论我国上市公司股份回购制度的法律完善

On Establishing Stock Repurchase System in Listed Companies

股份回购是国外成熟的资本市场常见的资本运作方式,在我国还仅仅是一种金融创新行为。股份回购具有多种功能,在我国允许满足一定条件的上市公司回购自己股份更具有特殊的意义。但我国有关股份回购的立法粗糙滞后,已不能满足实践的需要。因此,坚持股东实质平等和保护债权人利益的立法原则,选择适宜的立法模式,建立既适应国情又符合国际惯例的股份回购法律制度非常必要。

Stock repurchase, a common capital management scheme in the mature capital market, is still a financial innovation in China. The existing regulations on stock repurchase are rather simple and cannot meet the need of development of listed companies. Therefore, it is urgent to establish the systers of stock repurchase. In establishing the system of stock repurchase, the principles of substantial equality among stockholders and protection of creditors＇ interests should be observed; and available legal model should be chosen.