Research On Share Repurchase System Of Listed Companies

At present,share repurchase has become a basic institutional arrangement in the capital market.It provides a flexible and flexible management mechanism for listed companies,and has positive economic value for the management of the company’s ownership structure,capital structure and market value.In foreign countries,the share repurchase system of listed companies plays an important role in stabilizing the capital market and promoting financial innovation.However,there is insufficient research on the share repurchase system of listed companies in China,and there are few supporting measures for the system.There are a series of problems to be solved in the sources of share repurchase funds,the regulation of illegal repurchase behavior and legal repurchase disposal,and the investor relief mechanism.The research of this paper has good theoretical and practical significance.This paper is divided into four parts:The first part introduces the theoretical basis of share repurchase system of listed companies.Through the research on the concept,characteristics and classification of share repurchase of listed companies,it is proved that it does not have theoretical obstacles,but has advantages and disadvantages in practice.We will understand the importance of share repurchase to listed companies by interpreting the positive and negative functions of share repurchase system in combination with the cases in practice.The second part,for the typical countries outside of the listed company share repurchase system are analyzed,from the United States and Japan legislation reflects the different attitudes of share repurchase,from the legislation and practice of overseas mature markets,to establish safe havens system,information disclosure system and perfect stock rules called repurchase system consummation to our country has the very good reference.The third part,combed the the present situation of the system of share repurchase of listed companies in our country,it is concluded that our system of share repurchase of listed companies in stock repurchase guarantee mechanism,illegal repurchase behavior,legal relief mechanism four aspects share buybacks disposal and investors still exist deficiencies,to realize the separation of the rule of law and practice is not conducive to safeguard the interests of stakeholders and the development of the listed companies,improve the system of share repurchase of listed companies is of great significance.The fourth part,the system of share repurchase of listed companies in China,deficiency in perfecting Suggestions: we constantly explore the limitation on the system of share repurchase of listed companies in the trend to relax,the system of share repurchase of listed companies be explicitly and expand the scope of the specific legal provisions to play the role of support and guarantee,so as to establish a more formal system of share repurchase of listed companies.