从域外经验看我国限售股制度的问题及改革.PDF

理论综合 从域外经验看我国限售股制度的问题与改革 1 2 3 陈彬 陈娟 张子炜 3. 上海对外经贸大学，上海 201620) 摘要：从域外经验看，域外市场限售股制度的特点包括：(1)灵活多样的限售股减持方式；(2)大量的约定限售；(3)注意 发挥证券交易所的作用；(4)限售股的监管导向逐步重视限售股发行和转让活动中的经济效率。我国市场的限售股制度采 取了“混搭”各国(地区)制度的做法，大量吸收了境外市场相关规定。表面上看似面面俱到，实际上缺乏系统性，未能 和国内市场的实际情况较好得结合，而且一直未能妥善解决发行人利益与投资者权益平衡的问题，从而在实践中显现出 不少问题。一方面，在新股发行限售规定中存在着限售股比例过高、限售期过长等问题；另一方面，在限售股减持监管 中，国有股减持、通过大宗交易进行限售股减持以及主要股东减持均存在一定问题。结合发行制度、退市制度的改革， 我国限售股制度的改革目标应转向建立投资者保护与维护市场秩序的制衡机制，具体措施包括：一是在尊重市场的基础 上设计多元化的限售股减持制度；二是提高信息披露透明度以增强减持行为的可预期性；三是优化减持程序便利投资者 与发行人；四是完善配套制度，如经济约束与法律监管机制，以充分发挥限售股制度的积极作用。 关键词：限售股；法定限售股；约定限售股；限售股减持；限售股制度改革 Abstract: Foreign practice shows that restricted shares have several features: (1) multiple methods for resale; (2) wide use of contracts; (3) important roles played by stock exchange; (4) efficiency orientation. Comparing the Chinese and foreign practice, it can be seen that the relevant Chinese rules is a mixture of foreign rules. Although the Chinese rules may seem to be comprehensive, they lack a coherent mechanism and a problem-oriented approach. The rules fail to address the balance between issuers and investors. The Chinese rules therefore encounter many problems in practice. First, the Chinese rules set a high level of restriction and control regarding the selling of restricted shares. Second, the selling of restricted shares by State shareholders, selling shares through the block-trading system and selling shares by majority shares are three areas in which many problems exist. To overcome these problems, the Chinese rules need to be reformed to reach a balance between shareholder protection and the rights of the issuer. To start with, there should be multiple methods for selling restricted shares. Second, information disclosure should be enhanced to