我国应允许概括目的下的股份回购

2005年修订的《公司法》扩张了股份回购的适用范围,为职工持股的操作与反对股东收购请求权的行使提供了便利。但与发达国家与地区的立法相比,我国现行立法对股份回购适用范围的规定仍过于保守,未能充分发挥其功能,应进一步放宽。在增加规定概括目的下的股份回购情形时,为防止其可能带来的弊端,应同时配套规定财源、数量、处分等方面限制的制度。允许概括目的下的股份回购,仍有必要保留原有的特定目的下回购情形的立法。

Share Repurchases Under General Purposes Should Be Permitted in Our Country

The Corporate Law revised in 2005 magnifies the applicative scope of share repurchases,which provides many conveniences for ESOP and appraisal right of shareholders.However,compared with the developed countries,the legislation of the applicative scope of share repurchases in our country is still too conservative and fails to realize fully the functions of share repurchases.Therefore the scope should be enlarged.This paper proposes to increase the situations in which share repurchases can be implied.To avoid the flaws of share repurchases,some restrictive measures on capital resources,their quantity and disposition should be stipulated simultaneously.While permitting the repurchases under general purposes,we should retain the repurchases under particular purposes.