股份回购的法律问题研究

【作者】 石海华；

【导师】 田晓云；

【作者基本信息】 北方工业大学 ， 经济法学， 2004， 硕士

【摘要】 在资本市场成熟的国家和地区，股份回购是上市公司在不同发展周期和外部环境下经常运用的一种重要的资本运作工具。股份回购有其弊端，如与传统公司法原理相冲突，实践中容易引发一些负面效应等；但股份回购同时也有其重要功能，如在优化资本结构、保护少数股东利益、股市低迷时的“救市”和推进现代激励机制方面都具有现实意义。本文在分析股份回购的功能和弊端及比较世界主要国家和地区关于股份回购立法的基础上，指出了我国现行股份回购的不足，探讨了构建我国股份回购制度的必要性和可行性，并提出了法律建议。论文正文部分共分为四章，各章的主要内容如下： 第一章 股份回购的法理分析。介绍了股份回购的含义及历史发展，分析了股份回购的功能和弊端。 第二章 股份回购的立法比较。考察了英美法系主要国家和地区(美国、英国、我国香港地区)和大陆法系主要国家(德国、法国、日本)股份回购的法律规定，指出其扩大股份回购适用范围的共同趋势，并将我国股份回购的立法与其进行简单比较。 第三章 我国股份回购制度的立法探讨。介绍了我国股份回购实践中的代表性案例，说明我国现行股份回购的特点，找出我国现行股份回购立法的不足之处及立法经验，论述了构建我国股份回购制度的必要性和可行性。 第四章 构建我国股份回购制度的法律建议。先提出构建我国股份回购制度法律体系的总体设想，再从实体立法(股份回购的立法原则、条件、回购股份的处理、违法回购的法律效力及法律责任)和程序立法(股份回购的决定程序、申报程序、信息披露、债权人的保护程序、程序违法行为的法律责任)两方面提出构建我国股份回购制度的具体设想。 本文主要采用了比较分析方法、历史分析方法和理论联系实际的方法进行论述。更多还原

【Abstract】 In the counties and districts which there is a mature capital market, stock repurchase is a frequently used and important capital operating instrument for listed company in different developed periods and external environment. Stock repurchase has its own abuses, such as conflicting with traditional company theories and bringing about negative effects easily. While stock repurchase also has the following important positive functions: capital structure optimization, minor shareholders rights protection, the price of undervalued stocks boost and modern incentive system promotion. By analyzing abuses and functions of stock repurchase and comparing the laws of the principle countries and districts in the world, the paper points out the defects in the system of our country’s stock repurchase now, discusses the necessity and possibility of setting up the system of stock repurchase in China, and gives some legal advice.Chapter 1: A analysis in legal theory of stock repurchase, which mainly introduces the meaning and development of stock repurchase.Chapter 2: A comparison in legislation of stock repurchase. To study the legislation of stock repurchase in the countries and districts of the common law system and the continent law system, note that the common tendency of enlarging the applicable scope of stock repurchase that has been formed in these countries and districts, and a simple comparison is given between China and these countries.Chapter 3: Discussion about legislation of stock repurchase system in our country. In this part the essay introduces the typical stock repurchase cases in the practice of China, describes features of our stock repurchase system, sets forth the defects and experiences in the system of our country’s stock repurchase, and states the necessity and possibility of setting up the system of stock repurchase in China.Chapter 4: Legal suggestions on the setting up stock repurchase system in China. It puts forward the general advice and the detailed advice of setting up our country’s system of stock repurchase.更多还原