| Share repurchase system is a common means in the capital market,which plays a practical role in optimizing the company's capital structure,enhancing the company's capital value,stabilizing the company's equity control and so on.It has become an important institutional arrangement to promote the stable development of the capital market.The revision of the Company Law in 2018 opened a new chapter in the development of the share repurchase system.The improvement of the share repurchase system of listed companies is by no means accomplished at one stroke.How to form a set of linked and practical capital activity system needs in-depth analysis from the theoretical and practical circles.The maturity and perfection of share repurchase system not only needs to meet the current stage of development,but more importantly,needs to look at the development prospect of the system with a long-term vision.Based on the newly revised Article 142 of the Company Law,this paper will discuss and study the problems faced by the share repurchase system of listed companies and how to improve it.This paper is divided into five parts:The first part of the article is the introduction.Starting from the background,significance and research status at home and abroad,this part clarifies that the share repurchase system has undergone major reform and revision in 2018,explains the reasons and background of the author's selection,and shows the research value and practical significance of the share repurchase system from a realistic perspective.The second part of the article is an overview of the share repurchase system of listed companies.This part mainly introduces the concept,characteristics,mode and value function of share repurchase system of listed companies.Based on the analysis of the specific situation of the newly modified share repurchase of listed companies,the major revision of the share repurchase system is analyzed to explore the significant impact brought by the revision.The third part of the article is the historical evolution and deficiency of the share repurchase system of listed companies in China.Based on China's national conditions,from the legislative evolution to the legislative status quo,in-depth understanding of China's share repurchase system development process.Analyze the main problems existing in the current share repurchase system,and detail one by one,lack of the situation of share repurchase;Legal problems arising from changes in decision-making procedures;Lack of stock stock system;Market manipulation and insider trading caused by incomplete information disclosure;In this paper,new situations and problems,such as the unclear definition of the effectiveness of illegal repurchase activities,are introduced to clarify the severe challenges facing the share repurchase system of listed companies at the present stage.The following is a targeted response to the practical issues raised in this section.The fourth part of the article is about the share repurchase system from the perspective of comparative law and foreign experience.It mainly expounds the development and present situation of the share repurchase system under the two modes.From the perspective of comparative law,by taking the United States and Germany as examples,this paper analyzes the two modes,summarizes the reasonability of the development of the share repurchase system under the two modes in various countries and draws on relevant experience,aiming to put forward some ideas and suggestions in line with China's national conditions.The fifth part of the article for the listed companies of our country share repurchase system to improve the suggestions.In order to promote the stable development of the share repurchase system of listed companies in China,this paper pondering and responding to the existing problems of the system according to the questions raised in the third part.Increase the corresponding share repurchase situation from the legislation;Standardizing the share repurchase resolution procedures of listed companies;Constructing stock stock system;Strengthen market supervision,establish information disclosure rules of listed companies,and introduce safe harbor rules;This paper puts forward targeted,effective and reasonable suggestions to improve the share repurchase system of listed companies in China from six aspects: prudently identifying the effectiveness of illegal share behavior of listed companies,clarifying the legal consequences of illegal share repurchase behavior of listed companies and dealing with other problems of share repurchase of listed companies.With the revision of the new provisions,it is believed that the development and improvement of the share repurchase system of listed companies can better adapt to the needs of the current market diversification and expansion,and become an important link in the socialist market economic system. |
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