Functionalalienation And The System Reflection On Share Repurchase Of Listed Companies

Share repurchase is a commonly used capital operation tool,through repurchase of shares issued outside the company to achieve anti-acquisition or capital reduction purposes.Share repurchase activities originated in the United States.In the 1950 s,with the rapid development and maturity of the capital market,the traditional three principles of capital can no longer meet the increasingly rich needs of market participants.Many companies began to embarrass themselves in theory.Share repurchase emerged as a flexible capital operation tool.Share repurchase brings huge benefits for the development of the company,which can be used as an effective means of employee incentives,powerful measures to prevent the company from being maliciously acquired,and so on.However,with the development of practice in our country,the alienation brought by the system can not be ignored.The alienation of share repurchase function in this paper is a tendency to deviate from the service function value goal designed by the original share repurchase system,and even hinder the change of the realization of the value goal.For example,the process of repurchase facilitates market manipulation and damages the interests of shareholders and creditors.To rectify the dissimilation of share repurchase function,we should correctly understand the share repurchase system,recognize and capture the performance of the dissimilation of the system function,find out the differencesbetween the Chinese and American share repurchase system,and finally put forward practical legal countermeasures.This paper is mainly divided into seven parts.The first part of the introduction firstly puts forward the problems faced by the development of share repurchase system at home and abroad,and determines the research framework of this paper by combining with the domestic development situation.The second part analyses the functions and alienation performance of the share repurchase system,and deeply understands the share repurchase system based on the reasons and characteristics of the rise of share repurchase.We should study the development course and present situation of share repurchase in our country,and further understand the evolution of share repurchase and the existing problems of stock repurchase system before revision by means of judgment document network and non-litigation network.The fourth part collects and translates a large number of foreign case websites such as Westlaw,Hein Online,Law Journal Library,etc.,and combines with relevant foreign stock repurchase work,especially in Delaware,USA.The provisions of the system of share repurchase are analyzed from Philip V.The ADT case,which is a typical case of the Great Court Network of the United States,and the practical application of share repurchase in the United States is deeply understood.The fifth part is based on the comparison of share repurchase between China and the United States in the third and fourth parts,and draws lessons from the experience of the system of share repurchase in the United States.The sixth part is to improve the stock repurchase of Listed Companies in China The last part of the article summarizes the main points of the article by combing the full text.