创业板上市公司高管持股减持制度的法律完善

发布时间：2018-04-11 10:44

本文选题：创业板 + 高管　；参考：《华东政法大学》2012年硕士论文

【摘要】：依据W ind资讯的数据统计，从2010年11月1日我国创业板上市公司的第一批限售股份解禁的一年多来，创业板上市公司高管辞职并减持个人所持该上市公司股票的行为频繁，其目的就是希望当限售股解禁期到来时能合规出售其手中所持有的股份，从而变现获利。高管辞职、股东出售股票，这种现象在证券市场看起来再正常不过了，也是符合法律自由的，但是深入分析这些急于套现的高管的动机，，就可以看出他们为套现而辞职的行为其实是违背道德正义的，该现象背后也隐藏着很多制度性的法律缺漏。本文试图通过客观分析创业板上市公司高管过度持股减持现象现有的法律规制情况及亟需完善的各方面，再有针对性地介绍境外创业板市场先进的法律制度，紧密结合现实问题，提出一个完善创业板相关法律制度的建议，以期防范高管大规模持股减持现象的再次发生，从而建立一个和谐稳定共赢的创业板市场。本文主要分为三章，第一章主要通过介绍创业板上市公司高管持股减持的法律现状，分析该现象的巨大危害，从而进一步挖掘该现象植根的制度性土壤，这些问题主要包括发行审核制度存在漏洞、股票发行定价的超高募现象、监管制度不完善、上市公司内部结构混乱以及缺乏可诉性法律责任追究机制几个方面。第二章以第一章为基础，针对创业板法律制度现存的主要问题，有针对性的介绍境外创业板市场先进发行审核、监管、上市公司内部治理以及法律责任追究制度，比如发行注册制，英国AIM市场的“终身”保荐人制度、荷兰及美国的发行定价制度、德国以及我国台湾地区先进的集体诉讼制度等，依据我国创业板实际情况，比照境外相关先进制度，为我国创业板法律制度的完善提供借鉴。第三章结合前两章的分析，对如何完善我国创业板法律制度以规制高管持股减持现象进行具体法律设想。借鉴第二章介绍的境外创业板先进制度和经验联系我国创业板实际，提出以发行审核、综合监管、上市公司内部治理结构以及法律责任追究等相关法律制度为主要着手点进行完善，并提出相应法律设想，试图从根源上杜绝高管大规模持股减持现象得以生存的可能性，实现维护投资者利益、着眼于创业板上市公司的长远发展以及保障创业板健康有序发展的目的。
[Abstract]:According to the statistics of W ind information, since November 1, 2010, the first batch of restricted shares of gem listed companies in our country have been lifted for more than a year, the executives of gem listed companies resign and reduce their individual holdings of the listed companies' shares frequently.The aim is to cash in on the release of restricted shares by selling their holdings in compliance.The resignation of senior executives and the sale of shares by shareholders seem perfectly normal in the stock market and are also in line with the freedom of law, but an in-depth analysis of the motivations of these executives eager to cash out,It can be seen that their resignation for cash is actually against moral justice, and there are many institutional legal gaps behind this phenomenon.This paper attempts to objectively analyze the existing legal regulations on the phenomenon of overholding and reduction of senior executives in gem listed companies and the various aspects that need to be improved, and then introduce the advanced legal system of the overseas gem market.Combining with the practical problems, this paper puts forward a suggestion to perfect the relevant legal system of gem, in order to prevent the phenomenon of large-scale stock holding reduction of senior executives from happening again, and thus to establish a harmonious and stable gem market with win-win situation.This paper is divided into three chapters. The first chapter analyzes the great harm of the phenomenon by introducing the current legal situation of the listed companies on the gem, and further excavates the institutional soil of the phenomenon.These problems mainly include the loopholes in the system of issuing and auditing, the phenomenon of super-high price raising, the imperfect supervision system, the confusion of the internal structure of listed companies and the lack of litigable legal liability investigation mechanism.The second chapter is based on the first chapter. In view of the main problems existing in the gem legal system, the second chapter introduces the overseas gem market advanced issue audit, supervision, internal governance of listed companies and legal liability investigation system.For example, the issue registration system, the "lifelong" sponsor system in the British AIM market, the issue pricing system in the Netherlands and the United States, the advanced class-action litigation system in Germany and Taiwan, and so on, are based on the actual situation of China's gem.Comparing with overseas advanced system, it can provide reference for the perfection of China's gem legal system.The third chapter combined with the analysis of the first two chapters, how to improve the gem legal system to regulate the phenomenon of executive ownership reduction carried out a specific legal assumption.Referring to the advanced system and experience of the overseas gem introduced in the second chapter, in connection with the reality of the gem in our country, it is proposed to issue the gem for examination and comprehensive supervision.The internal governance structure of listed companies and legal liability investigation and other related legal systems are the main starting point to improve, and put forward the corresponding legal assumptions, trying to prevent the phenomenon of large-scale stock holding reduction from the root of the possibility of survival.To protect the interests of investors, to focus on the long-term development of gem listed companies and to ensure the healthy and orderly development of gem.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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