股份全流通后大股东行为变化及监管对策

The Behavior Changes and Regulations of the Maiorjy Shareholders in the Full-circulation Market

股权分置改革后,中国证券市场不再存在流通股股东和非流通股股东的界分,而代之以新的股东类别差异。这一深刻的制度性变革直接促使全流通时代大股东的行为发生了嬗变。本文以全流通后大股东类别及其行为特征分析为基础,围绕全流通后大股东行为变化的主线,分析了不同类别大股东行为的变化,并针对大股东行为的变化提出了引导和监管的政策建议。

Non-tradable Share Issue Reform brings about great changes in the behaviors ot majority snarenoluers, which impose new challenges to the regulators. On the basis of analyzing the majority shareholders＇ types, this paper discusses the corresponding changes of different types of majority shareholders＇ behaviors after the Non-tradable Share Issue Reform. Policy and legal suggestions are also made in line with regulatory practice.