Investigation On The Legal Issue Of Private Offering Of Additional Shares In China

In the capital market,the main means of equity financing is the private offering of additional shares,which not only effectively alleviates the pressure of raising funds for listed companies,but also is an irreplaceable link in the contemporary capital market.As a mature financing tool for the operation of developed capital markets in Europe and the United States,private offering of additional shares should be an important content in the legislative process of China's securities law and regulations.In this context,this paper discusses the legal problems still existing in the process of private offering of additional shares after the new rules of private offering of additional shares and on reduction of holding in 2017 and on asset management in 2018,and puts forward some suggestions on the prevention of legal risks.This thesis is divided into three parts:In the first part,the author systematically combs the evolution and constitution of China's legal system of private offering of additional shares,and finds out the problems on this basis.From the perspective of historical investigation,this paper introduces the three stages of the evolution of the system,and introduces the composition of the legal system of the directional additional issuance.From the different dimensions of regulations to think about the first-level semi-market problems still exist.The second part introduces the obvious problems in the process of private offering of additional shares in the legal system in China.Based on the introduction of the three new regulations in the first part,this paper puts forward the problems in the market of directional additional issuance,which mainly focus on the interest transmission,the channel class of private equity,the penetration of regulation.The third part is the perfection of the legal system of private offering of additional shares in our country.In this chapter,the author puts forward some suggestions on how to perfect the accumulative voting system,strengthen the asset evaluation,standardize the channel bus.