Listed Companies Tradable Share Reform Law

The stockholder's rights fragmentation refers to there is fluid difference between non-tradable stock and tradable stock in listed company. It is the biggest difficult problem and the hot spot currently in China stock market Because exists the system arrangement of stockholder's rights fragmentation, listed companies in our country generally have a phenomenon of dominating share so that major stockholder positively controlled the shareholders' congress, the board of directors, supervisors and the management institution. Security market principle of openness, fairness and justness has been violated on account of the universal existence of non-tradable stock, which seriously twisted the stockholder's rights intrinsic attribute of "the same stock have same price" and "the same stock have same right". The reality has gradually proved that, if our government can't solve the stockholder's rights fragmentation of listed company, it is impossible that Chinese securities market can acquire healthy development and the tradable stock shareholder's legitimate rights and interests can get an effective protection. According to the State Council "Certain Opinions about the Capital Market Reform and Opening and Stable Development'' in 2004, the China Securities Regulatory Commission (CSRC) issued "Notice about Reforms Experiment of Listed Company Stockholder's Rights Fragmentation" on April 30, 2005, and initiated the reform proceeding of listed company stockholder's rights fragmentation officially. After two batch of 46 experiment companies, the reform on the stockholder's rights fragmentation has already entered the comprehensive and safe implementation phase. Although people have already achieved the mutual recognition about the necessity of reform on the stockholder's rights fragmentation, regardless of in the theory or in the practice, controversy about reform legal foundation, consideration, category stockholder vote, safeguards to tradable stock rights and interests still exists seriously. Thus, it can be seen the research of the reform on the stockholder's rights fragmentation has important practical significance and theoretical significance. The full paper has been divided into 5 chapters in all.Chapter 1 mainly elaborates the necessity of reform on the stockholder's rights fragmentation. It reviews the historical origin of the stockholder's rights...