The Legal Study On The System Of Company's Acquiring Its Own Share

As an important system in company law, the company's acquiring its own share involves a series of significant theories of the company law. In relation to the management of company, this system has some values, but simultaneously has the possibility of damaging creditors and minority shareholders, as well as brings the challenge for the order of securities transaction market. Moreover, most of the reasons for the prohibition of acquiring own share by company itself, which are related to the basic principles of the company law. Therefore, in order to understand and make use of this system well in our country, this thesis attempts to, just from the aspect of company law, utilize the comparative methodology to analyze various countries'legislations and the value of this system, then brings up my opinion about how to construct this system. Besides the introduction and the conclusion, this thesis includes four parts.In the introduction, it mainly explains four questions: research background, research significance, research technique and writing goal.The first part: This part mainly introduces the system of company's acquiring its own share. It is divided into three parts. First, it analyzes and discusses the connotation of the company, the own share as well as the company's acquiring its own share, just for limiting the following research scope. Next,it introduces the present circumstances of various countries'utilization of this system, and points out that only American companies make use of this system widely in the present. Finally, it separately elaborates that other countries how to deal with this system in the legislation.The second part: This part tries to, by way of introducing and criticizing the supportive reasons for the prohibition of this system, point out that these opposite reasons aren't convincing. Next, it elaborates the intrinsic value of this system. Finally, in view of the fact that this system has inherent inefficiency, we only should legislate essentially based on its inherent value.The third part: This part mainly elaborates and demonstrates how to construct the concrete procedure of this system in the company law, including five aspects: the scope of acquisition, the origin of fund for acquiring, the authority of acquisition,the limitation of quantity for acquiring and the pattern of acquisition, simultaneously demonstrates the legal effect of the company's acquiring its own share.In the fourth part: This part mainly introduces our country's legislative evolution of this system, then discusses the disadvantages of the present legislation, finally proposes that how the legislation changes to be perfect in the future.At the end of this thesis, the author sums up the main viewpoints of this thesis. It is that the legislation can't relieve the control completely and permit the company to acquire its own share freely, only should legislate essentially based on the inherent value of this system.