护盘式股份回购的弊端及风险防控机制探究——兼评《公司法》第142条第六项

Research on the Disadvantage and Risk Prevention and Control Mechanism of Share Repurchase for Stabilization--And a Comment on Paragraph 6,Article 142 of the Company Law of the People’s Republic of China

护盘是上市公司回购股份的重要理由之一,2018年10月我国《公司法》第142条专项修改明确护盘式回购的合法性,是资本市场基础制度改革的重要一步。同时尤需注意护盘式回购的固有弊端,主要集中于市场秩序与债权人及中小股东合法权益的保护。本文旨在深入分析护盘式回购存在问题,结合我国立法变迁及市场回应,通过比较借鉴域外护盘式回购及安定操作的法律规制技术,进一步探讨如何从现有法规制度层面最大化防控其风险并有效保证护盘功能的发挥,促进资本市场的发展进步。

Stabilization is one of the important reasons for listed companies to repurchase shares. In October2018,Article 142 of the Company Law of the People’s Republic of China specifically revised the legitimacy of the protective disk repurchase,which is an important step in the reform of the basic system of the capital market. At the same time,special attention must be paid to the inherent disadvantages of repurchases for stabilization,which should mainly focus on market order and the protection of the legitimate rights and interests of creditors and minority shareholders.This paper aims to deeply analyze the existing problems of repurchase for stabilization. Combining with China’s legislative changes and market response, it further explores how to maximize the protection from the existing laws and regulations according to the existing laws and regulations by comparison and learning from the laws and regulations of repurchase for stabilization and stable operation abroad. Thus controlling its risks and effectively ensure the function of repurchase for stabilization and promoting the development and progress of the capital market.