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Research on Law Regulation of Commitments of Stock Reform

Author: ZhongHui
Tutor: WeiZhongYu
School: Southwest University of Political Science
Course: Civil and Commercial Law
Keywords: Non-tradable Shares Reform Law Regulation Asset Injection Commitments of Stock Reform Implement
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 46
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Abstract

Along with the successful reform of non-tradable shares, stock market in China has got through a new revolution. Although the reform has ended, the problems we met will not be cleared with its ending. Some new legal questions weakened the effects of the reform, such as the executive of reform. Thus, it becomes necessary to ensure the fulfillment of the commitments from the reform. If the risk control and legal obligation structure system could be established, the problems could be avoided to some extent.This article starts from implementation of asset-injection stock reform and divides into four sections. Firstly, this article introduces the institutional background of the non-tradable shares reform. By reviewing the reform, it implies that the status quo of the non-tradable shares reform runs in the opposite direction of the nature of stock market, it blocked the regular development of stock market. Meanwhile, it shows the disadvantage and core arrangement of non-tradable shares, and it makes it significant to initiate reform and solve the problems.Secondly, some brief explanation is made to commitments of stock reform. Through legal analyze on commitments of stock reform, conception of it has been manifest. And it shows the principle of legalize the commitments of stock reform, in order that risks in implementing the commitments could be decreased.The third part detailed analyzes the commitment of asset-injection stock reform. Through introducing the concept of asset injection, as well as obligations and rights when implementing the commitment, it shows the situations that the commitments are not implemented, and provide evidences of default shareholders. At the same time, it points out the absence of law regulation of implementing the commitments of stock reform. Therefore, it’s necessary to establish a supervising system of implementation on multi-aspects from the angle of law, in order that we can provide aid to tradable stockholder who suffer lost.The last part is the key part of the dissertation, which includes detailed analyze of the above-mentioned three parts, and explains that the core of the reform is not merely full circulation of stock market. What is more important is to balance the interests of shareholders of tradable and non-tradable share. However, on the basis of integrating current law resource, the commitments of stock reform is not completely realized. So, this part starts from the implementation of commitment of asset-injection stock reform, it mainly analyzes the shortage of the protection mechanism for medium and small shareholders during the later period of the execution of stock reform’s commitments, and indicates the importance and necessity of law adjustment very clearly, then provide the workable proposal and suggestion from legal field. It includes the administrative liability assume, civil liability assume, protection mechanism of tradable share shareholder’s interest and supervising way of execution of asset injection’s commitment caused by the breach of implementation of stock reform’s commitments. We expect to standardize the breaching activity of the responsible shareholders from legislation and judicial field and protect the tradable share shareholder’s interest carefully. All these suggestions aim at supporting the timely execution of commitments and giving full scope to the law’s compelling power.Although most of the reform has been done, there is also long way to go for protecting the interests of tradable share’s holders. Tradable share reform is not only an economic problem, but also need legal facility to regulate. When it comes to the process of implementing the commitment, the absence of necessary legislative support and judicial relief will lead to obstacles from many aspects. Thus, below conclusions has be drawn that it’s significant to ensure the interest of tradable share’s holders by laws and regulations on commitments of implementing commitments of stock reform.

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