“减持规定”规范了大股东减持行为吗?

Do the“Reduction Regulations”Regulate Large Shareholders'Selling?

证监会2016—2017年连续两年发布了“减持规定”。为了验证减持规定的实施效果,研究了“减持规定”颁布前后大股东违规减持行为发生的次数、比例和数量的变化,以探讨监管法规的颁布对大股东减持行为的规范作用。实证分析表明,“减持规定”对大股东违规减持的比例和数量有显著的抑制作用,但没有降低违规减持发生的次数。“减持规定”对非控股大股东违规减持比例和减持数量有显著的约束作用,但没能有效降低控股大股东违规减持的比例和数量。“减持规定”能大大降低中小板公司的大股东违规减持的比例和数量,但在主板和创业板公司未能发挥积极的作用。进一步研究发现,只有微弱的证据表明2017年的“新规”比2016年的“旧规”效果更好。

In order to regulate the behavior of large shareholders'selling,the CSRC issued the‘Reduce Regulations’for two consecutive years in 2016 and 2017.In order to verify the implementation effect of the‘Reduce Regulations’,the changes in the probability,proportion and quantity of the large shareholder's illegal selling before and after the promulgation of the‘Reduce Regulations’were studied to explore the regulatory role of the issuance of regulatory regulations on the shareholder's selling behavior.The empirical analysis shows that the‘Reduce Regulations’has a significant inhibitory effect on the proportion and quantity of large shareholders'illegal selling,but does not reduce the probability of illegal selling.Reviewing the policy effects of the two‘Reduction Regulations’in 2016 and 2017,it is found that the effect of the‘New Regulations’in 2017 are slightly more significant than that of the regulation in 2016.Further research found that the‘Reduction Regulations’has a significant restraining effect on the proportion and quantity of non-controlling large shareholders'illegal selling,but failed to effectively reduce the proportion and quantity of controlling large shareholders'illegal selling.The‘Reduction Regulations’can also greatly reduce the proportion and quantity of large shareholders'illegal selling of companies in Small and Medium market,but it has not played a positive role in companies of Main Board Market and Growth Enterprises Market.Further study reveals that only a little evidence proves that the new regulation of 2017 is more effective than the old regulation of 2016 in the above reduction.