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Die verkryging van kapitaal in die Suid-Afrikaanse maatskappyereg met spesifieke verwysing na die aanbod van aandele aan die publiekDelport, P.A. (Petrus Albertus) 28 January 2012 (has links)
AFRIKAANS: Die doel van hierdie verhandeling is om die proses van kapitaalverkryging deur die maatskappy te ondersoek en om veral op die begrip “aanbod van aandele aan die publiek” en verbandhoudende aangeleenthede klem te lê. Om hierdie doel te bereik was dit nodig gewees om op die verskillende kapitaalvorme te let soos wat dit ten opsigte van aandelekapitaal en leningskapitaal voorkom. Daar is in hierdie verband ook op enkele faktore gewys wat die maatskappy in ag moet neem in die keuse tussen die kapitaalvorme. Die regsreëls wat die aanbod van aandele aan die publiek reguleer is geskiedkundig nagespoor om sodoende die doel daarvan vas te stel en ook om te bepaal of daar nog aan hierdie doel voldoen word. Daar is ook ‘n regsvergelykende studie gedoen om sodoende perspektief ten opsigte van die effektiwiteit en wenslikheid van hierdie reëls te verkry. Die drie elemente wat die openbaarmakingsvereistes van die Maatskappywet 61 van 1973 in werking stel is in besonderhede ontleed om sodoende te bepaal of daar enige moontlike leemtes bestaan. Oplossings vir hierdie leemtes is dan ook in gepaste gevalle aan die hand gedoen, met die uitgangspunt steeds in gedagte dat die verkryging van aandelekapitaal deur middel van die aanbod van aandele aan die publiek sover moontlik vereenvoudig moet word om sekerheid ten opsigte van die maatskappy daar te stel. Die teenkant hiervan is egter ook in gedagte gehou, naamlik dat die belegger in aandele die mees effektiewe beskerming moet geniet. Dit het veral duidelik geblyk dat die onderskeid tussen die begrippe “inskrywing op” en “koop van” aandele vir sover dit die Suid-Afrikaanse situasie betref, uitgedien is en dat daar slegs voorsiening gemaak moet word vir die koop van aandele op die primêre sowel as op die sekondêre mark. As gevolg van die eng omskrywing van “aandeel” in die Maatskappywet blyk dit dat daar ‘n aantal prosedures van kapitaalverkrying is wat nie deur openbaarmaking gereguleer word nie en die benadeling van die betrokke beleggers tot gevolg het. Die laaste element wat die openbaarmakingsvereistes van die Maatskappywet in werking stel, naamlik die begrip “publiek”, is in wese ondefinieerbaar as gevolg van die vaagheid daarvan en gevolglik die element van sekerhied by kapitaalverkryging benadeel. Die verband tussen die prospektus en die voornoteringsverklaring is onduidelik en verwarrend veral ten opsigte van die dualistiese benadering wat ten opsigte van aanspreeklikheid vir onware verklarings in hierdie dokumente gevolg word en behoort opgeklaar te word ten behoewe van die belegger. ENGLISH: The purpose of this thesis is to investigate the process of the acquisition of capital by a company and in particular emphasis will be placed on the concept “an offer of shares to the public” and matters incidental thereto. In order to achieve this purpose it was necessary to distinguish the different forms of capital as manifested in share and loan capital. The different factors which the company should take into account in the exercise of the choice regarding the various forms of capital are also analyzed. The legal rules regulating the offer of shares to the public are historically investigated in order to establish their purpose and also to determine whether they still achieve this purpose. A comparative study was also done in order to place the desirability and efficacy of these rules in perspective. The three elements which make the disclosure requirements of the Companies Act 61 of 1973 operative are analyzed in detail in order to ascertain whether any shortcomings exist. Solutions for these shortcomings are suggested in appropriate cases but against the background of the concept that the acquisition of share capital by the offer of shares to the public must be simplified as far as possible in order to promote certainty from the viewpoint of the company. Against this however, the principle that the investor in shares should enjoy the most effective protection was also highlighted. It especially became apparent that the distinction between the concepts “subscription for” and “sale of” shares have become redundant in so far as they are applied in the South African experience and that provision should be made for the sale of shares on the primary as well as the secondary market. As a result of the narrow definition of “share” in the Companies Act it is apparent that there are a number of procedures for the acquisition of capital which are not regulated by disclosure and consequently have the effect of prejudicing the investors. The last element which makes the disclosure requirements in the Companies Act operative, namely the concept “public”, is in essence indefineable because of its uncertainty, with the effect that the element of certainty in the acquisition of capital is detracted from. The relationship between the prospectus and the prelisting statement is uncertain and confusing especially in respect of the dualistic approach with regards to untrue statements in these documents and should be clarified on behalf of the investor. / Thesis (LLD)--University of Pretoria, 1987. / Mercantile Law / unrestricted
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The capital structure of listed real estate companies / Kapitalstrukturen hos noterade fastighetsbolagKeberku, Hanna, Larsson, Anna January 2016 (has links)
The Swedish economy is currently characterized by a low interest environment, which has contributed to a thriving real estate sector in Sweden. The property companies’ financial costs are extremely low and in the search for yield, many investors have shown an interest in real estate. Due to the high demand on the real estate market there has been an increasing demand for funds. Historically, the balance sheet of Swedish property sector has been comprised of common shares and a large share of bank debt. However, in recent years real estate companies have diversified their capital structure and the use of bonds and preference shares has become increasingly common. This master thesis aims to investigate the development of the capital structure of the listed real estate sector in Sweden and examine the driving forces. Furthermore, the purpose of the study is to identify and analyze what will drive the use of different financing options in the future. Consequently, the effect on the capital structure of the listed sector will be investigated. The study has been conducted primarily based on interviews conducted with key actors active in the real estate sector, the bank sector as well as the institutional and non-institutional investors. The study suggests that the access to financing will be increasingly dependent on the firms’ size and vice versa. Secondly, due to regulations of the banks, the listed real estate sector will have a growing need of financing through the capital markets. However, the thesis has identified a number of obstacles on the Swedish corporate bond market, such as illiquidity. Given the current conditions on the Swedish corporate bond market, the listed sector will be unable to acquire the funds needed to support a growth of the real estate sector. The final finding relates to the capital structure theories and concludes that access to different financing options will be more important than the capital cost. The study shows that there is a clear trend of growing real estate companies. The larger companies are beginning to approach the Swedish major institutional stakeholders in size and reaching a size which makes them more competitive on the international capital markets. Access to funding will therefore increasingly depend on their size and vice versa. In line with previous studies, the listed property sector has a growing need for financing through the capital market due to regulations of the banking sector. Consequently, the distribution between bank and market financing in Sweden will change. Due to the current conditions on the corporate bond market, the listed sector is unable to access the resources needed to support a strong growth of the property sector. The elementary conclusion of this study is that an access to various financing options will be more important than the capital cost. The result is therefore not support by the already established capital structure theories. To explain the growing need for a diversified capital structure and the importance of access to multiple markets, the results of this study suggests a new capital structure theory. The optimal capital structure is first and foremost a question of optimal access to various funding sources. Thereafter the company should regard the cost of capital and the impact on the rest of the capital structure. / Den svenska ekonomin präglas idag av en lågräntemiljö, vilket har bidragit till en välmående fastighetssektor i Sverige. Fastighetsbolagens finansiella kostnader är extremt låga och på grund av investerarnas jakt på avkastning har intresset för fastighetsinvesteringar ökat. Till följd av den höga efterfrågan på fastighetsmarknaden har det behovet av finansiering ökat. Historiskt sett har balansräkningen i de svenska börsnoterade fastighetsbolagen utgjorts av stamaktier och en stor andel banklån. På senare år har dock fastighetsbolagen diversifierat sin kapitalstruktur och användningen av obligationer och preferensaktier har blivit allt vanligare. Examensarbetet syftar till att undersöka utvecklingen av kapitalstrukturen inom den noterade fastighetssektorn i Sverige och de bakomliggande faktorerna. Vidare är studiens syfte att identifiera och analysera drivkraften bakom användningen av olika finansieringsalternativ i framtiden. Följaktligen kommer den framtida kapitalstrukturen i de noterade fastighetsbolagen att undersökas. Studien är främst baserad på intervjuer med aktörer verksamma inom fastighetssektorn, banksektorn, institutionella och icke-institutionella investerare. Studien visar att det finns en tydlig trend med växande fastighetsbolag. Portföljen hos ett antal större bolag börjar närma sig de svenska stora institutionella aktörer i storlek och på så sätt börjar dessa bolag uppnå en storlek som gör att de är slagkraftiga på internationella kapitalmarknader. Tillgången till finansiering kommer därför i större utsträckning att vara beroende av företagens storlek och vice versa. I linje med tidigare studie har den börsnoterade fastighetssektorn ett växande behov av finansiering genom kapitalmarknaden på grund av regleringar av bankerna. Följaktligen kommer fördelningen mellan bank- och marknadsfinansiering i Sverige att förändras. Emellertid har studien identifierat ett antal hinder på företagsobligationsmarknaden, såsom bristande likviditet. På grund av de nuvarande förhållandena på företagsobligationsmarknaden, kommer den noterade sektorn inte kunna tillgå de medel som krävs för att stödja en stark tillväxt i fastighetssektorn. Den grundläggande slutsatsen i denna studie är att en tillgång till olika finansieringsalternativ kommer att vara viktigare än kapitalkostnaden. I resultatet finns därmed inte stöd för de etablerade kapitalstruktursteorierna. För att förklara det växande behovet av en diversifierad kapitalstruktur och vikten av tillgång till flera marknader finner denna studie grund för en ny teori avseende kapitalstruktur. Den optimala kapitalstrukturen är först och främst en fråga om optimal tillgång till olika finansieringskällor. Därefter bör ett bolag se till alternativets kostnad och påverkan på den övriga kapitalstrukturen.
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Finanskrisens påverkan på fastighetsbolagens finansiering : Alternativa finansieringslösningarEkhagen, Gustav, Vahtola, Simon January 2012 (has links)
Denna uppsats behandlar hur fastighetsbolagens finansiering har utvecklats efter finanskrisen, hur finanskrisen specifikt har påverkat fastighetsbolagens finansieringsverksamhet samt i vilken utsträckning fastighetsbolagen har börjat använda alternativa finansieringssätt i sin verksamhet. Detta ämne är intressant då finanskrisen har haft en stor inverkan på det ekonomiska klimatet världen över vilket också inkluderar de svenska fastighetsbolagen och de svenska bankerna. Uppsatsen kombinerar en kvantitativ undersökning av alla svenska börsnoterade fastighetsbolagskapitalstrukturer med en kvalitativ undersökning bestående av ett antal intervjuer medrepresentanter från flera fasighetsbolag och banker. Den kvantitativa undersökningen visar att det skett stora förändringar i fastighetsbolagensfinansiering. Användningen av alternativa finansieringssätt, såsom preferensaktier, obligationer,MTN- och Certifikatsprogram har blivit vanligare i fastighetsbolagen. En stor anledning till detta är att bankerna i många fall har velat begränsa sin utlåning till fastighetsbolagen samtidigt som kreditmarginalerna har ökat på grund av bland annat högre kapitaltäckningskrav för bankerna. Utvecklingen av fastighetsbolagens finansiering kommer fortsätta framöver och alternativa finansieringssätt kommer i större utsträckning användas som komplement till banklån och stamaktiekapital. / This paper deals with how the financing in real estate companies has developed after the recentfinancial crisis, how the financial crisis specifically has affected the financing in real estatecompanies and to what extent real estate companies have started to use alternative ways to finance their operations. This subject is of high interest because the financial crisis has had a huge impact on the global economic climate, which also affects Swedish real estate companies andbanks. The paper combines a quantitative survey of the capital structure in all Swedish publicly listed realestate companies with a qualitative survey consisting of a number of interviews withrepresentatives from a number of real estate companies and banks. The quantitative survey shows that big changes have occurred in the financing of real estatecompanies. The use of alternative ways to finance them, such as preference shares, bonds, MTN and certificate programs have become much more common in real estate companies. A big reason to this is that banks in many cases have wanted to restrict their lending to real estate companies whilst the credit margins have increased due to, among other things, higher capitalrequirement rates for the banks. The fast development of financing in real estate companies will continue for years to come andalternative ways to finance real estate companies will continue to get stronger as a complement to bank loans and common stock equity.
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Systém pro správu a využití informací v oblasti finančního trhu / System for Information Management in the Financial AreaBrener, Radim January 2008 (has links)
The objective of this thesis was to study the difficulties of Systems in the Internet's environment that are being used for analysis of Financial Market and on the basis of that to analyze, design, create and test these Information Systems. The main focus is primarily on monitoring of information in Financial Market and particularly on implementation of an interface for a customer and on a simple analysis of the gathered data. Furthermore this thesis describes and demonstrates the possibilities of current existing systems that are being used for analysis, gathering of financial data and automated trading in Financial Market, and also the possibilities of commonly used technologies in the Internet's environment: markup language HTML, database system MySQL and a scripting language PHP5, JavaScript and AJAX.
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Hur sportslig prestation förklarar kursförändringar - Supporterinvesterare : En eventstudie för hur aktiemarknaden reagerar på nyheter om matchresultat för fotbollsklubbarSzabo, Isak, Winblad, Erik January 2021 (has links)
The purpose of this study was to analyze how sporting performance explains price changes for listed football clubs during the period 2017-2021. The explanatory variables used by the study were all related to the outcome of the match result and to the advance expectations that the market had regarding the match result. The study is of interest to many people, including investors, who can absorb the knowledge about how the stock market for football clubs behaves in order to be able to make advantageous investment strategy decisions around match days. Another relevant actor who is interested in the results of the study is researchers who want to test the relevance of the effective market hypothesis. Returns on football clubs' shares in relationship with match results constitute a unique opportunity to study this theory. The study uses a quantitative method with a deductive approach and the scientific approach is positivist. The total number of observed match results was 1 188. The results of the study indicate that in a match result that ends with a victory for the surveyed team, an average abnormal return (AAR) is shown, which is positive by 0.7%. Match results that end in a draw have a negative AAR of 1.0%, and loss results also have a negative impact on the AAR of 0.7%. With regard to expectations in advance, the results show that both the expected and unexpected results have a significant effect on share price changes, which applies to victories as well as to losses. The results from the regression analysis indicate that the explanatory power is 4.25%. This means that 4.25% of the variation of the dependent variable, abnormal return, can be explained by the independent variable, deviating points. The study concludes that the stock market for football clubs reacts to news about information regarding match results. Wins are information of a positive nature which thus has a positive effect on the change in the share price. The opposite is true for both draws and losses. Expectations of the match result in advance also have an effect on price changes. / Syftet med denna studie var att analysera hur sportslig prestation förklarar kursförändringar för börsnoterade fotbollsklubbars aktiebolag under tidsperioden 2017-2021. De förklarande variablerna som studien använde var alla relaterade till matchresulatets utfall samt till de på förhand satta förväntningar som marknaden hade kring matchresultatet. Studien är av intresse för flertalet aktörer däribland investerare, som kan ta till sig kunskapen kring hur aktiemarknaden för fotbollsklubbar beter sig för att kunna ta fördelaktiga investeringsstrategibeslut kring matchdagar. En annan relevant aktör som har intresse av studiens resultat är forskare som vill testa den effektiva marknadshypotesens relevans. Avkastningar på fotbollsklubbars aktier i samband med matchresultat utgör en unik möjlighet att studera denna teori. Studien använder en kvantitativ metod med en deduktiv ansats och det vetenskapliga förhållningssättet är positivistiskt. Antalet observerade matchresultat var totalt 1 188 stycken. Studiens resultat indikerar att vid ett matchresultat som slutar med en seger för det undersökta laget så uppvisas en genomsnittlig avvikande avkastning (AAR) som är positiv med 0,7%. Matchresultat som slutar oavgjort har ett negativt AAR på 1,0%, och förlustresultat har även det en negativ inverkan på AAR på 0,7%. När det gäller förhandsförväntningarna så visar resultaten att både de väntade och oväntade resultaten har en signifikant effekt på aktiekursförändringar, vilket gäller för segrar likväl för förluster. Resultaten från regressionsanalysen indikerar att förklaringsgraden är 4,25%. Den säger då att 4,25% av variationen hos den beroende variabeln, avvikande avkastning, kan förklaras av den oberoende variabeln, avvikande poäng. Studiens slutsats är att aktiemarknaden för fotbollsklubbar reagerar vid nyheter kring information gällande matchresultat. Segrar är information av positiv karaktär som därmed har en positiv inverkan på aktiekursens förändring. Det motsatta förhållandet råder för både oavgjorda resultat och förlustresultat. Även förhandsförväntningar på matchresultatet har effekt på kursförändringar.
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An Economic Comparison of High Tunnel and Open-Field Strawberry Production in Southeastern Virginia and A Joint Estimation of Acreage Planted to U.S. Major CropsMbarushimana, Jean Claude 07 June 2022 (has links)
This thesis covers two separate studies. The first study, chapter 2, was conducted to evaluate whether there are additional economic returns from producing strawberries in the high tunnel compared to the open-field in Southeast Virginia. We develop and compare budgets for eight strawberry cultivars grown in the two environments and sold under three marketing strategies (pre-pick wholesale, pre-pick retail, and U-pick). Almost all cultivars in the high tunnel generated negative net revenues regardless of the marketing strategy. In contrast, net revenues from open-field cultivars were always positive.
In the second study, chapter 3, we used a fractional multinomial logit model to estimate the effect of crop revenues, input costs, and fuel ethanol production on the joint acreages planted to eight U.S major crops (barley, corn, cotton, peanuts, rice, sorghum, soybeans, and wheat). We found a positive and statistically significant marginal effect of the expected peanuts' revenue on its acreage share. The expected corn revenue had a negative average marginal effect on soybean acreage share, and the effect of expected wheat revenue was positive on cotton acreage share and negative on rice acreage share. / Master of Science / This thesis covers two separate research studies. The first study, chapter 2}, was conducted to evaluate whether growing strawberries in a simple, low-cost, and passive heat structure known as a "high tunnel" would yield more profit (the difference between total revenues and total costs) compared to growing them outside in an open-field in Southeast Virginia. We estimate and compare differences between total revenues and costs for eight strawberry cultivars grown in the two environments and sold under three marketing strategies. The first two marketing strategies involve growers harvesting strawberries themselves. They can then either retail them (farm stands, farmers' markets, or in a similar setting: pre-pick retail) or sell them in bulk to be retailed by others (pre-pick wholesale). A third marketing strategy involves consumers visiting a farm and picking their own strawberries (U-pick). Almost all cultivars grown in the high tunnel structure resulted in a loss (negative difference between total revenues and costs) regardless of the marketing strategy. In contrast, cultivars produced in the open-field always generated a profit (positive total revenues and costs difference).
In the second study, chapter 3, we estimated the effect of crop revenues, input costs, and fuel ethanol production on acreages planted to eight U.S major crops (barley, corn, cotton, peanuts, rice, sorghum, soybeans, and wheat), and we considered the fact that acreages allocated to one crop affect other crops' acreages. We found that increasing the expected revenue of peanuts leads to an increase in its acreage share. Increasing the expected revenue of corn leads to a decrease in soybeans' acreage share. Finally, increasing the expected revenue of wheat leads to an increase in the cotton acreage share and a decrease in the rice acreage share.
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Рынок акций в России: проблемы и пути совершенствования : магистерская диссертация / Stock market in Russia: problems and ways of improvementДегтярев, Е. А., Degtyarev, E. A. January 2017 (has links)
Final qualification work (master thesis) is devoted to analysis of the development of the Russian stock market, identifying the main problems and steps to address them, and developing models for the formation of an optimal investment portfolio of Russian shares. The need for scientific research lies in the fact that the securities market is an integral part of the market economy. The development and degree of its regulation by the state are the most important indicators of the maturity of the country's economic development. The relevance of scientific research lies in the fact that in the modern market it is necessary to develop models for attracting private capital for long-term investments in securities, which will contribute to the development of the Russian market and the growth of its capitalization. / Выпускная квалификационная работа (магистерская диссертация) посвящена анализу развития российского рынка акций, выявлению основных проблем и шагов по их решению, а также разработке моделей формирования оптимального инвестиционного портфеля из российских акций. Необходимость научного исследования заключается в том, что рынок ценных бумаг является составной частью рыночной экономики. Развитость и степень регулирования его со стороны государства являются важнейшими индикаторами зрелости экономического развития страны. Актуальность научного исследования заключается в том, в условиях современного рынка необходима разработка моделей привлечения частного капитала для долгосрочных инвестиций в ценные бумаги, что будет способствовать развитию российского рынка и росту его капитализации.
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The Swedish Voting Premium : Empirical evidence of price spreads in dual-class sharesForsman, Henry, Werner, Linus January 2023 (has links)
This paper examines the relative price spreads between dual-class shares issued by the same firm on the Swedish market in order to investigate if a voting premium exists and what factors contribute to it. Previous research has found diverging explanations for the variation in price spreads between dual-class shares. Some find explanatory power in the concentration of ownership whilst others find trading costs and liquidity to determine the size and direction of the voting premium. This study tests factors of control and liquidity against the relative price spread in the Swedish market and in accordance with earlier research, the results indicate that a statistically significant voting premium exists in Sweden, although it is relatively small in comparison to many other markets. The paper contributes to the current pool of research by the choice of market, and by adding up-to-date information regarding the voting premium as well as evidence that increased domestic institutional ownership affects the voting premium negatively. At the same time, foreign institutional ownership has an opposite effect and leads to increased price differences between share classes. The general conclusion of this paper is that while some factors related to control and ownership concentration show significance long-term, other unobserved aspects could provide greater explanatory power of the voting premium in the short term.
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Hantering av andelar i marksamfälligheter vid lantmäteriförrättningar : En studie kring hur marksamfälligheters förvaltning påverkas vid omdisponering av andelar / Management of shares in joint property units during cadastral proceduresFischer, Johanna, Kraft, Jesper January 2023 (has links)
Marksamfälligheter är enligt 1 kap. 3 § fastighetsbildningslagen (1970:988) markområden som ägs av flera fastigheter. För samfälligheter generellt finns två förvaltningsformer, delägar- eller föreningsförvaltning. För föreningsförvaltade marksamfälligheter ställer lagen om förvaltning av samfälligheter (1973:1150) krav på att inkomster och utgifter ska särredovisas vid flera verksamhetsgrenar. Idag beaktas inte hur marksamfälligheter förvaltas av Lantmäteriet, det sker inte heller en utpräglad lämplighetsprövning vid omdisponering av andelar. Syftet med studien är att ta fram förslag till hur lantmäterimyndigheten bör hantera marksamfälligheter inom förrättningar. Kopplat till hanteringen utreds om en lämplighetsprövning enligt 3 kap. FBL ska införas i sin helhet samt om aktsamhet ska tas kring hur marksamfälligheten förvaltas vid hanteringen inom förrättningen. Studien genomförs genom tillämpning av rättsdogmatisk metod kombinerat med en kvantitativ och kvalitativ intervju- och enkätstudie med yrkesverksamma på Lantmäteriet och samfällighetsföreningar. Studien visar brister i konkreta riktlinjer hos Lantmäteriet om hur marksamfälligheter ska hanteras i förrättningar. Resultatet visar också på att små medel kan förbättra hanteringen av marksamfälligheter inom förrättningar genom att tydliggöra hur lämplighetsprövningen ska tillämpas och att i rimlig grad undersöka hur föreningen förvaltas. Ett nytt rättsfall om sakägarbegreppet från HD framförs. Lantmäteriet som myndighet behöver ta ställning till om en lämplighetsprövning enligt 3 kap. FBL ska genomföras i sin helhet enligt lag eller om omdisponering av andelar inom förrättningar ska avse ett undantag från lagen. Ett tydliggörande hade skapat enhetlig och korrekt handläggning nationellt som gynnar medarbetare och föreningar. / Joint property units are under the 1st chapter 3 § Real Property Formation Act (1970:988) land areas owned by several properties. These units can be managed through either co-owner or association administration. For association-managed units, the Joint Property Units Act (1973:1150) requires that income and expenses are reported separately for different branches of activity. Today the management of land property units is not considered by the Land Survey, and there is not a distinct suitability test when reallocating shares. The purpose of the study is producing a suggestion how the cadastral authorities should handle land joint property units in cadastral procedures. Regarding this there is an analysis if suitability test according to 3rd chapter FBL should be introduced and care taken on how the unit is managed when handling in the cadastral procedures. The study is performed by applying legal dogmatic method combined with a quantitative and qualitative interview and survey study with professionals on the Land Survey and joint property associations. The study show lack in concrete guidelines at the Land Survey on how joint property units should be handled in cadastral procedures. The result also shows that small funds can improve the management of joint property units in the cadastral procedures by instructing how to apply the suitability test and to a reasonable extent examine how the association is managed. A judgment of interested party from The Supreme Court is presented. The Land Survey as an authority needs to decide on if a suitability test according to 3rd chapter FBL must be implemented in its entirety as the law states or if redistribution of shares within cadastral procedures must refer to an exception from the law. A clarification would create a uniform and correct procedure throughout the country that benefits both employees and associations.
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Etude comparée entre les sociétés fermées à risque limité de droits français et hongkongais : contribution à la réflexion sur la simplification du droit français des sociétés / Comparative study between French and Hong Kong private companies with limited liability. : suggestions to simplify French company lawTortellier, Nathalie 19 March 2016 (has links)
Cette étude résulte d'une observation : le droit hongkongais des sociétés, appartenant à l'ordre juridique de la Common Law, semble produire de manière pragmatique des règles qui encouragent et facilitent le commerce. L'image du droit français des sociétés est frappante de rigidité, de lourdeur, de dirigisme et d'interventionnisme étatiques. Par rapport à cette image, celle du droit hongkongais surprend par sa souplesse voire sa simplicité, son intelligibilité, son effectivité et son efficacité. Nous avons identifié des règles et des mécanismes de la société fermée à risque limité hongkongaise, la Company, qui nous semblent constituer des éléments majeurs de son succès. Nous en avons compris les fondements, le fonctionnement et la portée afin de nous permettre de comparer ces règles et mécanismes à ceux de la SARL et de la SAS et d'y insuffler un vent de souplesse, de simplicité et de liberté encadrée. Les thèmes choisis relèvent de la rapidité et de la sécurité de l'immatriculation et de la dissolution, de la liberté statutaire et de son accompagnement par des modèles de statuts-type, de la liberté des associés de construire leur société conformément à leur volonté (qu'il s'agisse de la géographie du capital social et de l'encadrement du fonctionnement de l'organe de gestion) et du support juridique apporté à l'organe de gestion favorisant la bonne gouvernance des SARL et des SAS et le contrôle des associés. Cette étude compare les SARL et la SAS avec la Company dans le but de permettre au droit français des sociétés de développer une société outil adaptée aux acteurs économiques contemporains et au service de l'efficacité économique recherchée par les pouvoirs publics. / Observing Hong Kong private companies with liability limited by shares (hereafter "Company") evolving in the Common Law system was a rewarding experience: efficiency and simplicity and safety are the main features of Companies that come to mind. Looking at French SARL and SAS gives quite a different picture: laws and orders are overabundant, legal and administrative requirements constitute a burden on directors, members and directors cannot really benefit from a flexible environment as State interventionism is deeply rooted in the French legal culture. We identified various mechanisms and regulations belonging to the Company that contributed to its international success. We studied these mechanisms and regulations and understood their founding principles and significance. Then we compared them to those of the SARL and SAS in order to inspire flexibility, simplicity and supervised freedom to these two corporate bodies. The study compared the following features: the rapidity and the safety of incorporation as well as of deregistration; the freedom of the members to use model articles of association as well as adapting the suggested model; the freedom of the members to define their membership using classes of shares as well as the management of the Company's business; company secretary and certified public accountant providing corporate governance support to directors as well as information to members for their controlling role. This comparative study aims at putting forward recommendations to develop French companies as a tool for contemporary economic players and to promote company law's economic efficiency.
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