2017年减持新规的影响及启示

The Impact and Revelation of the New Regulation in 2017

2017年5月27日,中国证监会发布了新的减持准则,减持新规是在原减持制度保持不变的基础上进行的增量添加。新规一出,便在资本市场产生了巨大的轰动:一方面,新规的推出就像一把锁链,锁住了大股东随意减持的套利行为;另一方面,新规也同样是一剂强心针,稳定了资本市场,扼杀了许多搅乱二级市场、损害中小投资者的行为,进而保护了广大投资者的利益。然而,市场中对于新规的反应褒贬不一,进而滋生出一些新的减持手段。在现有的外部市场条件下,对减持新规的具体内容进行梳理,引用当前主流的规避新规的手段,分析新规实行以来的实际效果和长期影响具有重要意义。

May 27, 2017, the China Securities Regulatory Commission issued a new reduction of the guidelines, the introduction of the new regulations, is the original reduction of the system remains unchanged on the basis of incremental additions. The new regulations out, then in the capital market had a great sensation. On the one hand, the introduction of the new regulations is like a chain locked the big shareholders of arbitrarily reduced arbitrage behavior; the other hand, the new regulations are also a shot in the arm, stabilize the capital market, killing a lot of disturbing two Level market, damage the behavior of small and medium investors, and thus protect the interests of the majority of investors. However, the market for the new regulation of the reaction is mixed, and then breed some new means of reduction. Under the existing external market conditions, it is of great significance to sort out the specific contents of the new regulations and to refer to the current means to circumvent the new regulations and to analyze the actual effects and longterm effects of the new regulations.