创业板上市公司高管辞职套现的法律规制研究

On the Legal Regulation on Senior Managers of GEM Listed Companies Cashing Their Shares by Resignation

创业板上市公司高管辞职套现看似合乎法律自由,其实质背离道德正义,且其背后隐藏着制度性漏洞带来的寻租危害,这种政策机遇下的非理性造富如果不加以严格法律规制,将严重背离证券市场法治精神。客观分析创业板上市公司高管套现行为规制的立法滞后和监管缺漏,从公司内部治理、保荐人持续督导、多元监管及可诉性的法律责任追究等多重视角强化对高管辞职套现行为的法律规制,将有利于营造一个多方共赢的创业板市场。

Many senior managers of GEM listed companies cashed their shares by resignation in the latest years.This phenomenon seems to meet the requirements of the law,in substance,it wanders from the path of righteousness.Harms from rent-seeking are hiding behind loopholes in the system.A policy of this type will deviate seriously from the spirit of law in security market.This article will analyze objectively the lag of legislation and the regulatory gaps behind the behavior on senior managers of GEM listed companies cashing their shares by resignation.In order to create a win-win situation in the Growth Enterprise Market,we should strengthen the legal regulation from multiple perspectives such as internal corporate governance,continuous supervision of the sponsor,multiple regulatory and legal responsibilities to investigate complaints.