On The Shareholding Transfer Of Non-Listed Companies

In the late 1980s, with the enterprise reform of the shareholding system, the country's non-listed companies produced while the listed companies come into being. The non-listed companies have a specific historical background and unique operating mechanism. China's non-listed companies from the strict sense is a non-standard form of the company, defining of the legal status unclear, the monitoring system can not clear, the transfer of the shareholding is no rule to follow, a very important aspect is that transferring of the shareholding of the non-listed companies is difficult to monitor, very irregular, is a major hidden peril. At the same time how the non-listed company's shareholding flow legitimate and how the market provide these companies legal channels to meet their financing needs, and so on ,is very urgent task. In the light of the circs above, discussing to transferring of non-listed companies'shareholding becomes necessary the topic of this paper.However, a simple ban on"no subdivision, no continuous, no standar-dization"of non-listed joint-stock companies can not fundamentally solve the problem. Since the late 1990s of 20th century, trading of the shareholding of non-listed companies constantly changed, and the channel of it is not very open to traffic. Apart from direct or indirect listing in the Stock Exchange Market of Shanghai and Shenzhen, the shareholding of other non-listed companies only can be transferred in the regional market of property rights transaction, or the transfer agent system (formerly STAQ system and the NET System) transaction, or the underground market, the so-called"black market."Some western developed countries, such as the United States and Britain, there are both unified capital market system, concentrated national markets, and regional and small local market. It is a market system of multi-layered, multiple coverage and risk diversification. From the United States, Britain capital markets experience, developing our shareholding trading system of non-listed companies, establishing the trading market of property rights positioning electronic quotation system similar to the OTCBB of the United States will be very significant. This paper start at actuality and question of the transfer of the non-listed companies in China, use the system of the transfer of the non-listed companies in the developed country such as America and UK for reference, anatomy the classic case of china, and research the design of trading flat roof, the mechanism of acting and the choosing of mode about the shareholding trading of other non-listed companies. And some countermeasure and advice will be brought forward in the aspect of decriminalization and maneuverability about the shareholding trading of non-listed companies in china.