护盘式回购的监管问题研究——基于对《公司法》修改的思考

Supervision of Share Repurchase for Stabilization Based on New Revision of Company Law

《公司法》的修改赋予了护盘式回购存在的合法性基础,是我国证券市场日趋成熟的重要标志之一。护盘式回购的放开同时也给我国证券监管部门带来了更多新的任务与挑战,需要我们在护盘回购决议的问题上平衡好各方的利益;在操作过程中还需要对具体行为进行规制,包括规范资金的来源,防范忽悠式回购、操纵市场、内幕交易等违法行为。同时,搭建好库存股转让的全新制度也是我国目前需要解决的重要课题。

The revision of the Company Law is one of the important signs of the maturity of China’s securities market,and gives the legal basis for the existence of the share repurchase for stabilization. The release of the tray-type repurchase also brings more new challenges to China’s securities regulatory authorities. We need to balance the interests of all parties in the repurchase,and regulate specific behaviors,including regulating the source of funds,preventing fraudulent repurchase,manipulation of the market,insider trading and other illegal activities. At the same time,setting up a new system for the transfer of treasury shares is also an important issue we have to deal with.