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法學碩士學位論文 中國신주발행제도에관한 법적고찰 2014 年 8 月 서울大學校大學院 法學科商法專攻 金明男
中國신주발행제도에관한 법적고찰 指導敎授千景壎 이論文을法學碩士學位論文으로提出함 2014 年 4 月 서울大學校大學院 法學科商法專攻 金明男 金明男의法學碩士學位論文을認准함 2014 年 6 月 委員長 ( 印 ) 副委員長 ( 印 ) 委員 ( 印 )
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Abstract A legal study on the New Shares Issuance System in China Jin Mingnan Department of Law The Graduate School Seoul National University Regardless of the expansion of the capital market in China, the financing by the financial institution(bank loans) accounted for the absolute proportion and the financing through the issuance of new shares accounted for less than 8% of the overall financing in recent 10 years. In order to ensure the mobility and efficiency of the financing through the issuance of new shares and achieve the internationalization and liberalization of the capital, the State Council, China Securities Regulatory Commission announced the Opinions on Further Promoting the Reform of New Shares Issuance System on November 30, 2013. Through the announcement of such kind of system, we can realize that the - 116 -
Chinese government determine to promote the reform of new shares issuance. However, Chinese current corporate governance is still incomplete and the capital market management system is not organized yet. So the situation of undermining the interests of existing shareholders and new investors often occurs. This paper will introduce the corporate registered capital system, financing status, the regulatory of the issuance of new shares and the latest legislative trends in the Chinese legal system firstly, and then develop a focused discussion on the question of whether recognize the preemptive right or not and the verification system for the issuance of new shares(the sponsor system) for the protection of new investors, which are the typical issues on the issuance of new shares in China for protecting the existing shareholders. First of all, with respect to whether recognize the preemptive rights or not, this paper will introduce the generality of preemptive rights, the regulatory of preemptive rights in the Chinese Company Law and the remedies for the infringement of the preemptive rights. And then it will have a comparison and evaluation of the legal system of the preemptive rights in the South Korea and the United States. Finally, it will make a proposal for recognizing the preemptive rights in China on the basis of implication obtained from the above systems. - 117 -
Secondly, with respect to the sponsor system, this paper will discuss the generality of the verification system for the issuance of new shares, the introduction of the background, specific contents of regulation and existing problems of the sponsor system in China. And then if will have a comparison and evaluation of the nominated advisers (nomads) system of UK s AIM (Alternative Investment Market) and sponsor system of Hong Kong s security market. Finally, it will suggest a future improvement plan on the Chinese sponsor system on the basis of implication obtained from the above systems. Key words : Financing in China, the issuance of new shares, preemptive rights, the examining and approving system, the sponsor system Student Number : 2012-24017 - 118 -