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一、美国权益融资的法律规范英美法系国家的法律制度的主要特征是判例性,但在美国,其证券立法上却采取成文法,主要有《1933年证券法》和《1934年证券交易法》、各州的“蓝天法”及自律性规则,由此构成了相对完善的证券法体系。在权益融资的金融工具上,美国法律确认了多种金融工具,美国公司在进行权益融资时,股票、权益证书、认购权或期权等都是合法、实用的工具。法律同时赋予美国公司对融资工具有较大的设计自主权。如美国《标准公司法》第15条规定:“每个公司应有权设计和发行该公司章程所设定的股份数量。该股票可分成一个或数个类别。任何或每一个上述类别可由具有票面值或无票面值的股份组成,并具有公司章程应设定的类称,优先权、限制及相对权利。公司章程可在与本法令不相抵触的范围内限制或取消
First, the legal norms of equity financing in the United States Anglo-American legal system is characterized by the main features of the jurisprudence, but in the United States, but its securities legislation to adopt statutory law, the main ”Securities Law of 1933“ and ”Securities Exchange Act of 1934“ , The ”Blue Sky Law“ and the rules of self-discipline in various states, thus constituting a relatively sound securities law system. In the financial instruments of equity financing, the United States law recognizes a variety of financial instruments, the United States in the equity financing, equity, equity certificates, subscription rights or options are all legal and practical tools. The law also gives U.S. companies greater design freedom over financing instruments. For example, Article 15 of the Standard Company Law of the United States provides: ”Each company shall have the power to design and issue the number of shares as set forth in the articles of association of the company. The shares may be divided into one or more categories. Any or each of the above categories may be Shares of par value or par value and shall have the classifications, priorities, restrictions and relative rights which shall be set forth in the articles of association of the company.The articles of association may be restricted or canceled to the extent not inconsistent with this law