Study On Legal Issues Of Share Repurchase In Chinese Listed Companies

Share repurchase system originated in the United States,now has become the west capital market is one of the important tool of capital operation,which has optimized capital structure,enhance the company's share price,the value function to avoid hostile takeover etc..From the perspective of comparative law,overseas listed company share repurchase system exist"principle allows exceptions prohibited" and "the principle of banning,exception to allow" the two legislative modes,the two have different advantages and disadvantages,it can construct the mature experience beneficial to share repurchase company legislation and system in china.From the legislation of our country,the share repurchase system from scratch,and from there to gradually perfect.But because of Chinese capital market has not yet mature,the securities supervision and risk supervision and information disclosure system is not mature,Thus the use of share repurchase in Chinese capital market is not very common.In recent years,although China has revised and promulgated relevant laws and regulations,administrative regulations and normative documents,the company legislation,including the company law,still needs to improve the share repurchase system.Be based on Chinese national conditions,we can increase the cause of Chinese share repurchase,but it is still not open to those who do not meet the current situation of Chinese repurchase reasons.At the same time,Our country should further standardize the decision-making process of share repurchase of listed companies,promote the decision-making process is more simplified and efficient,avoiding redundant complex internal decision-making procedures in the implementation of the share repurchase.Inaddition,the relevant laws and regulations shall be on the repurchase price,the information disclosure,the effectiveness of the illegal repurchase cognizance and other aspects of thecontent to make clear provisions.Our country also should be aimed at the repurchase quantity,source of funds and repurchase shares after the preservation and disposal of relevant systemsrelated to certain restrictions.So that the Chinese share repurchase system is more practical,more operable,and can reasonably control the negative effects of share repurchase.