再议欺诈发行上市责令回购制度中回购价格的合理确定

Determining a Reasonable Repurchase Price in the Order Repurchase System in Fraudulent Issuances and Listings

《证券法》第24条第2款从法律层面确立了欺诈发行上市责令回购制度,但是未对回购价格的确定做出规定。回购价格的合理确定需要考虑责令回购制度的性质与功能定位、回购对象的范围、回购资金总额、公平与效率和资本市场稳定等各类因素。《欺诈发行上市股票责令回购实施办法(试行)》第4条确立了回购价格确定规则,该条款以承诺价格、基准价格和投资者买入价格孰高作为回购价格基准。这一逻辑看似周全,但其实并不合理,不仅与上位法本意和责令回购措施的性质定位相矛盾,而且与公平和效率原则相悖,还可能诱发市场操纵和道德风险。相比之下,统一以投资者买入价格为基准系更优选择,而投资者买入价格则宜按移动加权平均法计算得出的投资者买入股票的平均价格确定。

Article 24,paragraph 2 of the Securities Law establishes the legal foundation for the order repurchase system related to fraudulent issuance and listing,but does not stipulate how to determine repurchase prices.A reasonable determination of a repurchase price needs to consider various factors such as the nature and function of the repurchasing system,the scope of the securities to be repurchased,the total amount of funds involved,general fairness and efficiency,and the overall stability of the capital market.Article 4 of the Measures for Implementation of the Ordered Repurchase System of Fraudulent Issuance and Listing(Trial Implementation),establishes rules for determining a repurchase price,stipulating that the price shall be the highest of the commitment price,the benchmark price,and investor's actual purchase price.The logic behind this approach seems impeccable,but in fact,this approach is unreasonable.It not only contradicts the original meaning of the superior law and the nature of ordering repurchase measures,but also is contrary to the principles of fairness and efficiency.In addition,it may induce market manipulation and moral hazard.In contrast,it is better to use the investor's purchase price as the repurchase price,with the investor's purchase price determined according to the average price of securities purchased by investors calculated by the moving weighted average method.