特殊机构投资者和证券创新产品——持股变动的信息披露和交易限制问题研究

The Disclosure of Changes in Special Institutional Investors' Ownership and Trading Restrictions

当前我国证券市场上,活跃着诸如证券投资基金、全国社会保障基金、合格境外机构投资者、证券金融公司等一大批特殊机构投资者,与之并存的是证券公司理财产品、融资融券、约定购回式证券交易等创新产品和创新交易方式。这些特殊机构投资者或者创新产品买卖上市公司股票,或者投资者通过创新交易方式买卖上市公司股票触及到我国《证券法》和《上市公司收购管理办法》的权益变动或者收购披露标准时,就会引发如何进行监管和处理的问题。本文尝试从纯实务角度对我国特殊机构投资者和证券创新产品持股变动的信息披露和交易限制问题进行研究和探讨,并提出解决这些问题的意见、建议和对策。

In current China＇s securities market, special institutional investors, such as securities investment funds, national social security fund, Qualified Foreign Institutional Investors （QFIIs） and China Securities Finance Corporation, are springing up. Meanwhile, innovative products like collective investment products provided by securities companies, together with innovative trading mechanisms like margin trading and short selling and agreed repurchase securities trading are emerging. Thus, a question arises about how to regulate special institutional investors, innovative products, or investors undertaking innovative trading mechanisms when the disclosure requirements in relation to changes in shareholdings or acquisition under the Securities Law and the Measures for the Administration of the Takeover of Listed Companies are triggered. This article examines the above-mentioned issues from a practical perspective, and puts forward some suggestions and countermeasures accordingly.