Earticle

초록

영어

Most of the listed companies in Chinese stock market have common and State-owned shares, which were limited in floating. The Stated-owned shares defines government possessed assets consisted in a certain evaluated process when stated-owned companies reformed into the qualified company. It characterizes that a total liabilities and net worth is included, but limited
proportions.
Currently, the floating shares are only 1/3 of total issued stocks from listed companies and 2/3 are of the non-floating shares. The reformation of stated-owned stocks means the non-floating shares convert to the floating shares. Regally, it called Split Share Structure (股權分置) correspondingly.
Chinese and their authorities is currently processing this reformation drastically and they rapidly renovate security legislation since April 2005.
If this reformation completes, the stated-owned asset management would be transferred to the floating shares and, finally, Chinese monetary circulation system would become a capital market economy system.
It plans that non-floating shares of 20 enterprises stocks converts to the floating shares weekly until the end of 2006. The conversion method of stated-owned stocks to the floating shares is to approve 2/3 of stockholders who owned the non-floating shares in ‘A’ security market. The non-floating shares and floating shares stockholders have to deliberate the method of stock effacement simultaneously.
The floating shares will shortly be released and directly influenced with the security market after completed this reformation. Chinese government enforces next three method; firstly, the reformation of split share structures, secondly, the non-floating shares prohibition of selling within an year, thirdly, stockholders who owned over 5% of the total value would forbid a
selling as well. At the same time, the institutional investor has been recommended the acquiescent intervention as well as the foreign strategical investors induced the investments for solving secondary problems caused by the conversion.
Meanwhile, the non-floating shares converted enterprises have given a certain advantages, such as issuing new bonds, bank credits and shares collateralized loan etc,. If those reformation completed successfully, the management system and co-operated governance of the listed companies would become transparented. Also the efficiency of the capital market would be improved by the merged effectiveness from ‘B’ and ‘A’ security markets.

목차

Ⅰ. 논의의 배경
 Ⅱ. 국유주주권의 본질론과 주주권분치
  1. 회사법인재산권(公司法人財産權) 본질론
  2. 주주권본질론
  3. 국유주주권의 설치근거와 성질
 Ⅲ. 국유주주권분치와 유통주 제한의 문제
  1. 국유주주권분치에 따른 문제점
  2. 국유주의 유통제한 문제
 Ⅳ. 상장회사 국유주의 개혁(주주권분치개혁)
  1. 국유주의 증권시장 유통계획
  2. 국유주 개혁에 관한 법원
 Ⅴ. 주주권분치개혁의 절차
  1. 주주권분치개혁의 목적과 원칙
  2. 주주권분치개혁의 발의와 절차
  3. 중개기관의 의무
  4. 정보공개의무
  5. 개혁계획과 개혁조치 후 비유통주식의 처리
  6. 초기 주주권분치개혁의 사례
  7. 주주권분치개혁에 따른 문제점
 Ⅵ. 증권법과 회사법 및 외상투자 관련법과의 관련성
 《참고문헌 》
 Abstract

저자

• 이정표 [ 이정포 | 부산대학교 국제전문대학원 부교수. ]

참고문헌