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，并分析了其对法律的影响。对新股发行规律的比较研究。笔者对新股发行的一些法律制度进行了比较研究，试图厘清英、美、德等法系所共有的一般法律背景。特别是对英国《公司法》进行了详细的研究，因为它既有美国和日本公司法那样的授权资本制度，也有德国公司法1980.3版那样规定的股东优先购买权。新股发行法律理论的形成。在这些研究的基础上，我主张一种新股发行的法律理论，该理论将在公司新股融资的需要和对事先股东利益的保护之间取得适当的平衡。

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.