The cent of the ownership of a share place

The cent of the ownership of a share places to mean:Exist in the listed company of China don't circulate with circulate two types of shares, in addition to hold the huge difference of cost of and circulate power dissimilarity, endow with all same at each share's other right.In order to holding the cost of to contain huge difference, make the severity of of two types of shareholders unjust.The cent of the ownership of a share places reform, if take no account of don't circulate with circulate hold of a cost, don't recognize to accept two types of differences that the shareholders hold a cost, then lost problem-solving logic foundation, talk more to not and up protect social public investor the legal rightses of this minority community with"three Mr.s".
The standard which judges an ownership of a share to place reform success or failure for cent onlies have 1, be:The cent of the ownership of a share after placing reform, hold of all shareses in the listed company a cost whether homology.
May, 1992 of 《the share system business enterprise experimental unit way 》provision, "according to the dissimilarity of investment corpus, the ownership of a share constitution includes four kinds of forms:National, legal person, personal, foreign capital".But take effect on July 1 in 1994 of 《company law 》, to joint-stock company have already no longer established national, collective and personal, but the dissimilarity which press the shareholder rights, the constitution common stock, preferred stock...etc..However, turn over to see our country the stock market establish it early of related provision, since can not find to circulate a problem to definitely forbid sex provision to the stateowned, there is also no explicit system arrangement.
The cent of the ownership of a share places reform and stateowned to reduce to hold a dissimilarity.Reduce to hold to be unequal to all circulate;BE circulated power, also don't mean the certain meeting reduces to hold
Along with the development of capital market, resolve an ownership of a share to place a problem beginning to be lift up the agenda for cent.The second half of 1998 and 2001, successively and twice once carried on a stateowned the quest which reduced to hold to try, but thought because of the effect disregard, stopped down very quickly.Does this time reform experimental unit have a lot of investors to ask, circulate and reduce to hold to have the Shi Mao the dissimilarity after start?To this, the law expert's explanation BE, reduce hold be unequal to all circulate, reducing to hold can carry on in the trading post market, can also pass other paths and is reduce to hold of share also need not however is circulated power;Rather than circulated to acquire to circulate power, also don't mean would certain reduce to hold.
The cent of the ownership of a share's placing a problem has been the most problem which perplexs stock market to healthily develop.The cent of the ownership of a share place wrong etc., the inequality be basic to include 3 F meaning, on being wrong etc. of right, namely the different one who hold to have of stock possess wrong etc. of right and concentrate a performance is participate the management management decision power of wrong etc., inequality;Two is to undertake compulsory wrong etc., the namely different shareholder(the stock hold a brief name of have) undertake of collect the obligation of need the funds and accept the obligation wrong etc., inequality of debt for the business enterprise development;Three is the different shareholder acquires income and undertake of wrong etc., inequality of risk.The cent of the ownership of a share places to make to produce a power relation and can't manage follow, business enterprise structure's manage basically can't carry on with valid, business enterprise management the decision can't even carry out democratization, scientific, dictatorial and internal person control unavoidable, even become to outward open, the business enterprise produce power reform and economic system to reform to deeply turn of the biggest obstacle.Therefore work°out a stock market problem, ownership of a share cent places a problem and have to resolve,As for ownership of a share separately place of lift a method.What to start lift most is that the stateowned reduces to hold, afterwards lift to all circulate, Be again put forward solving an ownership of a share to place for cent now, in fact three of the meaning be totally different.Stateowned reduce to hold to include of is become through a stock market to withdraw with stateowned capital now of concept;All circulating to include can't circulate circulate of share to become now concept;But resolve an ownership of a share to place a problem for cent is a concept of reform, its essence wants the share which changes into and can circulate the share that can't circulate, real realization together together power, this be the important contents that the basic system of the capital market constuct.And, resolve an ownership of a share for cent after placing a problem, the share can circulate will physically get in to circulate not necessarily and it expands with market to permit to without inevitable contact.Explicit this, be advantageous to stable market expectation, and is keep the premise bottom of stable market to resolve an ownership of a share to place a problem for cent.
The cent of the ownership of a share's placing an experimental unit project is an our country stock market institutional of one big unprecedented undertaking, have epoch-making meaning.First, ownership of a share cent places a resolve of problem and will help stock market system and listed company to manage structural improvement, contribute to the long-term health development of market;Secondly, ownership of a share cent place a resolve of problem, can carry out supply relation and list price mechanism of stock market reality, be advantageous to improvement investment environment and urge a stock market to keep on healthily develop, benefit at farsighted;The third, the principle which protects the investor especially public investor legal rights make successfully make possible of the reform experimental unit, this will raise investor confidence and make the our country stock market get away from currently predicament, avoid being turn by the edge, its meaning again nowadays;The fourth, after ownership of a share cent place to solve, a series of finance innovation would be in clear and ordered pattern to release, be advantageous to perfect our country the product structure of the stock market, increase investment species, promote a capital market a resources a reasonable llocation.