股份回购的弊端及防范制度研究——以日本法为借鉴  

Abuses in Share Buy-back and Preventive Mechanism:Lessons from Japan

作　　者：刘惠明[1] 严骥[1] 

机构地区：[1]河海大学法学院,江苏南京211100

出　　处：《深圳大学学报（人文社会科学版）》2011年第4期75-80,共6页Journal of Shenzhen University：Humanities & Social Sciences

摘　　要：股份回购有可能会损害债权人及中小股东的利益、危害公司公正支配、危害股票市场的公正性等弊端。针对这些弊端,日本法确立了对不同的股份回购方法采取不同的程序限制、财源限制、规定违法股份回购的效力及相关者责任等防范措施,值得我国借鉴。我国防范股份回购弊端的法律规定存在不周全等缺陷,应从对不同的股份回购方式规定不同的程序限制、在定向回购中排除特定股东的表决权和增加其他股东的股份回购加入权、将股份回购的资金来源限定为公司可分配利润、明确违法股份回购的效力及其责任、允许公司拥有库藏股等方面进行完善。Share buy-back could harm the interests jeopardize the fair administration of company business and of creditors and minor shareholders. It may also the fair dealing in the stock market. Taking these disadvantages into consideration, Japanese law establishes preventive mechanisms by prescribing different buyback methods for different categories of shares, restricting the sources of the funds involved and stipulating punishment for illegal transactions. China should learn from such practices because China＇s share repurchase regulations are not comprehensive enough. China should specify varied procedures for repurchase for different types of shares and restrict the voting power of certain shareholders in certain buybacks. Other measures include increasing other shareholders repurchasing rights, limiting eligible sources of repurchase funding to distributable profits of the company, specifying clearly what constitutes illegal buyback and assigning responsibilities accordingly, and allow company to hold treasury shares, etc.

关 键 词：股份回购 弊端 防范 日本法 

分 类 号：D923[政治法律—民商法学]