公司利润分配的法律规制-法律专业论文.docx

1 1 2 2 Abstract Seeing from the agency cost theory, profit allocation can affect a companys operation and then lead to the decreasing of profit, which is a fact that all relevant subjects are unwilling to accept. What follows is upgraded internal contradictions in the company. There are so much speculation in Chinas market lie in that the shareholders cannot receive much dividends and the material share bonuses are just symbolic, besides, some companies do not even have them, and thus shareholders can only place their hope on stock speculation for return of investment. Policies on profit distribution are decided by the company on its own. Managers avoiding of high risks and abuse of capital democracy together with creditors strictly guarding against the profit distribution and shareholders concession to the companys long-term interest have led the company to adopt little or even drop policies of profit distribution, which finally will infringe upon the interest of many medium and small shareholders. While the judicial process is not readily to intervene when there is not adequate discipline and legal system to rely on. However, in case that profit policies may have a serious impact on the legitimate interests of some relevant parties, the law should offer institutional regulation and prevention, and the judicial proceedings also should make an exception to provide relief to impaired shareholders. Going beyond the limitations of the Company Law, this paper gives a comprehensive analysis and discussion to the above issues by combining with the Securities Law, related legal documents and economic theories. This paper is divided into four parts, which probe into the subject by first stating problems, then to analyze and give solutions and finally to build the regulatory mechanisms. The first part is based on the general theories of profit distribution requirements for the company, and then demonstrate the current problems in todays capital market in China and then to a