| The concept of share repurchase of listed companies is actually very common in many countries.It is a relatively common method of capital operation,and its related laws and regulations are relatively perfect.In China,this system has not been developed and popularized.China has always been banned on its regulation.On October 26,2018,China passed the revision of the "Company Law".This new regulation is to adapt to the adjustment of the current market economy.The state has appropriately intervened in the economy through macroeconomic policies and appropriately loosened the repurchase.For the sake of China,this is a remarkable change.It also reflects the reform and development of the share repurchase system in China’s market economy,and also guarantees the good and healthy development of China’s market economy in the future.The article begins with four parts:The first part: This part is mainly the introduction part,elaborated the topic significance and the goal,as well as the domestic and foreign,about the listed company Stock Repurchase Research.The second part:This part is an overview of the share repurchase system of listed companies.This part mainly writes the concept of share repurchase,and discusses the characteristics of share repurchase from the aspects of legal nature,purpose and legal regulation,and analyzes the role of repurchase.The third part: This part is mainly the study of the legal regulation of extra-regional share repurchase.The United States mainly adopts the operation mode of “permitted principle and exception prohibition”,while Germany,France,and Japan adopt the model of “principle prohibition and exception permission”.These countries are more perfect than China’s repurchase system,so China It is necessary to learn from foreign experience and find out the operating mode and legal regulation that suits China’s national conditions.The fourth part: This part is from the perspective of economic law to see the problems in the share repurchase of listed companies in China.From the supervision of the main body of legal regulation,it analyzes the behavioral constraints of the regulatory object,that is,the repurchase subject,and the market transaction order,and discusses the repurchase of listed companies according to the cases of insider trading and illegal manipulation of the market.Problems that have been encountered in the process or have been encountered.The fifth part: This part is about the improvement and perfection of the legal regulation of the share repurchase of listed companies in China.Responding separately to the questions raised in Chapter3,it is necessary to clarify the supervision of the subject,regulate the behavior of the object,and pay more attention to the strict control over the behavior of illegal transactions. |
