股份回购法律制度探析

Analysis of System of Share Repurchase

股份回购是国外成熟资本市场上一种常见的资本运作方式,但在我国还仅仅属于一种金融创新行为。股份回购对调整我国上市公司的股权结构,推行员工持股计划,保护少数异议股东和推动上市公司实质重组具有极强的现实针对性。在股份回购时,中小股东和债权人的利益最易受到侵害。因此,在进行股份回购立法中,应坚持股东实质平等和保护债权人利益两项原则。此外,在如何完善股份回购制度方面,提出了放宽回购事由、限制回购数量、限制回购财源等六项立法建议。

Share Repurchase, a common capital management scheme in those mature capital markets of foreign countries, is still a financial innovation in China. Share repurchase is aimed at adjusting the structure of share rights of listed firms, carrying out ESOP, protecting minority shareholders with dissenting opinions and promoting substantial annexation. In practicing share repurchase, minority shareholders' rights are very easy to be encroached on. Therefore, the principles of substantial equality among shareholders and protection of creditors' interests should be observed in the legislation of share repurchase. Besides, the essay puts forward six proposals on how to perfect the system of share repurchase.