从域外经验看我国限售股制度的问题与改革

Problems and Reform Regarding Restricted Shares in China Enlightened from Foreign Experience

从域外经验看,域外市场限售股制度的特点包括:(1)灵活多样的限售股减持方式;(2)大量的约定限售;(3)注意发挥证券交易所的作用;(4)限售股的监管导向逐步重视限售股发行和转让活动中的经济效率。我国市场的限售股制度采取了"混搭"各国(地区)制度的做法,大量吸收了境外市场相关规定。表面上看似面面俱到,实际上缺乏系统性,未能和国内市场的实际情况较好得结合,而且一直未能妥善解决发行人利益与投资者权益平衡的问题,从而在实践中显现出不少问题。一方面,在新股发行限售规定中存在着限售股比例过高、限售期过长等问题;另一方面,在限售股减持监管中,国有股减持、通过大宗交易进行限售股减持以及主要股东减持均存在一定问题。结合发行制度、退市制度的改革,我国限售股制度的改革目标应转向建立投资者保护与维护市场秩序的制衡机制,具体措施包括:一是在尊重市场的基础上设计多元化的限售股减持制度;二是提高信息披露透明度以增强减持行为的可预期性;三是优化减持程序便利投资者与发行人;四是完善配套制度,如经济约束与法律监管机制,以充分发挥限售股制度的积极作用。

Foreign practice shows that restricted shares have several features： （1） multiple methods for resale; （2） wide use of contracts; （3） important roles played by stock exchange; （4） efficiency orientation. Comparing the Chinese and foreign practice, it can be seen that the relevant Chinese rules is a mixture of foreign rules. Although the Chinese rules may seem to be comprehensive, they lack a coherent mechanism and a problem-oriented approach. The rules fail to address the balance between issuers and investors. The Chinese rules therefore encounter many problems in practice. First, the Chinese rules set a high level of restriction and control regarding the selling of restricted shares. Second, the selling of restricted shares by State shareholders, selling shares through the block-trading system and selling shares by majority shares are three areas in which many problems exist. To overcome these problems, the Chinese rules need to be reformed to reach a balance between shareholder protection and the rights of the issuer. To start with, there should be multiple methods for selling restricted shares. Second, information disclosure should be enhanced to increase the level of predictability. Third, procedural requirements should be optimized to facilitate selling shareholders. Last, relevant legal and economic rules should be improved in order to bring out the positive roles of restricted shares.