摘要
2018年公司法修正的立法考量主要是支持上市公司进行股份回购,这促进了我国资本市场的稳健发展,也伴生了花式回购等各种上市公司股份回购失信行为,直接损害了投资者的合法权益。究根追源,缺乏威慑的监管制度当属首因,更深层原因是包括监管机构、地方政府、投资者、上市公司等利益主体的职责和利益冲突与平衡机制的缺陷等。为此,需要从立法、行政执法、司法监管和投资者自我保护等多个方面出发,构建严密的投资者保护机制网络,从制度层面限制上市公司股份回购的失信行为。
The legislative considerations for the amendment of the Corporation Law in 2018 are mainly to support listed companies to carry out share repurchases,which promoted the steady development of China's capital market.And it is also accompanied by repurchases with various ways and other unreliable acts of share repurchases of listed companies,which directly damage the legitimate rights and interests of the investor.Investigating the root cause,the lack of a deterrent regulatory system is the primary cause.The deeper reasons include the responsibilities of regulatory bodies,local governments,investors,listed companies and other stakeholders and the defects of conflicts of interest and balance mechanisms.To this end,it is necessary to build a strict network of investor protection mechanisms from various aspects such as legislation,administrative enforcement,judicial supervision and investor self-protection.We should build rigorous protection mechanism net for the investors and restrict the untrustworthy behavior of listed companies'share repurchases from the institutional level.
作者
孔令学
李多全
Kong lingxue;Li Duoquan(Beijing Union University,Beijing 100101,China;Beijing Manager College,Beijing 100102,China)
出处
《金融发展研究》
北大核心
2020年第7期43-47,共5页
Journal Of Financial Development Research
关键词
资本市场
上市公司
股份回购
投资者保护
capital market
listed company
share repurchases
investor protection
