本文選題：優(yōu)先股　切入點(diǎn)：上市公司　出處：《安徽大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：優(yōu)先股制度在世界上已有兩百余年歷史,是世界證券金融市場(chǎng)主要的融資工具之一,許多發(fā)達(dá)國(guó)家都有自己的優(yōu)先股法律制度。但我國(guó)一直未曾建立自己的優(yōu)先股法律制度,在實(shí)踐中也很少有企業(yè)發(fā)行優(yōu)先股來(lái)進(jìn)行融資。在我國(guó)正式建立優(yōu)先股制度,能夠擴(kuò)大我國(guó)證券市場(chǎng)規(guī)模、增加我國(guó)證券市場(chǎng)融資工具種類(lèi)、豐富我國(guó)投資者的投資渠道,對(duì)完善我國(guó)證券金融市場(chǎng)具有重大意義。中國(guó)證監(jiān)會(huì)于2014年3月21日公布實(shí)施《優(yōu)先股試點(diǎn)管理辦法》,標(biāo)志著我國(guó)的優(yōu)先股制度正式開(kāi)始建立,從此我國(guó)企業(yè)有了發(fā)行優(yōu)先股的法律依據(jù)。優(yōu)先股是一種比較特殊的混合型證券,兼有普通股票和公司債券的特征。優(yōu)先股股東有權(quán)優(yōu)先于普通股股東享受利潤(rùn)分配請(qǐng)求權(quán)和剩余財(cái)產(chǎn)分配請(qǐng)求權(quán),但其表決權(quán)一般受到限制。但當(dāng)公司無(wú)法支付優(yōu)先股股利達(dá)到一定的連續(xù)或累積期限時(shí),優(yōu)先股股東的表決權(quán)得以復(fù)活,有權(quán)參與公司股東大會(huì)并行使表決權(quán)�！秲�(yōu)先股試點(diǎn)管理辦法》規(guī)定,我國(guó)上市公司可以發(fā)行優(yōu)先股,非上市公眾公司可以非公開(kāi)發(fā)行優(yōu)先股。因?yàn)樯鲜泄镜囊?guī)模巨大、融資額高、股東眾多,上市公司公開(kāi)發(fā)行優(yōu)先股影響甚廣,因此在目前試點(diǎn)階段,《優(yōu)先股試點(diǎn)管理辦法》對(duì)于上市公司公開(kāi)發(fā)行優(yōu)先股作了比較嚴(yán)格、詳盡的規(guī)定。首先,其發(fā)行條件要求非常嚴(yán)苛,只有三類(lèi)上市公司才可以公開(kāi)發(fā)行優(yōu)先股;其次,其對(duì)發(fā)行程序規(guī)定的非常具體；再次,規(guī)定了證監(jiān)會(huì)對(duì)我國(guó)公司發(fā)行優(yōu)先股有權(quán)進(jìn)行行政監(jiān)管,對(duì)違反規(guī)定的公司有權(quán)進(jìn)行行政處罰。優(yōu)先股股東是公司的合法股東,其合法權(quán)益受到法律保護(hù)。優(yōu)先股股東的股東權(quán)與普通股股東相比,有類(lèi)似也有不同之處�！秲�(yōu)先股試點(diǎn)管理辦法》雖然對(duì)保護(hù)優(yōu)先股股東的股東權(quán)進(jìn)行一些規(guī)定,但優(yōu)先股新股認(rèn)購(gòu)優(yōu)先權(quán)、質(zhì)詢(xún)權(quán)等并未在相關(guān)規(guī)定里提及,總體來(lái)說(shuō)有關(guān)優(yōu)先股股東的股東權(quán)保護(hù)的相關(guān)條款尚不是很全面,需要進(jìn)一步完善。除此之外,《優(yōu)先股試點(diǎn)管理辦法》對(duì)于上市公司公開(kāi)發(fā)行優(yōu)先股的發(fā)行條件要求較高,建議在時(shí)機(jī)成熟時(shí)適當(dāng)放寬發(fā)行條件,以使更多的上市公司能夠通過(guò)公開(kāi)發(fā)行優(yōu)先股解決自己的融資需要。優(yōu)先股股東在自己的股東權(quán)遭受到公司不法侵害時(shí),可通過(guò)司法手段保障自己的合法權(quán)益,法律應(yīng)允許優(yōu)先股股東提起優(yōu)先股股東代表訴訟以及股東大會(huì)、董事會(huì)決議無(wú)效確認(rèn)之訴和撤銷(xiāo)之訴。
[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.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：D922.287;D922.291.91

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