A Study Of Legal System Of Share Repurchase

Share repurchase, as one of the methods of managing assets and running capitals of corporate, has developed since decades ago in foreign countries. Western scholars have conducted theoretical and empirical researches on share repurchase. It is held that in a matured and highly developed capital market, share repurchase has various economic functions. Thanked to the understanding and needs of the reality, these countries who adopted the principle of prohibiting share repurchase, have already revised their commercial laws, lessens the restraint of share repurchase, and expands the lawful reasons of repurchase regulating it from the capital resources and quantity of repurchase and so on. Meanwhile, share repurchase is still newly-born in China and one of financial innovations. It is one of the hot topics in the securities market. This thesis which bases itself on the theory of share repurchase and the current trend of legislation in the world, makes analyses on the features of share repurchase and problems in its operation in China, using the historical, economical, comparative and inductive methods. It focuses on the comparison of the legal system concerning share repurchase in some countries, makes reference from their experience and discusses the legal structure of legislative patter and principles. Meanwhile, specific suggestions on the share repurchase have been proposed in the thesis.