Share Reform, Investors Rights Protection And The Share Reform Is Expected To Study

With the development of the modern economy, the disadvantage becomesmore and more evident, the contradictory becomes more and more sharp, whichis caused by the distinction between the circulating and uncirculated shares. Allthese do harm to the consistency of circulating and uncirculated share-holders'rights and interests radically, which makes the relationship of circulating anduncirculated share-holders in the opposed position. Under the state that thestate owned shares too more, large share-holders encroach on the interests ofsmall share-holders, the investors can not get enough protections, and thecapital structure restricts the company administration and the resourcescollocation. At the end of the April of last year, authorized by the StateDepartment, the CSRC issued "the notice on the reform of the distinctionbetween the circulating and uncirculated share-holders". Since then , thereform began step by step.This article starts from the analysis on the investors' interests, analyses thedifferences among the departments of securities regulatory and state-ownedassets,uncirculated share-holders,institutional investors, institution and publicshare-holders. The rights & interests of investors includes statistic rights,macroscopical rights , dynamic rights, in the process of payment ofconsideration, all these rights should be embodied. Among all thestake-holders, when protect their own rights, the uncirculated share-holders oftenheld dominant position. Circulating share-holders often can't actunanimously, because of the differences on the goal & property. So their rightsneed protections. After the reform began , the companies design differentprojects for consideration payment to compensate the circulating share-holders indifferent ways. That should be compensated enough in theory. At the sametime, the stock price is an important index of the investors' rights protection. Thetrade on the stock is a kind of investment activities, the stock price is theembodiment of the return. The capital market is a place of investment, we haveto introduce the concept of return into the market, and look it as the mainstandard of reform. it is impossible to make the behaviors in order and managethe relationship in the market, to build a health,systematic,efficient capitalmarket.