Of Listed Companies

Listed companies play a very important role in standard market economy system, especially in capital market. The equity of listed companies are highly socialized and owned by numerous stockholders. The equity of listed companies are highly securitized and negotiable. Listed companies have great sum of capital by collecting funds publicly from society, whose capital has been socialized and scale is far lager than traditional companies, thus impact the society widely. High managers of Listed companies have become more and more professional, and selected more from specialists out of the companies. Besides stockholders, the employers, customers, suppliers, governments and communities outside listed companies have formed into groups of stakeholders, who are directly or indirectly related to listed companies.The research of listed companies has been concentrated on certain detailed field of them, lacking the sole research of them and consideration of their essence. The listed companies are regarded as a sole object for research in this dissertation, while the essence of listed companies is observed unitarily. The social root of the birth and development of listed companies is analyzed from the origin of them. The legal characteristics of listed companies are discussed by analyzing the inner structure and outer market environment of them, comparing the advantages and disadvantages between listed companies and classic enterprises, such as sole proprietorships and partnerships; listed companies and other modem enterprises, such as limited companies and non-listed stock companies.Listed companies are a type of dynamic and unstable enterprises. They are enterprises whose equity are highly securitized and marketed from the point of view oforganization; They have legally become the trading object from the point of view of market, which discloses the other side of listed companies, a type of capital exiting by the form of enterprises. It is named as "enterprises capital" by the author. The property rights of listed companies are analyzed from the point of legal view. The path, ownership-equity-stock-equity of negotiable stocks-ownership, shows the dynamic conversion of the value of property and the state of title by market mechanism, whose essence is the market transition of capital. Listed companies are the factual capital carriers of the fictitious capital. Listed companies have dual characteristics of factual capital and fictitious capital. The fiction of the equity of listed companies causes the ingredients of economy bubbles of them.From the point of legal view, listed companies are dissimilation commercial subjects by market (capital enterprise) and trading objects of capital market (enterprise capital). Thus the basic way of regulating listed companies are divided into two ones: control by organization and control by market. The former, control by organization, leads to the construction of enterprise subject institutions core-oriented by companylaws. The latter, control by market, leads to the construction of market trading institutions core-oriented by security laws.By the essence of capital enterprise, it is essential to regulate market subjects, to establish perfect mechanism of check and balance in listed companies and market supervising outside listed companies. The interests of stockholders shall be adequately respected (stockholders standard). By the essence of enterprise capital, it is essential to regulate the order of market, to establish perfect security market systems, to warrant the openness, equity and justice of trading orders of security market (investors standard). The matter of large chaos lying in domestic listed companies is the deviation from market mechanism. The listed companies shall be reverted to their essence of capital enterprise and enterprise capital for regulation. The market mechanism shall be respected and perfected.