Study Of Shareholding's Right To Full Ownership Theory

There are more than two thousand years theoretical studies and practical tests in traditional civil law, but the formation of corporate is just few hundreds years, so, no final conclusion has yet been reached on shareholding, which is the fundamental problem of corporate system. The shareholding problem is also a vexed question in academic circles. In China, because of the reform of state-owned enterprises, which were faced with the problem of ambiguity property rights, especially the Separation of Equity Ownership and Trading Rights of Listed Companies Circular, which is a problem on Chinese Characteristics, the importance of studying up on shareholding goes without saying.There are five main theories of shareholding. They are property rights theory, right to full ownership theory, obligatory right theory, mitgliedschaft theory, labor right theory, independent civil right theory and shareholder status theory. By analysis and commentary of these theories, and combine with cases, the author talks about a different understanding of these theories.The author thinks shareholding is a right to full ownership, but it is different from the theory of right to full ownership before. The former theory thinks the object of shareholding is corporate property, which is a legal assemblage, and shareholders own the final right to make decision, so they own the right to full ownership of corporate property. But the author has some innovation. The author thinks the object of shareholding is stock, so the right set up on stock is shareholding. First, the author argue that stock is object, then argue that the object of shareholding is stock, and last the author argue that shareholding has the character and four competency of the right to full ownership, inferring that shareholding is the right to full ownership.The author uses the latest shareholding cases been happened internationally in the whole argument, and combines with the things affected shareholding in practice. The author points out that separation ownership from managerial authority is the trend of development of modern corporate system. This trend of development is more in accordance with the nature of the right to full ownership, and more in favor of finding a equilibrium point of interest. This shareholding not only can protect the right of shareholder, but also can develop dynamic of corporate manage layer, making the reasonable corporate system being good served for market economy.