中国上市公司股份回购规则的结构主义检视

Review of Share Repurchase Rules of Chinese Listed Companies from the Structural Perspective

上市公司的股份回购规则并非孤立的存在,而是内嵌于公司法的结构当中,受到其他既有规则的结构性约束。虽然《公司法》第142条的最新修改与国际立法潮流吻合,回购的自由程度增加,但相比域外,分权样态、章程模式、资本制度及资产分配控制这四项结构性要素都有着不同的法律构造,从而导致对回购的规制结构的缺陷,并产生出具有本土特征的实践风险。因此,除了完善证券交易规则外,更需要从公司立法层面对结构要素之差异予以制度回应。针对中国上市公司的回购规则,新一轮的《公司法》修改应考虑建立内部人的信义义务、细化授权董事会的路径与期限、明确库存股的留存与转让规则、引入偿债能力的底线测试,从而实现法移植的整体协调和细节补充。

The rules of share repurchase of listed companies do not exist in isolation,but are embedded in the structure of Company Law and subject to structural constraints of other existing rules.The latest amendment of Article 142 of China’s Company Law coincides with the international legislative trend,and the degree of freedom of repurchase has increased.However,compared with other regions,the four structural elements,namely,decentralization mode,charter mode,legal capital system and asset distribution control have different legislative structures,which result in the defects of the regulatory structure of repurchase and generate the practical risks with local characteristics.Therefore,in addition to perfecting securities trading rules,it is more necessary to give institutional responses to the differences in the structural elements from the level of corporate legislation.For the share repurchase rules of Chinese listed companies,the new round of amendments to the Company Law should consider to establish the fiduciary duty of insiders,refine the path and time limit for authorizing the board of directors,clarify the rules for the retention and transfer of treasury stock,and introduce the bottom line test about solvency,so as to achieve the overall coordination and detail supplement of legal transplantation.