摘要
新《公司法》第142条重构了我国的股份回购制度,以立法明确上市公司可以"为维护公司价值及股东权益所必需"而回购股份,对公司、相关利益主体和金融市场均具有重要影响,但也蕴含着巨大的风险隐患。两大证交所迅速颁布的股份回购监管新规回应了市场对法律规制的需求,但受制于鼓励公司回购等因素影响,尚存在诸多待完善之处。应从反市场操纵、相关主体的利益平衡和回购后处理等角度完善相应的实体法规制,从决议规则与备案程序、信息披露与违法责任、推进回购监管规则和股东诉权的衔接等角度完善相应的程序法规制。
The Article 142 of the new Company Law reorganizes Chinese share repurchase system by allowing the listed companies to repurchase shares of their own for the purpose of maintaining companies’ value and shareholders’ interests. It brings many important impacts on the listed companies, related stakeholders and financial markets, while it also contains huge risks.The new rules quickly issued by Shanghai and Shengzhen Stock Exchanges are in response to market needs for legal regulation, but there are still many aspects needed to be improved owing to the motivation behind the rules, aiming at encourage companies to repurchase shares. The corresponding substantive legal system should be improved from the perspectives of anti-market manipulation, interest balance of related subjects and post-repurchase reprocessing. The corresponding procedural regulations should be improved from the perspectives of company resolution rules and filing rules, information disclosure rules and liability rules, and coordinating the repurchase supervision rules with the shareholders’ procedural rights.
出处
《东方法学》
CSSCI
北大核心
2019年第6期114-122,共9页
Oriental Law
基金
对外经济贸易大学“一带一路”PPP发展研究中心研究成果
关键词
上市公司
股份回购
安全港
信息披露
决议规则
股东诉权
listed companies share repurchase
safe harbor
information disclosure
company resolution rules
shareholders’ procedural rights
