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《West China Finance》 2018-04
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The Discussion on Qualification of “Three Types of Shareholders” to be Shareholders of Listed Companies

LI Shanshan;East China University of Political Science and Law;  
Under the framework of the contract," three types of shareholders"(contract investment fund,asset management plan and trust) lack the legal subject qualification so that their shareholder identity has been criticized when investing in the listed companies.Under the trend of the commercial trust being a subject," three types of shareholders" rely on the SPV structure to seek the adjustment of the organization law,thus establishing the identity of shareholders.Secondly,as short-term institutional investors,they aim to achieve the capital appreciation after listing rather than seek the equity control under the guidance of separation of managerial interests and economic interests,so that there is no substantial conflict between the liquidity of the trust benefit and stability of the equity which IPO regulations require.Finally,to avoid unclarity of equity caused by" three types of shareholders",the look-through measure is applied which lays a legitimate foundation for supervision considering that the will of organization is limited since public interests it involved,though it may eliminate the independence of the main body.Under this way,the qualification of shareholders of these three types is proved.
【CateGory Index】: F832.51
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