论股份回购与操纵市场的关联及其规制  

The Connection Between Share Repurchase and Market Manipulation and the Regulation of Share Repurchase from Manipulation Angle

作　　者：朱庆[1] 

机构地区：[1]安徽大学法学院暨经济法制研究中心,安徽合肥230039

出　　处：《法律科学（西北政法大学学报）》2012年第3期113-121,共9页Science of Law：Journal of Northwest University of Political Science and Law

基　　金：教育部人文社科项目(10YJC820184);安徽省教育厅人文社科项目(2009sk034);安徽大学青年科学研究基金及博士科研启动项目资助

摘　　要：股份回购与操纵市场的关联较为复杂。从连续交易和蛊惑交易视角来看,对于股份回购操作是否构成操纵市场,皆有肯定论、否定论与折中论三种不同学说。相对而言,折中论更为符合配套制度设计的需要。为妥善规制股份回购中的操纵市场问题,宜分三个地带,即黑色地带、白色地带和灰色地带,分别设计相关制度,包括责任制度、安全港制度、隔离带制度、信息披露制度等。The connection between share repurchase and market manipulation is complicated. There are three types of theories over it： positive, negative and integrative theory. This article contents with integrative theory and proposes to distinguish three zones and establish three types of legal system respectively. More specifically, perfect liability system to regulate the black zone, establish safe harbor to regulate the white zone, complete isolation strip and information disclosure to regulate the gray zone.

关 键 词：股份回购 操纵市场 白色地带 黑色地带 灰色地带 

分 类 号：DF411.91[政治法律—经济法学]