我国优先股股东权益保护问题研究
发布时间：2018-09-04 14:24
【摘要】：优先股制度在国外的发展有悠久的历史,19世纪40年代的英国就已经开始使用,至今已较为成熟。而在我国,2013年底国务院才决定开展优先股试点,并出台了《国务院关于开展优先股试点的指导意见》1,2014年初证监会发布了规范优先股制度的《优先股试点管理办法》2,同年十一月底在我国才正式发行了第一只优先股。虽然我国优先股进入实际操作阶段至今才短短不到两年的时间,但优先股制度却展现了其磅礴的生命力和活力:在银行业率先发行后,其他上市公司也都纷纷出台了发行预案,如今在新三板市场上,发行优先股的态势十分迅猛。可见,优先股的兴起一方面是因为法律制度的完善和国家政策的支持,另一方面,也反映出我国当前市场对这种投融资方式的需求。发展优先股制度对我国建设和完善多层次资本市场具有重要意义。而在建设优先股制度的进程中,完善对优先股股东的保护显得尤为重要,因为其可以使优先股制度进入一个良性循环。完善对股东权利的保护才能最大程度上打消投资者的顾虑,吸引更多的人选择优先股;同时,也只有优先股股东的权益得到充分的保护,公司才可能实现筹资的需求。3以免一旦出现问题后,会使人们对优先股制度丧失信心,甚至产生错误认识。但是,目前我国立法对优先股股东的权益保护方面的规定并不够完善,还亟待增强。针对优先股股东优先权保护的问题,本文分了四章来介绍和分析。在第一章里首先介绍了优先股的相关性质、优先股股东享有的权利和所受的限制,以及在国内的大致发展历程,使读者可以对优先股及其股东权形成一个基本的了解,为后文的陈述做理论铺垫。第二章梳理了《管理办法》等法律法规在优先股发行、持有和退出各阶段的保护现状和现存问题。就当前规定的不完善和不合理之处进行了分析并指出了相应的问题。在发行环节,过于严格的限制不利于增强优先股的流动性,在持有阶段赋予优先股股东的股东权不够充分,在退出机制的规定上,优先股股东选择的余地也不够大。第三章分析了对优先股股东权进行保护的原因和意义,并按照必要性,有益性和可行性三个方面进行了论述。着重分析了优先股的有益性,其不仅可以降低优先股股东所担风险,平衡公司股东间利益,而且也有利于充分实现优先股的价值。第四章是本文的重点,针对优先股股东权益保护存在的问题,首先分析了保护优先股股东应当遵循的思路,之后根据第四章分析的问题提出了相应的可行对策,如减少对上市公司发行优先股的限制,扩大优先股股东的股东权范围以及完善退出机制等,全方面对优先股股东的权利进行保障与完善。
[Abstract]:The preferred stock system has a long history in foreign countries. It has been used in Britain since the 1940s and is relatively mature now. However, in China, the State Council decided to carry out the preferred stock pilot project only at the end of 2013, and issued the Guiding Opinions of the State Council on the pilot of preferred stock. 1. In early 2014, the Securities Regulatory Commission issued a standard preferred stock system. The first preferred stock was officially issued at the end of November of the same year in China. Although it is less than two years since the preferred stock came into operation in China, the preferred stock system has shown great vitality and vitality: after the first issue in the banking industry, other listed companies are also numerous. It can be seen that the rise of preferred shares is due to the improvement of the legal system and the support of national policies on the one hand, on the other hand, it also reflects the current market demand for such investment and financing methods. In the process of constructing the preferred stock system, it is very important to perfect the protection of the preferred stock shareholders, because it can make the preferred stock system enter a virtuous circle. At the same time, only the rights and interests of the preferred shareholders are fully protected, the company can realize the financing needs. 3 In order to avoid any problems, people will lose confidence in the preferred stock system, or even misunderstanding. However, the current legislation on the protection of the rights and interests of the preferred shareholders is not perfect, it is still urgent to do so. In the first chapter, the author introduces the nature of preferred stock, the rights and limitations enjoyed by preferred stock shareholders, and the general development process in China, so that readers can form a basic preferred stock and its shareholder rights. Chapter 2 reviews the protection status and existing problems of the laws and regulations in the issuing, holding and withdrawing stages of preferred shares. It analyzes the imperfections and unreasonableness of the current provisions and points out the corresponding problems. In the issuing process, too strict restrictions are not conducive to strengthening. The liquidity of preferred shares is insufficient for the shareholders of preferred shares in the holding stage, and there is not enough room for the shareholders to choose the preferred shares in the withdrawal mechanism. This paper analyzes the benefits of preferred stock, which can not only reduce the risk of preferred stock shareholders, balance the interests of shareholders, but also help to fully realize the value of preferred stock. Chapter 4 is the focus of this paper. In view of the problems of the protection of the rights and interests of preferred stock shareholders, the paper first analyzes the ideas that should be followed to protect preferred stock shareholders. According to the analysis of the fourth chapter, some feasible countermeasures are put forward, such as reducing the restrictions on the issuance of preferred shares by listed companies, enlarging the scope of shareholders'rights of preferred shares and perfecting the withdrawal mechanism.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287
本文编号：2222421
[Abstract]:The preferred stock system has a long history in foreign countries. It has been used in Britain since the 1940s and is relatively mature now. However, in China, the State Council decided to carry out the preferred stock pilot project only at the end of 2013, and issued the Guiding Opinions of the State Council on the pilot of preferred stock. 1. In early 2014, the Securities Regulatory Commission issued a standard preferred stock system. The first preferred stock was officially issued at the end of November of the same year in China. Although it is less than two years since the preferred stock came into operation in China, the preferred stock system has shown great vitality and vitality: after the first issue in the banking industry, other listed companies are also numerous. It can be seen that the rise of preferred shares is due to the improvement of the legal system and the support of national policies on the one hand, on the other hand, it also reflects the current market demand for such investment and financing methods. In the process of constructing the preferred stock system, it is very important to perfect the protection of the preferred stock shareholders, because it can make the preferred stock system enter a virtuous circle. At the same time, only the rights and interests of the preferred shareholders are fully protected, the company can realize the financing needs. 3 In order to avoid any problems, people will lose confidence in the preferred stock system, or even misunderstanding. However, the current legislation on the protection of the rights and interests of the preferred shareholders is not perfect, it is still urgent to do so. In the first chapter, the author introduces the nature of preferred stock, the rights and limitations enjoyed by preferred stock shareholders, and the general development process in China, so that readers can form a basic preferred stock and its shareholder rights. Chapter 2 reviews the protection status and existing problems of the laws and regulations in the issuing, holding and withdrawing stages of preferred shares. It analyzes the imperfections and unreasonableness of the current provisions and points out the corresponding problems. In the issuing process, too strict restrictions are not conducive to strengthening. The liquidity of preferred shares is insufficient for the shareholders of preferred shares in the holding stage, and there is not enough room for the shareholders to choose the preferred shares in the withdrawal mechanism. This paper analyzes the benefits of preferred stock, which can not only reduce the risk of preferred stock shareholders, balance the interests of shareholders, but also help to fully realize the value of preferred stock. Chapter 4 is the focus of this paper. In view of the problems of the protection of the rights and interests of preferred stock shareholders, the paper first analyzes the ideas that should be followed to protect preferred stock shareholders. According to the analysis of the fourth chapter, some feasible countermeasures are put forward, such as reducing the restrictions on the issuance of preferred shares by listed companies, enlarging the scope of shareholders'rights of preferred shares and perfecting the withdrawal mechanism.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287
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