上市公司股份回购中操纵市场行为认定与豁免探讨  

The Verification and Exemption of Manipulation Case in Relation to Share Repurchase Scheme

作　　者：朱庆[1] 

机构地区：[1]安徽大学法学院,安徽合肥230601

出　　处：《证券市场导报》2015年第4期62-70,共9页Securities Market Herald

基　　金：教育部人文社科项目<股票市场连续交易"三个地带"的监管法制研究:操纵市场视角>(10YJC820184)的阶段性成果

摘　　要：上市公司以竞价回购方式回购社会公众股份,通常会产生正向股价效应。这一股价效应是否可以理解为发行公司对自身股价的操纵存在疑问。从操纵市场一般原理分析,答案似乎是肯定的;而从竞价回购自身的特点来看,法律似应对其给予更多的宽容。为协调这一冲突,我国法律应区分三个地带分别进行规制。具体而言,应引入竞价回购的"安全港",创建"白色地带";慎用操纵市场责任,缩减"黑色地带";配置"安全港"之外竞价回购的系列规则,武装"灰色地带"。It＇s very common that the share price will rise while the issuer repurchasing her own shares. There are some doubts on the issue that whether the repurchase is a kind of manipulation. The answer is yes from the angle of traditional theory of manipulation, while it seems that the law should tolerate such behavior with the consideration of the characteristics of share repurchase. To reconciliate such confliction, we should regulate share repurchase by three zones. More specifically, establish safe harbor to regulate the white zone, perfect liability system to regulate the black zone, complete isolation strip and information disclosure to regulate the gray zone.

关 键 词：股份回购 操纵市场 连续交易型操纵市场 安全港 

分 类 号：F832.5[经济管理—金融学]