借鉴国外经验发展中国优先股制度的现实意义

发布时间：2018-03-07 18:45

本文选题：优先股　切入点：公司法　出处：《复旦大学》2011年硕士论文　论文类型：学位论文

【摘要】：优先股是指股份有限公司发行的、与普通股相对称的、在公司利润分配和破产清偿时享有优先权的一种特殊类型股份。优先股是一种风险小于普通股,而收益大于普通债券的投融资工具。优先股在投融资领域有着其不可替代的位置,有很大的市场需求。西方国家普遍采用了优先股,各国公司法也对优先股作了明确的规定。我国理论界和决策层对优先股的认识不足,尤其是我国的《公司法》对优先股没有相关的规定,使得优先股在我国没有得到完全正确的认识和应有的法律地位。目前在西方各国的主要证券交易所均有优先股交易,并且既可以在场内交易也可以在场外交易。2008年金融危机爆发后,优先股成为美国公司筹集资金、政府挽救企业的重要方式。而在我国证券市场上,股份公司只能发行普通股一种股票,优先股仍然是个盲点。优先股有发行的必要,它有利于股票市场的规范和稳定,有利于增加融资渠道、缓解再融资压力,有利于改善公司治理结构,并且发行优先股在法律上也是可行的。本文从优先股的基本理论入手,结合优先股的特殊性,采用文献研究、实证研究、比较研究等方法,对国外优先股法律制度进行分析,阐述该法律制度的概况,揭示其现状与中国有关制度进行比较、借鉴,并提出如何在国内引入优先股法律制度的对策。在第一章笔者对典型的大陆法系国家法国和德国的优先股制度进行分析,并进一步对大量采纳英美公司制度的日本公司法中有关优先股制度进行分析比较。在第二部分笔者着重介绍了优先股制度最发达的美国,对美国几个典型州的优先股立法进行透彻分析,并对美国优先股制度的判例法进行研究。同时对英国和印度的优先股制度进行较为系统的介绍,总结出英美法系优先股法律制度的特点。最后笔者分析了我国当前优先股制度的状况和问题,结合第一和第二部分的研究成果,通过评析和借鉴国外先进的优先股法律制度对进一步改革和完善我国相关法律制度提出建议。
[Abstract]:Preferred stock is a special type of stock issued by a company limited by shares, which is symmetrical to common stock and enjoys priority in the distribution of profits and liquidation of the company's bankruptcy. Preferred stock is a type of stock with less risk than common stock. Preferred stock has an irreplaceable position in the field of investment and financing, and there is a lot of market demand. The company law of various countries also has made the explicit stipulation to the preferred stock. The theory circle and the policy-making circles in our country have not understood the preference stock, especially the company law of our country has no related stipulation to the preferred stock. So that preferred stock in our country has not been fully correct understanding and due legal status. At present, preference shares are traded on major Western stock exchanges and can be traded both on the floor and over the counter. After the financial crisis in 2008, preferred stock became a U.S. company to raise funds. The important way for the government to save the enterprise. In our country's securities market, the stock company can only issue one kind of common stock, and the preferred stock is still a blind spot. It is necessary to issue preferred stock, which is conducive to the regulation and stability of the stock market. It is beneficial to increase financing channels, relieve refinancing pressure, improve corporate governance structure, and issue preferred stock is also legally feasible. Starting with the basic theory of preferred stock and combining the particularity of preferred stock, this paper analyzes the legal system of preferred stock in foreign countries by means of literature research, empirical research and comparative study, and expounds the general situation of the legal system. It reveals that the present situation is compared with the relevant systems in China, draws lessons from it, and puts forward some countermeasures on how to introduce the preferred stock legal system in China. In the first chapter, the author analyzes the preferred stock system in France and Germany, which is a typical civil law country. In the second part, the author focuses on the introduction of the most developed preferred stock system in the United States. This paper makes a thorough analysis of the legislation of preferred stock in several typical states of the United States, and studies the case law of the system of preferred stock in the United States. Finally, the author analyzes the status and problems of the current preferred stock system in China, and combines the research results of the first and second parts. Through analyzing and drawing lessons from foreign advanced preferred stock legal system, some suggestions are put forward to further reform and perfect the relevant legal system of our country.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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