股份回购是成熟资本市场上常见的资本运营方式，该方式对改善我国资本市场的产权结构及治理环境具有重要的现实意义。进入改革开放这几十年以来，我国的社会主义市场经济发展的欣欣向荣，产业自由化程度越来越高，政府与市场两只手的调控配合越来越有默契。市场的进步需要配套的法律来规范，我国关于公司治理的法律也在逐步改进，力求适应本国的经济形势与国情。我国新的《中华人民共和国公司法》在股份回购这一问题上采取了“原则禁止，例外许可”的立法模式，这一立法模式选择有其制度上、理念上和股份回购制度本身的原因。新《公司法》扩大了股份回购的适用范围，将原有的两种例外许可扩张为四种，使这一资本运营手段有了更广阔的施展空间。对于历来比较偏好大陆法系的中国大陆，由于法律制度尚需完善，借鉴国际先进法律在所难免，而上述公司法的修改正说明了这一点，借鉴法律要取其精华，去其糟粕，对于适应国情的法治观念可以无条件的采用。同时股份回购这一具体的制度本身具有“双刃剑”性质，其利弊参半，在具备诸多优点的同时，也存在自身固有的缺陷。本文目的旨在从比较法的角度分析各国股份回购制度的立法走向，以及我国立法现状，分析其有利方面和不足之处，对于我国的未来的立法提出有益建议。
关键词：股份回购制度，公司法，立法走向
Purchase of Own Shares is a common capital operation mode in a mature capital market, it have important practical significance in improving the capital market environment and ownership structure. The decades of reform and opening up since China's socialist market economy booming, we have more and more liberalized industry, the two hands called government and market can regulate with each other in a more mature way. The market's progress requires supporting laws to regulate; the law on corporate governance in China has gradually improved, and strives to meet the country's economic situation and conditions. China's new "The People's Republic of China Company Law" in the share repurchase has taken on this issue, "the principle of prohibition, the exception permits" the legislative model, the mode of selection has its own legislative system, concept and system of its own shares buy-back reasons. New "Company Law" has expanded the scope of share repurchases, and will permit expansion of the existing two exceptions to the four, so that means that mode have a broader room for this. Comparison of preference for civil law has always been the Chinese mainland, and the legal system is yet to improve, it is bound to learn from the advanced international law, changes of the Companies Act is clear evidence of this. Learn the law we have to concentrate on its essence and ignore its dregs, rule of law which adapt to the condition can be adopted without preconditions. At the same time, Repurchase as a particular system itself has a "double-edged sword" nature, it has pros and cons, when it has many advantages at the same time, there are inherent flaws. The purpose of this paper is to analyse the national legislation of share buy-back system and the status of our legislation, analyse its pros and cons from the perspective of comparative law, and give more useful suggestions for the future legislation of our country finally.
Key Words: Share buy-back system, Company law, Legislation tendency
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