论股权分置改革后的投资者利益保护

Protection of Investors' Interest after the Dual-Class Equity Structure Reform

股权分置改革对于完善公司治理结构、规范市场运行、提升上市公司质量、实现资源和风险的优化配置等都具有重大的现实意义。现实股权结构的非均衡特征与转轨时期投资者的浮躁情结可能导致全流通后的一系列问题,其中初始状况所形成的自然垄断、大股东在经济利益驱动下通过其控制权地位制造相关信息诱骗中小投资者等,将使投资者的市场地位出现极度的不平衡,我国证券市场因此可能重新进入一个新的庄股时代。为了保证市场交易的公平性,维护中小股东的利益,尽可能避免市场地位不对称可能对市场规范运行的破坏,强化行政监督与加强制度建设就显得尤为迫切,本文对这些问题进行了专门的探讨。

The dual- class equity structure reform has significantly practical sense in perfecting corporate structure, standardizing market operation, improving listed companies＇ quality, and optimizing the distribution of resources and risks. The inequilibrium of real corporate structure and investors＇ anxious sentiment in the transmitting period possibly cause a series of problems after the complete circulation, among which the natural monopoly formed under initial conditions and the major stockholders＇ making use of their dominant positions to induce minor stockholders through making up concerned information driven by economic benefits would cause extreme inequilibrium in investors＇ market positions, and therefore a new time of our security market dominated by major shareholders is coming. In order to guarantee the fair market transaction, protect the minor shareholders＇ benefits and avoid possible destruction of the market＇ s standard operation by asymmetric market positions, strengthening administrative supervision and system construction seems to be urgent. This article makes special discussions on these issues.