A Research On Focal Legal Problem Of Equity Separation Reform

Stock right split in the Stock market of china is a systematic arrange for large or middle size State-owned corporation to extricate itself out in the transformative-economic condition, and it has profoundly social and historical rootstock. in the course of economic transformation, in order not to oscillate main body status of state-owned, inducting state-owned stock, juridical person stock and public circulating stock , and definitely stipulating that state-owned stock and juridical person stock did not circulate temporarily, so all these caused particular phenomenon in the Chinese stock market that circulate and non-circulate stock right split. Since May, 9, 2005, China began its reform of the shareholder structure of listed companies so as to settle the intricate problem which cumbered the healthy development of the China stock market in the long run. With a legal vision, this article does a research to several issues of the reform. First, this article has discussed Reasonable governing structure of companies will greatly guarantee our country stock market and the overall economical healthy development, elaborate with emphasis the vital significance of the stock changes to company governing. Second, this article has discussed the key problem of Equity Separation Reform that is the legal reason of"consideration"; The end, this article has analyzed the problem of validity of the answers of shareholders of the non-tradable shares. The author argues that to promote the reform, the legal reason of "consideration" shall be. Clarified and class voting, dissenters' appraisal as well as the legal compensation system related to the reform. The author points out that the supervisors and the shareholders of non-tradable shares shall pay a great attention to the protection of shareholder's rights. The shareholders of non-tradable shares, shareholders of tradable share as well as the shareholders of foreign shares shall negotiate and communicate with each other and in doing so, to avoid the deadlock situation during the reform.