Research On Value Target Terms In Share Repurchase Of Listed Companies

Clause of Value Goal is a breakthrough in the share repurchase system of China's New Company Law in 2018.The correct use of a by listed companies can cope with abnormal fluctuations in stock prices in the financial market,transmit market signals that the company's value is undervalued,and protect shareholders ' rights and interests.In view of China's capital market system has yet to be improved,the share repurchase system has yet to be further developed,this paper analyzes the specific content of the company value and shareholders ' equity in Clause of Value Goal,its scope of application,and its development trend,hoping to be able to help listed companies for the use of clause.The first chapter of this paper expounds the concepts of share repurchase and clause,as well as their characteristics,and analyzes the function of clause of value goal from the perspective of listed companies and shareholders respectively.The second chapter summarizes the domestic and foreign development history of clause of value goal.The third chapter distinguishes company value and shareholders ' equity from concepts and computational methods,arguing that company value and shareholders ' equity are two different concepts,so there should be a distinction in the specific use of clause.The fourth chapter analyzes the application of the clause and discusses the validity of repurchase contracts that exceed the statutory causes.The fifth chapter draws the conclusion that Clause of Value Goal still needs to apply strict interpretation from the comparative analysis of market manipulation,insider trading and protection of creditor's interests.