论我国上市公司股份回购事由

发布时间：2018-05-27 05:31

本文选题：股份回购 + 股份回购事由　；参考：《中国政法大学》2011年硕士论文

【摘要】：股份回购,在域外资本市场是一种十分常见的股份运作;在我国,学说探讨有欠深入,回购实践亦不活跃。就本文而言,以股份回购事由为着眼点,以回购事由的概念界定、回购事由在回购制度中的地位和回购事由的立法演进为基础,阐释和检讨《公司法》现有的四项回购事由在立法上、实践上和理论上存在的问题,并就完善的选择提出建议。引言部分主要交代笔者问题意识的来源:由实践中一类案例困境的求解,进入对回购事由立法的思考。本文的第一部分主要界定股份回购事由的基础性问题。包括股份回购及股份回购事由的概念,股份回购事由在股份回购制度上的地位和股份回购事由的立法演进。上市公司股份回购,是指上市公司通过要约、公开交易或协议等方式,以支付现金或其他财产为对价,取得本公司已经发行在外的部分股份,作为库藏股或予以注销的法律行为。股份回购事由是股份回购制度的起点和重心,在整个股份回购法律体系中具有基础性地位,直接决定了股份回购可以实现的经济效益,并间接决定了股份回购的财源、价格、数量、程序和后果等制度。我国立法上的股份回购从1992年的一项事由发展为现行《公司法》的四项事由。本文的第二部分主要对《公司法》中规定的四项回购事由作出检讨。我国《公司法》第143条规定的四项回购事由有:“减少公司注册资本”,“与持有本公司股份的其他公司合并”,“将股份奖励给本公司职工”,“股东因对股东大会作出的公司合并、分立决议持异议,要求公司收购其股份的”。在立法上,四项事由顺应股权分置改革需要发挥了作用;在实践中,四项事由有立法供给不足和立法搁置并存之嫌;在理论界,对增加回购事由的讨论又分成两类观点。本文的第三部分主要探讨回购事由的选择。首先,分析我国上市公司的特点,作为对讨论背景的交代;并介绍日本和我国台湾地区立法演进,作为选择的有益借鉴。其次,就“依法院判决回购股份”,“金融机构为证券交易取得自己股份”和“证监会的临时许可”三项事由分别研究,指出我国《公司法》应为补充的理由。再次,讨论了“以调控股价为目的”,“反收购策略而回购”和“经股东大会决议即可回购”三项事由,列明其不宜移植之处。最后,笔者体会到,我国股份回购事由制度乃至公司法制的完善不以《公司法》的颁布为终止,而是新的开始。尤其是在法制建设涉资本市场时,如何立足我国证券市场的特殊情况,顺应上市公司实践发展的需要进行公司法制度设计,是公司法制完善的一个重要主题。
[Abstract]:Share repurchase, in the extraterritorial capital market, is a very common stock operation. In our country, the theory of the theory is not deep and the repurchase practice is not active. In this article, the concept of share repurchase is taken as the point of view, the concept of repurchase events is defined, the status of repo in the repurchase system and the legislative evolution of the repo cause are explained. And to review the legislative, practical and theoretical problems of the four repurchase causes existing in the company law, and put forward suggestions for improving the options.
The introduction part mainly explains the source of the author's problem consciousness: from the solution of a kind of case dilemmas in practice, to enter into the legislation of repurchase cause.
The first part of this article mainly defines the basic issues of the cause of share repurchase, including the concept of share repurchase and share repurchase, the status of share repurchase in the stock repurchase system and the legislative evolution of the share repurchase event. To pay the cash or other property as the price, obtain the share of the shares that the company has issued in the outside, as the reservoir stock or the legal act of cancellation. The share repurchase is the starting point and the center of gravity of the share repurchase system. It has a basic position in the whole share repurchase law system and directly determines the economic efficiency of the share repurchase. It also indirectly determines the sources, prices, quantities, procedures and consequences of share repurchase. The stock repurchase in China's legislation has developed from a 1992 issue to the four part of the current "company law".
The second part of this article is mainly to review the four repo items stipulated in the company law. The four items of repurchase stipulated in the company law of China include: "reducing the registered capital of the company", "merging with other companies holding shares in the company" and "rewarding the shares to the employees of the company", "shareholders are made to the shareholders' meeting." The merger of the company, the separate resolution holds the objection, and the company requires the company to buy its shares. In legislation, the four events have to play a role in conforming to the split share reform. In practice, the four items are disliked by the lack of legislative supply and the coexistence of legislative shelving. In the theoretical circle, the discussion of the increase of the repurchase event is divided into two categories.
The third part of this article mainly discusses the choice of the repurchase event. First, it analyzes the characteristics of the listed companies in China as the explanation of the background of the discussion; and introduces the legislative evolution of Japan and the Taiwan region of our country as a useful reference. Secondly, "the repurchase of shares according to the court decision" and "the financial institutions make their own shares for the stock exchange". And the three items of "the provisional license of the SFC" were studied separately, and the reasons for the company law in China should be added. Again, the three items of "to regulate the stock price", "counter purchase strategy and buy back" and "buy back after the resolution of the shareholders meeting" were discussed.
Finally, the author realizes that the improvement of the system of share repurchase and the legal system of the company is not terminated by the promulgation of the company law. It is a new beginning, especially in the capital market of the legal system, how to stand on the special situation of the securities market in our country and comply with the needs of the actual development of the listed companies to carry out the system design of the company law. An important theme for the improvement of the judicial system.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

【相似文献】