Research On Legal System Of Corporate Reinvestment

As an important aspect of Corporate Capital System, corporate reinvestment is one of the key issues that national"Company Law"focuses on. It is like a double edged sword. On the one hand, reinvestment is an inevitable way to company profits, and it has an important effect to control transaction costs, adjust the industrial structure and stabilize management rights. On the other hand, because of its inherent defects, it would give rise to many potential risks which may infringe the interests of the corporation's minor shareholders and creditors, or even break the market order. It is highly necessary to regulate the corporate reinvestment in legislation.With the deepening of Chinese company law practice, In consideration of corporation autonomy and increased company efficiency, the corporate reinvestment system has been amended in new Corporation Law in 2005, and the restriction of reinvestment has been loosened. It is the great progress of corporate legislation and helpful to promote our economic development. But current legal institutions can not eliminate the disadvantage that reinvestment brings. Therefore, it's meaningful in both theory and practice to continue research the corporate reinvestment system.This thesis first analyzes the basic legal issues of corporate reinvestment, then introduces the advanced legislative models of other countries and regions about reinvestment, analyzes the regulation of reinvestment system in our company law, on these bases, puts forward legislative proposals to improve Chinese reinvestment legislation.There are four parts in this thesis:The first chapter summaries the legal intension of corporate reinvestment, including the basic meaning of reinvestment, economic necessity and negative influences that it brings.The second chapter introduces systematically the development and legislative models of other countries and regions about corporate reinvestment, draws the enlightenment to our country from these.The third chapter is a rational reflection on the corporate reinvestment system in Chinese legislation, analyzes the difference of new law and old company law, and points out its legislative progress and existing limitation.The fourth chapter puts forward legislative proposals in view of defects in Chinese present laws, hoping to improve Chinese reinvestment legislation.