Research On The Legal Regulation Of Share Repurchase Of Listed Companies In My Country

Share repurchase has become an indispensable means of capital operation in the capital markets of various countries.Since its appearance in American capital market in 1930 s,the development of the legal regulation of share buyback of listed companies has changed several times,which is due to the two sides of the influence of share buyback on the market.In 2018,the amendment of Article 142 of the company law of China made the legislative regulation of share repurchase of listed companies more mature.However,with the capital market entering the peak period of buyback,it is particularly important to analyze the degree of agreement between the legislative regulation of share buyback and the capital market and how to optimize the deficiencies of the existing legal regulation.This paper focuses on the legal regulation of share buyback of listed companies,the defects of information disclosure system at this stage,the lack of effective relief measures for creditors in the process of share buyback,the effectiveness of illegal buyback of listed companies and the responsibility bearing.Through the analysis of the modernization trend of the legal regulation of share buyback,this paper reviews the many deficiencies of the current legal regulation of share buyback in China,and probes into the essential reasons why the legal regulation of share buyback in China's listed companies still needs to be improved from the theoretical level,so as to propose a new path to improve the legal regulation of share buyback in China's listed companies is the innovation of this paper.This paper proposes that the regulation mode should be changed,the regulation in advance should be relaxed,and the regulation emphasis should be shifted to the afterwards,so as to maximize the positive role of share buyback.At the same time,in order to reduce the negative impact of share buyback,we should establish the creditor protection mechanism from two aspects: one is to build the information disclosure system with the audit of accounting firm as the core;the other is to give the creditor relief measures in the three stages of the buyback resolution,when the buyback is completed,and after the buyback is completed,so as to protect the interests of the creditor.In order to confirm the effect of illegal share buyback,the principle of proportion is introduced,and the joint and several liability of directors is strengthened,so as to improve the legal system of share buyback of Listed Companies in China.