Research On Legal System Of Share Repurchase Of South Korea

Article 341 of the commercial law of the Republic of Korea in 1962 established the phase.To law revised in 1984,allowing companies to share repurchase in principle.The 2011 revision of the south Korean commercial law on provisions regulating shares back to the issue of the new formulation,South Korean old commercial law is banned company had issued shares of teach back to compose,however commercial law revised later,the company can be in the interests of the distributable be made in our company around,which in principle allows companies to share repurchase.South Korean capital market method,has been in a listed company shares back to the period in company with in the scope of distribution of benefits,but the idea now absorbed into the commercial law,and to write commercial law set commercial law further regulation in terms.South Korea the merger case of share repurchase of funding sources,such as distribution of interests is not limited to the king,this is called for a specific purpose to teach back to that the academic raise against the share repurchase is because at first,principle of capital maintenance,company the identity of the contradiction,in violation of the principle such as the shareholders,executives of speculation,the failure of corporate governance structure,the above several reasons and not limited company in share buybacks system has the full restrictions,through discussion in congress,fellow scholars repurchase system,there is a favorable aspects.It plays an irreplaceable role in optimizing the company's financing structure,adjusting the company's total capital,raising the stock price and stabilizing the capital market.To our country's company law article 142 the principle of stop,exception to allow legislative model,this paper on the basis of comparing two legislative model,draw lessons from South Korea,the legislative situation in our country,in line with the pursuit of security above the efficiency spirit of legislative to ease the rules of share repurchase in china.At the same time pay attention to protecting minority shareholders and creditors,on the design of the concrete system,take principle of forbidden with restrictions model in the company of share repurchase funding additional restrictions acquisition and disposition procedure aspect.perfect the management of civil liability to pay compensation in order to achieve the advantages from the purpose,realize the value of share repurchase system of capital operation.This paper is divided into five parts.The first part is about research background,research status and research methods.The main second part mainly defines the meaning and scope of the company and share repurchase system discussed in paper.And nature of the following laid the foundation for the elaboration.Analyze two legislative models of share repurchase system.introduces the situation of share purchase stipulated in the commercial law of south Korea.The paper mainly discusses the scope of share repurchase,the method of share repurchase and the purpose of share repurchase.The third part elaborates on the ways of disposal after share repurchase,the amount of disposal and the appropriateness of the objects of disposal stipulated in the commercial law of south Korea,and whether the company should follow the procedures of new issue when disposing of the shares after repurchase.The positive negative theories are briefly analyzed from the two case.The fourth part mainly introduces the development of China share repurchase system and the status of legislation and put forward suggestions to improve the share repurchase system.The fifth part summarizes and summarizes the whole paper.