后股权分置时代上市公司监管研究

On Supervision of Listed Companies in Reform of Shareholder Structure

后股权分置时代随着大股东市场地位的提升,大小非不断减持,上市公司监管面临新的挑战。在监管上必须规范大小非减持行为,完善新股发行制度,完善上市公司退出机制,规范企业重组,加强对大股东的监管,防止利益输送和完善信息披露制度。

With the reform of shareholder structure being launched, big shareholders boht more important positions in the market, and more and more non-tradable shares become tradable. As a result, listed companies are facing new challenges. It is necessary to polish related regulations and laws on reduction of non-tradable shares, to improve system of issue of new shares and withdrawl mechanism of listed companies, and to standardize the restructuring of enterprises. At the same time, it is important to strengthen the supervision of big shareholders, to take precautious action and to polish regulations on information release.