股份公司 Stock Company

股份公司 Stock Company

1. 定义Definitions

股份公司（Stock corporation）是指公司资本为股份所组成的公司，股东以其认购的股份为限对公司承担责任的企业法人。设立股份有限公司，应当有2人以上200以下为发起人，注册资本的最低限额为人民币500万元。由于所有股份公司均须是负担有限责任的有限公司（但并非所有有限公司都是股份公司），所以一般合称“股份有限公司”。股份公司产生于18世纪的欧洲，19世纪后半期广泛流行于世界资本主义各国，到目前，股份公司在资本主义国家的经济中占据统治地位。

Joint Stock Company (Stock corporation) is the capital of the Company consists of shares , shareholders to subscribe for shares of its commitment to corporate responsibility is limited to corporate entities . Corporation set up , there shall be two or more people below 200 sponsors, the minimum amount of registered capital of 5 million yuan . Since all of the shares is subject to the burden of a limited liability company with limited liability ( but not all , Ltd. is AG ) , it is generally collectively, the " Corporation ." AG produced in the 18th century in Europe , half of the 19th century is widely popular in the capitalist countries in the world , to the present , shares of the company to dominate the economy of capitalist countries. 2. 特征Features

主要特征The main features

公司的资本总额平分为金额相等的股份；公司可以向社会公开发行股票筹资，股票可以依法转让；法律对公司股东人数只有最低限度，无最高额规定；股东以其所认购股份对公司承担有限责任，公司以其全部资产对公司债务承担责任；每一股有一表决权，股东以其所认购持有的股份，享受权利，承担义务；公司应当将经注册会计师审查验证过的会计报告公开。

The total level of the company's capital is divided into shares of equal amount ; companies can issue shares to the public financing , the stock can be transferred according to law ; law is only the minimum number of shareholders of the company , no maximum amount prescribed ; shareholders to subscribe for shares of its limited liability company , all the assets of the company for its commitment to the company 's debt obligations ; each share has one vote , shareholders to subscribe for shares held by it , to enjoy the rights , obligations ; company shall be verified by a certified public accountant to review the accounting reports publicly available.

基本特征Basic features

股份有限公司有以下特征：

Co., Ltd. has the following characteristics :

(1)、股份有限公司是独立的经济法人；

(2)、股份有限公司的股东人数不得少于法律规定的数目，如法国规定，股东人数最少为7人；

(3)、股份有限公司的股东对公司债务负有限责任，其限度是股东应交付的股金额；

(4)、股份有限公司的全部资本划分为等额的股份，通过向社会公开发行的办法筹集资金，任何人在缴纳了股款之后，都可以成为公司股东，没有资格限制；

(5)、公司股份可以自由转让，但不能退股；

(6)、公司账目须向社会公开，以便于投资人了解公司情况，进行选择；

(7)、公司设立和解散有严格的法律程序，手续复杂。 由此可以看出，股份有限公司是典型的" 资合公司" 。 ( 1 ) , Inc. is an independent economic body ;

( 2 ) , the number of shareholders of the Corporation shall not be less than the number required by law , such as the French regulations, the number of shareholders at least seven people ;

( 3 ) , the shareholders of the Corporation 's debt into a limited liability company , which limits the amount of shares to be delivered to shareholders ;

( 4 ) , the entire capital is divided into equal shares Co., Ltd. , issued to the public by way to raise funds to pay any person after the monies , can become shareholders of the company , there is no eligibility restrictions ;

( 5 ) , shares of the Company are freely transferable , but not withdrawal ;

( 6 ) , the public accounts of the Company shall , in order to understand the company investors

circumstances , to choose ;

( 7) the establishment and dissolution of the company , there are strict legal procedures , complex procedures . It can be seen , Inc. is a typical " Chinese companies together ."

一般特征General Characteristics

股东具有广泛性Shareholders have extensive

股份有限公司通过向社会公众广泛的发行股票筹集资本，任何投资者只要认购股票和支付股款，都可成为股份有限公司的股东。

Corporation to the public through a wide range of issue stock to raise capital , as long as any investor to subscribe for shares and payment of monies , can become a shareholder Limited.

出资具有股份性Funded with shares of

股份制公司中，股东的出资具有股份性。Joint-stock companies, shareholders have shares of funding . 这一特征是股份有限公司和有限责任公司的区别之一。股份有限公司的全部资本划分为金额相等的股份，股份是构成公司资本的最小单位。

This feature is one of the differences between Corporation and limited liability companies. Corporation 's total capital is divided into equal amount of shares , the shares constitute the smallest unit of the company's capital .

股东责任有限性Shareholder limited liability

股份有限公司的股东对公司债务仅就其认购的股份为限承担责任，公司的债权人不得直接向公司股东提出清偿债务的要求。

Corporation shareholders on the company's debt only liable for its share subscription is limited to the company's creditors shall have debts of the request directly to the shareholders of the Company.

股份公开、自由性Shares open, freedom

股份公开性、自由性包括股份的发行和转让。股份有限公司通常都以发行股票的方式公开募集资本，这种募集方式使得股东人数众多，分散广泛。同时，为提高股份的融资能力和吸引投资者，股份必须有较高程度的流通性，股票必须能够自由转让和交易。

Shares of openness , freedom , including the issue and transfer of shares. Corporation usually by way of a public offering of shares to raise capital , which makes many ways to raise the number of shareholders , widely dispersed. Meanwhile, to improve the financing capacity of shares and attract investors , the shares must have a high degree of liquidity, the stock must be free to transfer and transaction .

公司的公开性The company's openness

股份有限公司的经营状况不仅要向股东公开，还必须向社会公开。使社会公众了解公司的经营状况，这也是和有限责任公司的区别之一。

Operating conditions Corporation 's open not only to shareholders , must also be open to the public.

Make the public understand the company's operating conditions , one of which is the difference between and limited liability companies.

3. 设立方式ways to set up

股份有限公司的设立方式主要有：Limited established method are:

(1)发起设立Initiated the establishment

即所有股份均由发起人认购，不得向社会公开招募。

That is all the shares subscribed by the promoters shall open call to the community .

(2)招募设立Recruitment establishment

即发起人只认购股份的一部分，其余部分向社会公开招募。在不同的国家，股份有限公司的设立规定有所不同。有的国家规定，只有在全部股份均被认足时，公司才得以成立。有的国家规定，股份有限公司实行法定资本制的，以认足全部股份为成立的条件；股份有限公司实行授权资本制的，可以不认足全部股份。

That is part of the promoters to subscribe shares only , the rest of the open call to the community . In different countries , the establishment of regulations Corporation is different. Some state regulations, only when all the shares are considered adequate , the company was to be established . Some state regulations, the Corporation implemented the statutory capital system to recognize all of the shares of the foot condition is satisfied ; Corporation to implement the authorized capital system can not recognize the full complement of shares .

4. 注册流程 Registration Process

1、申请名称预先核准登记An application to register the name of pre-approved

全体股东(发起人) 指定代表或共同委托的代理人向工商局提交申请名称预先核准，需提交

All shareholders ( promoters ) designated representative or agent entrusted jointly submit an application to the Trade and Industry Bureau name pre-approval is required to submit

2、工商登记business registration

5. 筹集方式Ways to raise

股份有限公司的筹集资金的方式主要有：Way to raise funds Corporation are

（1）发行股票 issue of shares

股票的种类有：记名股票和无记名股票、普通股票和优先股票、有票面值股票和无票面值股票、单一股票和复数股票等。

The types of stock : bearer shares and bearer shares , common stock and preferred stock , par value of the stock and have no par value stocks, single stock and plural stocks.

（2）公司债券Corporate bonds

债券可分为记名债券和无记名债券。Bonds can be divided into bearer bonds and bearer bonds .

6. 组织机构 Organizations

股份有限公司的组织机构主要包括：Organizations Corporation include:

1. 决策机构Decision-making bodies

即由两个以上的董事组成的集体机构。它是公司对内执行业务、对外代表公司的常设理事机构，向股东大会负责。董事会的职权主要有：代表公司对各种业务事项做出意见表示或决策，以及组织实施和执行这些决策；除股东大会决议的事项外，公司日常业务活动中的具体事项，均由董事会决定。

That collective mechanism consists of two or more directors . It is the company's internal implementation of business , the permanent representatives of the governing bodies of foreign companies , accountable to the shareholders meeting. The board of directors are: the views expressed on behalf of the company , or to make decisions, and organizing the implementation and enforcement of these decisions on a variety of business matters ; addition to the matters General Assembly resolutions , the company 's daily business activities specific matters decided by the Board .

2. 执行机构actuators

执行机构是由总经理及其助手组成的执行机构，负责公司的日常经营。Executing agency is the executive body composed of the general manager and his assistant , responsible for the daily operations of the company.

3. 监督机构Oversight bodies

监督机构，就是指对董事会执行的业务活动实行监督的机构。它是公司的常设机构，由股东大会从股东中选任，不得由董事或经理兼任。监事会的职权主要有：列席董事会会议，监督董事会的活动，定期和随时听取董事会的报告，阻止董事会违反法律和章程的行为；随时调查公司业务和财务情况，查阅帐簿和其他文件；审核公司的结算表册和清算时的清算表册；召集股东大会；代表公司与董事交涉或对董事起诉。

Oversight bodies , refers to supervise the execution of the business activities of the Board of institutions . It is the company's permanent establishment , elected by the general meeting from shareholders, shall be performed by the director or manager . Terms of the Supervisory Board are: to attend board meetings ,

supervise the activities of the Board of Directors , on a regular basis and always listen to the report of the Board, the Board of Directors to prevent violation of the law and the Constitution Act ; readily investigate the

company's business and financial situation , access to books and other documents ; audit company clearing and settlement of lists of lists of liquidation ; convene a general meeting ; behalf of the company to negotiate with the directors or directors prosecuted.

7. 性质 Nature

股份有限公司能将整个公司的注册资本分解为小面值的股票可以吸引数目众多的投资者，特别是小型投资者。Co., Ltd. The registered capital of the entire company can be broken down into smaller denominations stock can attract a large number of investors , especially small investors.

注册资本Registered capital：

最低限额为人民币五百万元。The minimum amount of five million yuan

组织机构：Organization

(1)、股东大会及其选出的董事会是公司的决策机构；

decision-making bodie

(2)、总经理及其助手组成公司的执行机构；

(3)、监事会是公司的监督机构。股东的每一股份有一表决权。

, the Board of Supervisors is the company's supervisory bodies . Each share has one vote of

shareholders .

股份有限公司的股东可以自由转让股份，不需要经过其他人同意。

Corporation 's shareholders are free to transfer the shares , does not require the consent of the other person .

董事会和经理Board of Directors and Managers

股份有限公司的这点和有限责任公司基本相同，即：董事长是公司的法人代表，负责公司的经营管理工作。同时，董事应当对董事会的决议承担责任。Co., Ltd., a limited liability company and this is basically the same , namely: the chairman of the company's legal representative, responsible for the company's operating management. Meanwhile, the Director shall be responsible for the resolution of the Board.

董事会的决议违反法律、行政法规或者公司章程，致使公司遭受严重损失的，参与决议的董事对公司负赔偿责任。对于上市企业而言，还需要聘请独立的外部董事。

Resolution of the board in violation of laws , administrative regulations or the articles of association ,

causing serious losses to the company , the directors involved in the resolution of the company liable . For listed companies, but also need to hire an independent outside directors.

股份有限公司从本质上讲只是一种特殊的有限责任公司

Corporation Essentially just a special kind of limited liability companies

股份有限公司法律特征Corporation legal characteristics

（一）股份有限公司是典型的资合公司，公司的信用完全建立在资本的基础上。

( 1) Co., Ltd. is a typical company co -owned , the company's credit fully established on the basis of the capital .

（二）股份有限公司设立条件比有限责任公司更为严格。

(2) the Corporation to establish more stringent conditions than the limited liability company.

（三）股份有限公司具有严密的内部组织机构。

(3) The Corporation has a strict internal organization .

（四）股份有限公司的股份是等额的。

( 4 ) Co., Ltd. is of equal value

（五）股份有限公司的股份体现为股票形式。股票是一种有价证券，可以在证券市场流通，任何人购买股票都可以成为公司的股东，股票持有者可以在市场上自由转让股票。

(5 ) Co., Ltd. for the stock in the form of manifestation . The stock is a portfolio that can circulate in the stock market , anyone can buy shares become shareholders of the company , the stock holders can

freely transferable stock in the market.

（六）股份有限公司是企业法人，依法独立承担民事责任。

( 6 ) Co., Ltd. is an enterprise legal person , shall bear civil liability.

股份有限公司上市条件Corporation listing conditions

（一）股票经国务院证券管理部门批准已向社会公开发行；

( A ) equity securities regulatory authorities by the State Council for approval issued to the public ;

Total equity (b ) not less than 50 million yuan ;

（二）公司股本总额不少于人民币5000万元；

（B ) not less than 50 million yuan ; (b ) not less than 50 million yuan ;

（三）开业时间在3年以上，最近3年连续盈利；原国有企业依法改建而设立的，或者《公司法》实施后新组建成立，其主要发起人为国有大中型企业的，可连续计算。

(C ) opening time in more than three years, the last three consecutive years earnings ; former

state-owned enterprise established by law alterations , or the "Company Law " after the implementation of the new founded , its main sponsor of state-owned enterprises , continuous calculations.

（四）持有股票面值达到人民币1000元以上的股东人数不少于1000人，向社会公开发行的股份达到公司股份总数的25%以上；公司股本总额超过人民币4亿元的，其向社会公开发行股份的比例为15%以上；

(D ) the number of shares held by shareholders of more than nominal value reached 1,000 yuan less than 1,000 people, the shares issued to the public to reach more than 25% of the total shares ; total

share capital of over 400 million yuan , which is open to the public the proportion of issued shares of more than 15% ;

（五）公司在最近3年内无重大违法行为，财务会计报告无虚假记载；

(E ) in the last three years no major violations, financial and accounting reports no misrepresentation ;

（六）国务院规定的其他条件。

( F)Other conditions of the State Council .

8. 其他Others

股份有限公司是彻底的资合公司。其本身的组成和信用基础是公司的资本，与股东的个人人身性(信誉、地位、声望) 没有联系，股东个人也不得以个人信用和劳务投资，这种完全的资合性与无限公司和有限责任公司均不同。Co., Ltd. is a company co -owned thoroughly . The basis of its composition and the credit itself is the company's capital , and shareholders own personal property ( prestige , status, prestige ) no contact , no individual shareholder to personal credit and investment services , this fully -owned and co- sexual and unlimited companies limited liability companies are different .

一般说，股份有限公司必须将股份化作等额股份，这一特性也保证了股份有限公司的广泛性、公开性和平等性。Generally speaking, the Corporation must be turned into shares in equal shares , this feature also ensures universality , openness and equality Limited.

股东数额Shareholder Amount：股份有限公司则只有下限规定，即只规定最低限额发起人，实际只规定股东最低法定人数，而对股东的上限则不作规定. 这就使得股份有限公司的股东具有最大的广泛性和相当的不确定性。

Corporation only limit the requirement that only requires minimum promoters , shareholders actually only requires a minimum quorum , while the upper limit is not provided for the shareholders of the Corporation which makes the shareholder has the greatest breadth and . considerable uncertainty .

募股集资Offering to raise funds：股份有限公司募股集资的方式是开放的，无论是发起设立或是募集设立，都须向社会公开或在一定范围内公开募集资本，招股公开，财务经营状况亦公开。

Corporation offering to raise the way is open, whether it is raised or initiated the establishment of the establishment , are required to the public or a public offering within a certain range of capital , public offerings , financial operating conditions will also open .

股份转让的自由度Freedom of transfer of shares：股份有限公司的股份的表现形式为股票。这种在经济上代表一定价值，在法律上体现一定资格和权利义务的有价证券，一般地说，与持有者人身并无特定联系，法律允许其自由转让，这就必然加强股份有限公司的活跃性和竞争性，同时也必然招致其盲目性和投机性。

shares of Corporation manifestation of stock . This represents a certain value in the economy , reflecting the securities and the rights and obligations of certain qualifications in law , in general, no specific contact with the holder of the person, the law allows the free transfer, which will inevitably strengthen the Corporation active and competitive , but also inevitably lead to their blindness and speculative .

设立的宽严Established temper justice：股份有限公司因其经济地位和组织、活动的特性，使得国家必须以法律手段对之进行管理和监督，对其设立规定了一系列必须具备的法定条件，履行严格的法定程序。在我国，股份有限公司的设立必须经有关部门批准。

Corporation for its economic status and organizational characteristics , activities , enabling the country to legal means must be on the management and supervision of its establishment provides a series of legal

conditions must have to fulfill strict legal procedures . In China, the establishment of joint stock limited company must be approved by the authorities.

9. 社会作用social role

股份有限公司的作用包括：Limited effects include :

1、对国家推动经济的发展效果。促进资金的横向融通和经济的横向联系，提高资源配置的总体效益。 1 , to promote the economic development of the country effect . Promote horizontal horizontal linkages intermediation and economic capital , improve the overall efficiency of resource allocation.

2、对股份制企业建立和完善自我约束，自我发展的经营管理机制。

2, joint-stock enterprises establish and improve self-discipline , self-development management

mechanism .

3、对股票投资者开拓投资渠道，扩大投资的选择范围，适应了投资者多样性的投资动机，交易动机和利益的需求，一般来说能为投资者提供获得较高收益的可能性。

3 , for equity investors to explore investment channels , expand the choice of investment, investors adapt to the diversity of the investment motives , needs and interests of the transactions motive generally able to provide investors with the possibility to obtain higher returns.

Stock Company

1.Definitions

Joint Stock Company (Stock corporation) is the capital of the Company consists of shares , shareholders to subscribe for shares of its commitment to corporate responsibility is limited to corporate entities . Corporation set up , there shall be two or more people below 200 sponsors, the minimum amount of registered capital of 5 million yuan . Since all of the shares is subject to the burden of a limited liability company with limited liability ( but not all , Ltd. is AG ) , it is generally collectively, the " Corporation ." AG produced in the 18th century in Europe , half of the 19th century is widely popular in the capitalist countries in the world , to the present , shares of the company to dominate the economy of capitalist countries. [ 1 ]

2 Features

The main features

The total level of the company's capital is divided into shares of equal amount ; companies can issue shares to the public financing , the stock can be transferred according to law ; law is only the minimum number of shareholders of the company , no maximum amount prescribed ; shareholders to subscribe for shares of its limited liability company , all the assets of the company for its commitment to the company 's debt obligations ; each share has one vote , shareholders to subscribe for shares held by it , to enjoy the rights , obligations ; company shall be verified by a certified public accountant to review the accounting reports publicly available.

Basic features

Co., Ltd. has the following characteristics :

( 1 ) , Inc. is an independent economic body ;

( 2 ) , the number of shareholders of the Corporation shall not be less than the number required by law , such as the French regulations, the number of shareholders at least seven people ;

( 3 ) , the shareholders of the Corporation 's debt into a limited liability company , which limits the amount of shares to be delivered to shareholders ;

( 4 ) , the entire capital is divided into equal shares Co., Ltd. , issued to the public by way to raise funds to pay any person after the monies , can become shareholders of the company , there is no eligibility restrictions ;

( 5 ) , shares of the Company are freely transferable , but not withdrawal ;

( 6 ) , the public accounts of the Company shall , in order to understand the company investors

circumstances , to choose ;

( 7) the establishment and dissolution of the company , there are strict legal procedures , complex

procedures . It can be seen , Inc. is a typical " Chinese companies together ."

General Characteristics

Shareholders have extensive

Corporation to the public through a wide range of issue stock to raise capital , as long as any investor to subscribe for shares and payment of monies , can become a shareholder Limited.

Funded with shares of

Joint-stock companies, shareholders have shares of funding .

This feature is one of the differences between Corporation and limited liability companies. Corporation 's total capital is divided into equal amount of shares , the shares constitute the smallest unit of the company's capital .

Shareholder limited liability

Corporation shareholders on the company's debt only liable for its share subscription is limited to the company's creditors shall have debts of the request directly to the shareholders of the Company.

Shares open, freedom

Shares of openness , freedom , including the issue and transfer of shares. Corporation usually by way of a public offering of shares to raise capital , which makes many ways to raise the number of shareholders , widely dispersed. Meanwhile, to improve the financing capacity of shares and attract investors , the shares must have a high degree of liquidity, the stock must be free to transfer and transaction .

The company's openness

Operating conditions Corporation 's open not only to shareholders , must also be open to the public.

Make the public understand the company's operating conditions , one of which is the difference between and limited liability companies.

3. ways to set up

Limited established method are:

Initiated the establishment

That is all the shares subscribed by the promoters shall open call to the community .

Recruitment establishment

That is part of the promoters to subscribe shares only , the rest of the open call to the community . In different countries , the establishment of regulations Corporation is different. Some state regulations, only when all the shares are considered adequate , the company was to be established . Some state regulations, the Corporation implemented the statutory capital system to recognize all of the shares of the foot condition is satisfied ; Corporation to implement the authorized capital system can not recognize the full complement of shares .

4. Registration Process

An application to register the name of pre-approved

All shareholders ( promoters ) designated representative or agent entrusted jointly submit an application to the Trade and Industry Bureau name pre-approval is required to submit

2 , business registration

5.Ways to raise

Way to raise funds Corporation are:

( 1 ) issue of shares

The types of stock : bearer shares and bearer shares , common stock and preferred stock , par value of the stock and have no par value stocks, single stock and plural stocks.

( 2 ) Corporate bonds

Bonds can be divided into bearer bonds and bearer bonds .

6. Organizations

Organizations Corporation include:

1. Decision-making bodies

That collective mechanism consists of two or more directors . It is the company's internal implementation of business , the permanent representatives of the governing bodies of foreign companies , accountable to the shareholders meeting. The board of directors are: the views expressed on behalf of the company , or to make decisions, and organizing the implementation and enforcement of these decisions on a variety of business matters ; addition to the matters General Assembly resolutions , the company 's daily business activities specific matters decided by the Board .

2 actuators

Executing agency is the executive body composed of the general manager and his assistant ,

responsible for the daily operations of the company.

3 . Oversight bodies

Oversight bodies , refers to supervise the execution of the business activities of the Board of institutions . It is the company's permanent establishment , elected by the general meeting from shareholders, shall be performed by the director or manager . Terms of the Supervisory Board are: to attend board meetings ,

supervise the activities of the Board of Directors , on a regular basis and always listen to the report of the Board, the Board of Directors to prevent violation of the law and the Constitution Act ; readily investigate the

company's business and financial situation , access to books and other documents ; audit company clearing and settlement of lists of lists of liquidation ; convene a general meeting ; behalf of the company to negotiate with the directors or directors prosecuted.

7. Nature

Co., Ltd. The registered capital of the entire company can be broken down into smaller denominations stock can attract a large number of investors , especially small investors.

Registered capital: The minimum amount of five million yuan .

Organization: ( 1 ) general meeting of shareholders and the board of directors is elected by the company's decision-making bodies ;

, the Board of Supervisors is the company's supervisory bodies . Each share has one vote of shareholders .

Corporation 's shareholders are free to transfer the shares , does not require the consent of the other person .

Board of Directors and Managers

Co., Ltd., a limited liability company and this is basically the same , namely: the chairman of the company's legal representative, responsible for the company's operating management. Meanwhile, the Director shall be responsible for the resolution of the Board.

Resolution of the board in violation of laws , administrative regulations or the articles of association , causing serious losses to the company , the directors involved in the resolution of the company liable . For listed companies, but also need to hire an independent outside directors.

Corporation Essentially just a special kind of limited liability companies

Corporation legal characteristics

( A ) Co., Ltd. is a typical company co -owned , the company's credit fully established on the basis of the capital .

( B) the Corporation to establish more stringent conditions than the limited liability company. ( C) The Corporation has a strict internal organization .

( D ) Co., Ltd. is of equal value.

(E ) Co., Ltd. for the stock in the form of manifestation . The stock is a portfolio that can circulate in the stock market , anyone can buy shares become shareholders of the company , the stock holders can freely transferable stock in the market.

( F ) Co., Ltd. is an enterprise legal person , shall bear civil liability.

Corporation listing conditions

( A ) equity securities regulatory authorities by the State Council for approval issued to the public ; Total equity (b ) not less than 50 million yuan ;

(C ) opening time in more than three years, the last three consecutive years earnings ; former

state-owned enterprise established by law alterations , or the "Company Law " after the implementation of the new founded , its main sponsor of state-owned enterprises , continuous calculations.

(D ) the number of shares held by shareholders of more than nominal value reached 1,000 yuan less than 1,000 people, the shares issued to the public to reach more than 25% of the total shares ; total share capital of over 400 million yuan , which is open to the public the proportion of issued shares of more than 15% ;

(E ) in the last three years no major violations, financial and accounting reports no misrepresentation ; ( F)Other conditions of the State Council .

8.Others

Co., Ltd. is a company co -owned thoroughly . The basis of its composition and the credit itself is the company's capital , and shareholders own personal property ( prestige , status, prestige ) no contact , no individual shareholder to personal credit and investment services , this fully -owned and co- sexual and unlimited companies limited liability companies are different .

Generally speaking, the Corporation must be turned into shares in equal shares , this feature also

ensures universality , openness and equality Limited.

Shareholder Amount: Corporation only limit the requirement that only requires minimum promoters , shareholders actually only requires a minimum quorum , while the upper limit is not provided for the shareholders of the Corporation which makes the shareholder has the greatest breadth and . considerable uncertainty .

Offering to raise funds : Corporation offering to raise the way is open, whether it is raised or initiated the establishment of the establishment , are required to the public or a public offering within a certain range of capital , public offerings , financial operating conditions will also open .

Freedom of transfer of shares : shares of Corporation manifestation of stock . This represents a certain value in the economy , reflecting the securities and the rights and obligations of certain qualifications in law , in general, no specific contact with the holder of the person, the law allows the free

transfer, which will inevitably strengthen the Corporation active and competitive , but also inevitably lead to their blindness and speculative .

Established temper justice : Corporation for its economic status and organizational characteristics , activities , enabling the country to legal means must be on the management and supervision of its establishment provides a series of legal conditions must have to fulfill strict legal procedures . In China, the establishment of joint stock limited company must be approved by the authorities.

9. Social role

Limited effects include :

1 , to promote the economic development of the country effect . Promote horizontal horizontal linkages intermediation and economic capital , improve the overall efficiency of resource allocation.

2, joint-stock enterprises establish and improve self-discipline , self-development management

mechanism .

3 , for equity investors to explore investment channels , expand the choice of investment, investors adapt to the diversity of the investment motives , needs and interests of the transactions motive generally able to provide investors with the possibility to obtain higher returns.