“自我投资”:上市公司股份回购中场外衍生品应用

The Use of OTC Derivatives in Share Buybacks by Listed Companies

上市公司股份回购是资本市场的基础性制度安排。在境外成熟市场,上市公司可以与投资银行合作借助场外衍生品协助回购,实现回购股份、控制成本、管理风险的多重目的。本文介绍境外主要资本市场对上市公司通过场外衍生品开展股份回购的监管思路及具体要求,以及在股份回购中采用累计回购期权、加速回购等场外衍生品的实践及效果。2020年以来A股上市公司采取场外衍生品协助回购的案例持续增加,为促进规范使用场外衍生品实施回购,助力上市公司提质增效,建议给予更多业务包容度,支持股票实物交割,加强信息披露要求,并内外防范内幕交易等违规行为。

Share repurchases by listed companies are a fundamental component of the capital market.They can have a positive role in stabilizing stock fluctuations,replacing cash dividends,boosting market confidence,and optimizing corporate governance structures.In mature overseas markets,listed companies can cooperate with investment banks to assist repurchases through OTC derivatives,thereby achieving multiple objectives such as controlling costs and managing risks.This article seeks to explain the general regulatory logic for the use of OTC derivatives for share repurchases.It introduces the"safe harbor"rules for share repurchases as well as common OTC derivatives such as accumulator options,accelerated repurchase options in share repurchases.This study finds that more A-share listed companies have used OTC derivatives to assist in stock repurchases since 2020.As share repurchases increase,OTC derivatives will see even wider use in future.In an effort to promote the rules-compliant use of OTC derivatives for repurchases and promote the high-quality development of listed companies,this article makes a number of suggestions such as supporting the physical delivery of stocks,strengthening information disclosure,and preventing insider trading and other regulatory violations.