上市公司公开发行优先股法律制度研究

发布时间：2018-03-19 11:05

本文选题：优先股　切入点：上市公司　出处：《安徽大学》2015年硕士论文　论文类型：学位论文

【摘要】：优先股制度在世界上已有两百余年历史,是世界证券金融市场主要的融资工具之一,许多发达国家都有自己的优先股法律制度。但我国一直未曾建立自己的优先股法律制度,在实践中也很少有企业发行优先股来进行融资。在我国正式建立优先股制度,能够扩大我国证券市场规模、增加我国证券市场融资工具种类、丰富我国投资者的投资渠道,对完善我国证券金融市场具有重大意义。中国证监会于2014年3月21日公布实施《优先股试点管理办法》,标志着我国的优先股制度正式开始建立,从此我国企业有了发行优先股的法律依据。优先股是一种比较特殊的混合型证券,兼有普通股票和公司债券的特征。优先股股东有权优先于普通股股东享受利润分配请求权和剩余财产分配请求权,但其表决权一般受到限制。但当公司无法支付优先股股利达到一定的连续或累积期限时,优先股股东的表决权得以复活,有权参与公司股东大会并行使表决权。《优先股试点管理办法》规定,我国上市公司可以发行优先股,非上市公众公司可以非公开发行优先股。因为上市公司的规模巨大、融资额高、股东众多,上市公司公开发行优先股影响甚广,因此在目前试点阶段,《优先股试点管理办法》对于上市公司公开发行优先股作了比较严格、详尽的规定。首先,其发行条件要求非常严苛,只有三类上市公司才可以公开发行优先股;其次,其对发行程序规定的非常具体；再次,规定了证监会对我国公司发行优先股有权进行行政监管,对违反规定的公司有权进行行政处罚。优先股股东是公司的合法股东,其合法权益受到法律保护。优先股股东的股东权与普通股股东相比,有类似也有不同之处。《优先股试点管理办法》虽然对保护优先股股东的股东权进行一些规定,但优先股新股认购优先权、质询权等并未在相关规定里提及,总体来说有关优先股股东的股东权保护的相关条款尚不是很全面,需要进一步完善。除此之外,《优先股试点管理办法》对于上市公司公开发行优先股的发行条件要求较高,建议在时机成熟时适当放宽发行条件,以使更多的上市公司能够通过公开发行优先股解决自己的融资需要。优先股股东在自己的股东权遭受到公司不法侵害时,可通过司法手段保障自己的合法权益,法律应允许优先股股东提起优先股股东代表诉讼以及股东大会、董事会决议无效确认之诉和撤销之诉。
[Abstract]:The preferred stock system, which has a history of more than 200 years in the world, is one of the main financing tools in the world's securities financial market. Many developed countries have their own preferred stock legal systems, but China has never established its own preferred stock legal system. In practice, there are few enterprises issuing preferred stock to finance. The formal establishment of preferred stock system in China can enlarge the scale of China's securities market, increase the types of financing tools in our securities market, and enrich the investment channels of Chinese investors. It is of great significance to perfect China's securities financial market. On March 21st 2014, CSRC announced the implementation of the "preferred stock pilot management measures", which marks the formal establishment of the preferred stock system in China. Since then, Chinese enterprises have had a legal basis for issuing preferred stock. Preferred stock is a kind of special mixed securities. Having the characteristics of both ordinary stock and corporate bonds. Preferred shareholders are entitled to enjoy the right of claim for profit distribution and the right to claim for the distribution of surplus property prior to the shareholders of common stock, But their voting rights are generally restricted. But when the company fails to pay the preferred stock dividends for a certain continuous or cumulative period, the voting rights of the preferred stock shareholders are revived. The "preferred Stock pilot Management measures" stipulates that a listed company in China may issue preferred stock, while a non-listed public company may issue preference stock in private because of the large scale of the listed company. The amount of capital raised is high, the number of shareholders is numerous, and the public issuance of preferred stock by listed companies has a wide influence. Therefore, in the current pilot stage, the "preferred stock pilot management method" has made more strict and detailed regulations on the public issuance of preferred stock by listed companies. First of all, Its issuing conditions are very strict, only three types of listed companies can publicly issue preferred shares; secondly, it has very specific provisions on the issuing procedures; thirdly, it stipulates that the Securities Regulatory Commission has the right to administratively supervise the issuance of preferred shares by Chinese companies. Preferred shareholders are legal shareholders of the company whose legal rights and interests are protected by law. There are similarities and differences. Although there are some provisions to protect the shareholders' rights of preferred stock shareholders, the priority of subscription for new shares of preferred stock, the right to inquire, etc., are not mentioned in the relevant regulations. In general, the relevant provisions on the protection of the shareholders' rights of preferred stock shareholders are not very comprehensive and need to be further improved. In addition, the "preferred stock pilot management measures" requires higher conditions for the public issuance of preferred stock by listed companies. In order to enable more listed companies to meet their financing needs through the public issuance of preferred shares, it is suggested that when the time is ripe, appropriate relaxation of the conditions for issuing preferred shares should be made. When the shareholders of preferred shares suffer unlawful infringement of their shareholders' rights, The law should allow preferred stock shareholders to file litigation on behalf of preferred stock shareholders, as well as actions of shareholders' general meeting, invalid confirmation of resolutions of the board of directors and revocation.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287;D922.291.91

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