大股东减持标准的国际借鉴及启示

International Reference and Inspiration for the Reduction Standards of Major Shareholders

我国股票市场中大股东违规减持股份的现象屡见不鲜,严重干扰了正常的交易秩序,也损害了中小股东的权益,因此应进一步加大大股东减持法律的执行力度。同时,应剖析成熟资本市场的科学做法,吸取发达国家在大股东合规减持方面的经验并加以落实。首先,逐步梳理我国资本市场减持方面存在的问题。其次,对比国际成熟资本市场对于大股东减持的限制以及违规减持的处罚条例,发现我国上市公司股份减持制度仍然存在信息披露机制不健全、违规减持的惩处机制不完善、证监会缺少立法权限、限售股解禁方式单一等问题。最后基于上述问题,建议政府进一步完善减持预披露制度,加大对于违规减持行为的处罚力度,增加限售股解禁方式,协同不同立法机构对违规减持行为进行共同监管,以提振投资者的信心。

The phenomenon of major shareholders in China’s stock market repeatedly reducing their holdings in violation of regulations has severely disrupted normal trading order and harmed the rights of small and medium shareholders.Therefore,there is an urgent need to enhance the enforcement of laws regarding major shareholders’reduction of holdings.China should analyze the mature practices in capital markets and learn from the experiences of developed countries like the United States in regulating the compliant reduction of holdings by major shareholders.Firstly,by gradually examining the current situation of irregular reductions in stock holdings in China’s stock market.Secondly,by comparing the restrictions on major shareholder reductions and penalty regulations for irregular reductions in mature capital markets like the United States,it is evident that China’s system for reducing shareholding in listed companies still faces issues such as incomplete information disclosure mechanisms,inadequate penalties for irregular reductions,lack of legislative authority in the Securities Regulatory Commission,and a single method for lifting restrictions on tradable shares.Lastly,based on the aforementioned issues,it is recommended that the government further improve the pre-disclosure system for share reduction,strengthen penalties for irregular reduction behaviors,diversify methods for lifting restrictions on tradable shares,and coordinate different legislative bodies to jointly regulate irregular reduction behaviors in order to restore investor confidence.