Analysis Of Share Repurchase System Of Listed Companies

In October 2018,Article 142 of the "Company Law" was updated,and the latest amendments to the "Company Law" were reviewed and approved by the Standing Committee of the National People's Congress.Since then,the share repurchase of listed companies has changed from the previous single structure to a multi-layer structure,which has increased the reasons for repurchase,extended holding time,and created a resolution mechanism for the board of directors.It has become an important tool for the development of the securities market.With the rapid development of China's economy,the capital market has gradually matured on the road of continuous opening to the outside world,and share repurchases have also been widely used by listed companies.In order to maximize the advantages of this system,China has made further reforms according to the actual situation.,Established a complete share repurchase system.This provides an important legal system guarantee for stabilizing capital market expectations,promoting companies to establish long-term incentive mechanisms,and improving the quality of listed companies.It also provides more feasible solutions for listed companies to implement share buybacks.In 2018,under the complex international environment and economic downward pressure,the overall performance of China's capital market was sluggish.The share prices of many listed companies fell sharply.Many listed companies released share repurchase plans in their announcements,hoping that the repurchase action can stimulate and enhance the company's share price.The first chapter analyzes the reformed Ping An's share repurchase behavior,comprehensively introduces the repurchase plan and analyzes the reasons for its repurchase,and puts forward related questions to introduce the theoretical basis of the share repurchase and study the repurchase system of various countries.Analyze for bedding.Chapter 2 gives a basic theoretical introduction to the repurchase system.First,it gives a general introduction to the concept and system value of share repurchases.Second,it introduces the legislative models of various countries.It can be seen that it is mainly divided into "principle permission" and "principle prohibition,exception permission" "The legislative model is introduced in terms of the reasons for the repurchase,the status of the shares after the repurchase,and the supervision mechanism for the share repurchase,from which we can see that the share repurchase system in our country has slowly changed from the attitude of "all repurchase is prohibited "to"Principles prohibited,exceptions allowed" attitude.Chapter 3 introduces the historical evolution and institutional analysis of China's share repurchase system.Through combing the historical evolution of China's share repurchase system,we learned that although China's legal system is constantly improving,the problems contained in it cannot be ignored,such as There is no protection for creditors,no regulation of market manipulation,and a lack of regulation of companies that have not repurchased.To undertake the above analysis of the problem of China's share repurchase system,Chapter 4 introduces the perfect path of China's listed company's share repurchase system,specifically including three aspects:First,establish China's "safe harbor"system to ensure The repurchase of shares of listed companies operating in Hong Kong has a definite and legal legal effect.2.Improve the protection mechanism of creditors,comply with the legislative concept of the new "Company Law",and introduce directors' debt repayment obligations.3.Clarify the liability mechanism for illegal repurchases.On the one hand,companies that violate the aforementioned repurchase restrictions are required to bear administrative responsibility.Mandatory provisions Those who violate the elements of market manipulation shall be punished by market manipulation.Those who do not meet the elements of market manipulation shall be fined.This design can maximize the maintenance of the authority of the legal system On the other hand,to refine the civil compensation mechanism for market manipulation,China's laws only stipulate that the manipulation of the securities market causes investor losses,and the actor should bear compensation liability for this,without specifying the specific compensation standard and amount of compensation,and lacking specific The determination mechanism of civil liability should be based on tort liability,and the civil compensation should be determined from the four componentsIn summary,through the analysis of the share repurchase system of China's listed companies,summarizing the problems that have been solved and the problems that have not been solved in the reform is of guiding significance for the further improvement of the system.Therefore,from the perspective of the establishment of "safe harbor" rules,creditor protection mechanisms and liability mechanisms for illegal repurchases,including administrative and civil liability,it is of great research significance to improve China's share repurchase system.