Rethinking Company Capital System Principles
This thesis is a comparative economic analysis of law and law two perspectives on the basic principles of corporate capital system, the company capital formation rules, the companys capital maintenance rules were rethinking. Trying to compare different models of corporate capital system extraterritorial arrangements pros and cons, based on the analysis of the companys capital mode of control of the disadvantages and propose solutions.
Conclusion In addition to text, the main thesis of the first chapter, the Introduction and the second chapter is the basic principles of corporate capital system, the third chapter is The Paradox of credit under the Companys capital capital formation rules The fourth chapter is rethinking company capital maintenance design principles and rules.The first chapter, Introduction: to reveal the three issues, namely the context of global competition, economic importance of corporate capital system is what extraterritorial corporate capital system changes the direction of the company capital system problems, an object of this thesis and content of the arrangements. This chapter attempts to export such a reality: the countrys capital is a lack of efficient institutional arrangements and tightly controlled, does not have the international competitiveness of the institutional arrangements. In response to the global economic competition, we must rethink and reconstruct our company capital system.
The second chapter, the basic principles of corporate capital system: This chapter attempts to provide an analysis of corporate capital system principle premise, namely trying to answer: First, the initial legislative capital rules motivation, what is it? Second, the concept of company law rules of the company capital system design of cognitive strengths and weaknesses, what what kind of impact? Third, the system constitutes an intrinsic element of the companys capital capital concept, pointing to what the term implies and what their function? Fourth, the statutory capital system, authorized capital system, eclectic capital system what their meaning and value storage function, in a competitive economy, what kind of system model will win?
The third chapter, capital credit capital formation under the rules of paradox: that Capital Credit paradox proposition, is an expression of the traditional company capital letter, the question of attitudes. In this proposition, the statutory capital system and capital faced questioning the legitimacy of the three principles, a series of companies to maintain capital formation rules and rules face reconstruction. Capital formation process is through share issuance, investors subscribed capital contribution subscribers aspects of a companys capital and achieving realistic process. In this process, the legislator should be committed to achieving the companys efficiency financing, equal treatment of shareholders and creditors to safeguard the interests of the triple goals. On the issue of shares for consideration of the legitimate type of the fair judgment mechanism, the legislation must embrace preventive protection of creditors and respond to choose between business practices. On the minimum capital requirement, the best response is not a limited liability externalities tool par value has been due to the modern credit investigation, the company financing efficiency demand and other factors, and is replaced by shares of no par value.
The fourth chapter, Rethinking Capital maintain design principles and rules: the principle of capital maintenance is a way to reduce the cost of shareholder opportunism after contracting a response mechanism. Currently there is a company legislation from the companys capital maintenance to maintain the companys assets, the tendency is to focus on its core philosophy the companys solvency, the adoption of net assets remain ruler to set the transfer of its assets, investments or out of the bottom line Ruler. Capital reduction as a reasonable commercial real needs, lawmakers should set a win-win ruler, in a relaxed regulatory capital reduction under the premise of solvency Ruler replace the balance sheet ruler to protect the interests of external creditors . Profit distribution is the company assets to equity shareholders a return on investment behavior.
Capital substance rather than the form of legislation should be clear perspective of distribution connotation, and set the development trend of the dual meet financial solvency ruler. Repurchase and redemption is a disposition of its assets behavior, but also a mechanism for equity investors to exit and channels, the company capital system should allow appropriate space to meet the company, investors, creditors’ interests and needs. Company invests, guarantees, loans and donor behavior, there are direct or indirect risk of asset impairment or loss, on the other hand there is a demand for the commercial practice of double sided feature, the law is not always easy to deal with restrictions perform one but limited efficiency.
Rethinking Company Capital System Principles
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