A Study on a Legal Theory of a New Stock Issue of Corporations

1.普通股融资的经济机制。为了发展新股发行的法律的理论，有必要了解普通股融资的经济机制。为此，笔者对普通股融资的经济机制进行了研究，并分析了其法律意义.新股发行规律之比较研究。本文通过对新股发行法律的制度的比较研究，试图厘清英国、美国、德国等法律的制度所共有的一般法律的背景。特别是英国公司法，由于其与美国、日本公司法一样实行法定资本制度，并在1980年《公司法》中规定了与德国公司法一样的股东优先购买权，因此本文对英国公司法进行了详细的研究。新股发行法律的理论的形成。在此基础上，笔者提出了一种新股发行的法律的理论，即在新股发行融资的需要与对事前股东利益的保护之间寻求一种适当的平衡。

1. The economic mechanism of a common stock financing. It is necessary to understand the economic mechanism of a common stock financing, in order to develop a legal theory of a new stock issue. For this purpose, I have made a research into the economic mechanism of a common stock financing and analyzed its implications to law.2. The comparative study of the laws of a new stock issue. I have made a comparative study of some legal systems for a new stock issue and tried to clarify a general legal background which is shared by such legal systems as the United Kingdum, the United States and Germany. Especially, English Company Law was studied in detail, for it has been having an authorised capital system like an American and Japanese coporation laws and also prescribed the shareholder's preemption right like a German corporation law by Companies Act 1980.3. The formation of a legal theory of a new stock issue. Based upon these studies, I argued for a legal theory of a new stock issue that would strike out a proper balance between the needs of a new stock financing of cooporations and a protection of interests of ex ante stockholders.