论我国股份回购制度新问题与对策

发布时间：2018-01-28 23:03

本文关键词： 股份回购新问题保障机制对策　出处：《华东政法大学》2010年硕士论文　论文类型：学位论文

【摘要】：股份回购作为一种现代经济条件下的财务工具,具有提升公司活力和稳定证券市场等重要功能,也可能存在危害。针对股份回购可能造成的债务风险、股东间不平等及对证券市场稳定之危害,一般是通过公司法人人格否认之法理、董事和高级管理人员责任之追究及股东派生诉讼等制度进行事后规制。我国公司法已经构建了公司法人人格否认制度、股东会决议瑕疵诉讼制度等一系列旨在保护中小股东和公司债权人利益的新制度,能够为股份回购兴利避害提供制度保障。遗憾的是,我国公司法并未顺应世界潮流,放松股份回购管制,而是继续采取“原则禁止”的保守态度,严重地影响了我国公司法的制度竞争优势和公司竞争力,不利于公司的经营和发展,也不利于证券市场的繁荣与稳定。我国前一阶段的股份回购实践表明,股份回购已经被沦落为国有股减持的工具,不是资本市场上真正意义的股份回购。虽然近些年来国内各界对股份回购的研究日益增多,但既有研究主要是围绕回购事由、财源限制和回购程序方面进行,且多发生在2005年公司法修订前,多数研究成果并未被公司法所采纳。本文旨在论述并设计构建一套兴利避害的股份回购保障制度,以期放松股份回购管制,实现股份回购的真正价值。文章采用比较研究、法解释学的方法对我国股份回购制度新问题与对策进行论述,共分三章。第一章,股份回购的法理基础。本章对股份回股的概念、研究范围以及股份回购法律关系的主体、客体、内容要素等进行分析,论证了股份回购与公司社团理论、资本维持原则、公司减资制度之间具有兼容性,比较了股份回购的利弊及发展趋势,其结论是可以从制度上保证股份回购扬长避短、兴利避害。第二章,我国股份回购的法律规制与司法实务。本章介绍我国股份回购的法律依据与法定程序,对公司取得自己股份的处理和法律地位,“股份回购法律规则”的效力属性,违法回购股份的类型及法律效力,公司脱法行为的法律后果等进行论述,指出公司取得的自己股份不享有股东权,审查股份回购的法律效力应限制为违反法律或行政法规的强制性效力规范,排除了强制性管理规范。文章针对股份回购可能存在的问题,设计了利益相关者的权利保障机制,即中小股东可行使股东会决议无效宣告请求权和异议股份回购请求权,债权人既可以通过债权人会议行使表决权,也可以行使股份回购停止请求权、股份回购无效诉权及损害赔偿请求权,构建了事前、事中、事后三种有机结合的保障机制。第三章,我国股份回购制度的立法缺陷与完善。本章介绍了我国股份回购的现状与不足,并借鉴境外关于股份回购制度的立法经验,详细论述了我国有限责任公司股份回购问题、股份回购事由问题、程序问题、财源限制问题、回购数量问题以及公司接受本公司股票质押问题、公司脱法行为问题、公司违法回购问题、上市公司回购股份的监管问题,并提出具体的完善措施,对完善我国股份回购制度具有十分重要的理论与实际意义。
[Abstract]:As a financial instrument under the condition of modern economy , the stock buyback has the important functions such as raising the vitality of the company and stabilizing the security market , and it may be harmful . In the past few years , the company law has set up a new system to protect the interests of small and medium - sized shareholders and the creditors of the company , and it is not conducive to the prosperity and stability of the stock market . The first chapter analyzes the concept , scope of research and the main subject , object and content factors of the relationship between the stock repurchase and the company ' s corporate theory , the capital maintenance principle and the company ' s capital reduction system , and compares the advantages and disadvantages and the developing trend of the share buyback . Chapter 2 , the legal regulation and judicial practice of stock repurchase in our country . This chapter introduces the legal basis and the legal procedure of the stock repurchase in our country . It points out that the legal effect of the company ' s acquisition of shares is not entitled to the shareholder ' s right . The legal effect of the company ' s legal effect should be limited to the violation of the laws or administrative regulations . In chapter 3 , the legislation defect and perfection of our stock buyback system are introduced in this chapter . This chapter introduces the current situation and deficiency of the stock repurchase system in our country , and discusses the issue of the stock repurchase in our country limited liability company , the issue of the stock repurchase , the problem of the procedure , the limitation of the financial resources , the problem of the stock repurchase quantity and the company ' s acceptance of the issue of the stock pledge of the Company , the problem of the company ' s debility , the company ' s illegal buyback problem , the supervision of the listed company ' s repurchasing share , and puts forward the concrete improvement measures , which has very important theoretical and practical significance to the improvement of the system of the stock repurchase in China .

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.291.91

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