Research On Share Repurchase System In China

The nature of share repurchase is a capital operation tool, is widely used in the more developed market economy and the share market in the world.There are many positive impacts on the economic development of the whole society the share repurchase system, operation and development, can stabilize the share market instead of cash dividend distribution, an important means to prevent the hostile takeover and behavior of employees to form an effective incentive;However, negative effects exist in itself it is undeniable that the repurchase process can not fully guarantee the fairness and justice, will damage the interests of creditors, damage the interests of minority shareholders, and prone to insider trading, have an impact on the capital market. In order to make the share repurchase system can give full play to its positive value, we must constantly improve the relevant legal system and its supporting, in order to ensure the stability and development of the securities market and the social economy.The legislative mode of share repurchase mainly includes two kinds, one is the principle of prohibition, the legislative mode of exceptions "on behalf of the state, selecting the mode of Germany; the other is" the principle of permission, legislative mode, selection of the exceptions of this model are the United States, Japan and other countries.China follows the continental law tradition, the "principle of prohibition, exceptions allowed this model, in the revised" company law "and the Commission issued the" listing Corporation repurchase of public shares management (Trial) "on the share repurchase system has made a lot of rules in the improvement and development of China’s the establishment of the share repurchase system, the status and development of our country. Because of historical reasons, China’s capital market is still in the initial stage of development, the share market has just started, the relevant securities supervision mechanism of the financial industry is not perfect. Share repurchase is an emerging thing in our country, it is far better than the frequency for the use of the capital market of developed countries. Although there are provisions in principle of share repurchase system in the laws and regulations, but with the capital market of the developed countries. China’s relevant legal system of share repurchase system is not perfect, there are still a lot of space to be improved.This paper is divided into four parts to discuss the share repurchase system, the main contents are as follows:The first chapter, an overview of the share repurchase system. This chapter begins from the basic concept of share repurchase system, introduces the concept, characteristics and types of share repurchase system, and explores the development of share repurchase system from scratch, and from a legal point of view of the positive significance of the company to repurchase shares and negative influence. Share repurchase system for the development of the securities market and the economic society is a double-edged sword, but not because of their negative influence and unworthy, should carry out the disadvantages, from the legal aspects of the development of share repurchase system for road.The second chapter, the current situation of the development of share repurchase system in China. This chapter focuses on China’s share repurchase system, chapter from the origin and development of share repurchase system of legislation and practice the status quo of China’s current share repurchase system respectively for the interpretation and analysis of inquiry, cognitive changes in China for the share repurchase system, and analysis what are the need to fill the gaps and make up for the defects the legal issues of China’s current share repurchase system.The third chapter. a comparative study of share repurchase system. This chapter mainly selects a comparative study with the share repurchase system in China legislative mode instead of the United States and japan. At present the share repurchase mode is the principle of prohibition, exceptions allowed "share repurchase mode, the United States is the principle of permission, prohibition for exception "mode, Japan in the course of the development of share repurchase system, but also from the experience of strictly forbidden "to" the principle of change allowed. ". Between the different legislative models can learn from each other, we can absorb foreign advanced system to make up its own shortcomings.The fourth chapter, the perfection of the share repurchase system in China. The contents of this chapter based on the above content in, put forward the suggestion on the future reform and development of the share repurchase system in our country. For example, the relaxation of share repurchase reasons, giving the company more autonomy and decision-making and implementation process to strengthen the share repurchase, maximize share repurchase fair, set up a perfect legal system, try to avoid the risk of share repurchase system.