protection of the rights and interests of the preferred shareholders is not perfect, it is still urgent to do so. In the first chapter, the author introduces the nature of preferred stock, the rights and limitations enjoyed by preferred stock shareholders, and the general development process in China, so that readers can form a basic preferred stock and its shareholder rights. Chapter 2 reviews the protection status and existing problems of the laws and regulations in the issuing, holding and withdrawing stages of preferred shares. It analyzes the imperfections and unreasonableness of the current provisions and points out the corresponding problems. In the issuing process, too strict restrictions are not conducive to strengthening. The liquidity of preferred shares is insufficient for the shareholders of preferred shares in the holding stage, and there is not enough room for the shareholders to choose the preferred shares in the withdrawal mechanism. This paper analyzes the benefits of preferred stock, which can not only reduce the risk of preferred stock shareholders, balance the interests of shareholders, but also help to fully realize the value of preferred stock. Chapter 4 is the focus of this paper. In view of the problems of the protection of the rights and interests of preferred stock shareholders, the paper first analyzes the ideas that should be followed to protect preferred stock shareholders. According to the analysis of the fourth chapter, some feasible countermeasures are put forward, such as reducing the restrictions on the issuance of preferred shares by listed companies, enlarging the scope of shareholders'rights of preferred shares and perfecting the withdrawal mechanism.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：D922.287
本文編號：2222421
[Abstract]:The preferred stock system has a long history in foreign countries. It has been used in Britain since the 1940s and is relatively mature now. However, in China, the State Council decided to carry out the preferred stock pilot project only at the end of 2013, and issued the Guiding Opinions of the State Council on the pilot of preferred stock. 1. In early 2014, the Securities Regulatory Commission issued a standard preferred stock system. The first preferred stock was officially issued at the end of November of the same year in China. Although it is less than two years since the preferred stock came into operation in China, the preferred stock system has shown great vitality and vitality: after the first issue in the banking industry, other listed companies are also numerous. It can be seen that the rise of preferred shares is due to the improvement of the legal system and the support of national policies on the one hand, on the other hand, it also reflects the current market demand for such investment and financing methods. In the process of constructing the preferred stock system, it is very important to perfect the protection of the preferred stock shareholders, because it can make the preferred stock system enter a virtuous circle. At the same time, only the rights and interests of the preferred shareholders are fully protected, the company can realize the financing needs. 3 In order to avoid any problems, people will lose confidence in the preferred stock system, or even misunderstanding. However, the current legislation on the protection of the rights and interests of the preferred shareholders is not perfect, it is still urgent to do so. In the first chapter, the author introduces the nature of preferred stock, the rights and limitations enjoyed by preferred stock shareholders, and the general development process in China, so that readers can form a basic preferred stock and its shareholder rights. Chapter 2 reviews the protection status and existing problems of the laws and regulations in the issuing, holding and withdrawing stages of preferred shares. It analyzes the imperfections and unreasonableness of the current provisions and points out the corresponding problems. In the issuing process, too strict restrictions are not conducive to strengthening. The liquidity of preferred shares is insufficient for the shareholders of preferred shares in the holding stage, and there is not enough room for the shareholders to choose the preferred shares in the withdrawal mechanism. This paper analyzes the benefits of preferred stock, which can not only reduce the risk of preferred stock shareholders, balance the interests of shareholders, but also help to fully realize the value of preferred stock. Chapter 4 is the focus of this paper. In view of the problems of the protection of the rights and interests of preferred stock shareholders, the paper first analyzes the ideas that should be followed to protect preferred stock shareholders. According to the analysis of the fourth chapter, some feasible countermeasures are put forward, such as reducing the restrictions on the issuance of preferred shares by listed companies, enlarging the scope of shareholders'rights of preferred shares and perfecting the withdrawal mechanism.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：D922.287
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