Research On Legal System Of Corporations Share Repurchase Of China

As an important financial instrument in developed international capital market, share repurchase is a capital management mode and strategy that is often used by corporations. In some developed countries, legislation system of share repurchase has been carried out for decades and become mature. While, in China it also has been put into practice.By analysis to the functions and shortcomings of share repurchase system, and by comparison of it in main countries and areas of the world, this thesis finally points out the developing tendency of the system. Research in this thesis applies approaches of comparison, analysis, demonstration and so on. The argumentation integrates history into logic and combines theories and practice. Detailed illustrations of relevant issues about share repurchase system and its domestic legislation improvement are carried out. The thesis consists of four chapters.Chapter one introduces the legal theory of share repurchase system. Firstly, it is an introduction to the meaning and characteristics of share repurchase system. And then by comparison with relative concepts like purchasing public companies, purchasing one's own company's share and share redeeming, the similar points as and different features are concluded. Consequently, the advantages and disadvantages of share repurchase system are demonstrated.Chapter two studies the development of share repurchase system in some representative countries. In detail, there are studying and examination to the development history and present situations of share repurchase system in main countries and areas of Britain-American legal system and Continental legal system, by which experiences and examples are got for improvement of share repurchase system of China.Chapter three studies and evaluates share repurchase system in China. The present legislative situation of share repurchase system in aspects of the scope, source of funds, price, mode, and procedure so on is respectively introduced. And it can be found that relevant legal norms are comparatively not detailed enough and the legislation is seriously backward, which would not comply with the economic development tendency of China.Chapter four refers to the new establishment of share repurchase system in China. In this part detailed constructing design is proposed in two perspectives of Chinese share repurchase legislation, one is the general principles, the other is concrete institution. Further more, in order to eliminate the defects of current legislation of China, comparatively perfect legislation plan for reconstructing law system of share repurchase is also proposed.According to the present situation of China, reference and learning to other countries' successful experience and further rational reflection to current relative legal rules are seriously needed. Moreover, establishing a new system of share repurchase that is in conformance with the law of economic development of China and international practices is an important problem demanding prompt solution.