الحق التفاضلي في الاكتتاب في ظل شركات المساهمة : دراسة مقارنة

Abstract EN

A joint stok company is one of the capital companies, as it is based on financial consideration, because it is a hut for raising capital that is appropriate for the economic avtivity that it seeks to practice.

Mostly, this form of companieq implements large economic projects, and for this they need financiers, which leads to offering their shares on the market for subscription, and the latter is considered the basic process for obtaining funds in a joint stok company.

The shareholding company may resort, after a perod of activity, to bring in new funds in order to develop the project for which it was founded, and on the contrary, its financial conditions may worsen, as it does not find sufficient resources to meet its needs, an it is decided to increase the capital by issuing new shares that are offered for public subscription, so that it leads the latter to the entry of new shareholders who crowd out the old shareholders in the company's results, especially the legal and constitutive reserve funds cut from the profits that they participated in its production, and in order to avoid such a result, rules were put in place to protect the old shareholder in the face of new shareholders, so they have the right to priority repented new shares on the one hand and on the other hand, it enjoined to pay a premium for new shareholders.