On The Legal Regulation On Senior Managers Of GEM Listed Companies Cashing Their Shares By Resignation

The gem has launched two years, during which produced positive effect to our country economy,whilealso appeared many problems, including executives resigned the realization of this phenomenon are widelycriticized.What is quit motivation of The GEM listed company executives?And which is the deep reason ofresignation to cash? The resignation of cash should be subject to legal constraints? The current law on theresignation of share transfer control to what extent?" Company law" and other laws and regulations toimprove to make executives resigned from cash return to normal? The article sets out from reality,combining the theory of law and relevant laws and regulations, to the GEM listed companies executivesresigned from cash this behavior undertook relatively detailed observation and thinking, focus on the"company law"142nd article on executive turnover stock transfer rules of flaws, combined with the practiceof the further perfect undertook discussing, put forward to perfect executive turnover stock transfer rulesand other related system is proposed, in order to fundamentally solve the venture board listed companyexecutives resigned arbitrage problem. The structure and content of the following arrangement:The first part is about the global second board market development history and China’s second boardmarket development present situation brief introduction. To doing poineering work board the marketcharacteristics, the second board market in China outstanding issues arising in the development weresummarized, which leads to the focus of this paper.The second part is about the listed company executives quit motivation and ideological root cause analysis. Executives of listed companies the resignation reason is complex and diverse, has reasonable withunreasonable cent, in the second board market in China the realistic context, executives resigned mainmotivation was to adopt the reasonable ways to reduce cash to seek illegitimate income of high specifiednumber. Cash by Tobin Q quit motivation theory can explain. To our country, do poineering work board themarket earnings ratio is too high and the equity incentive system is the fundamental defect of executivesresigned taking root. This part focuses on the executive motives is cash and cash in the roots of resignation.The third part is about the second board market in China current situation and origin of executives toresign now revealed and for resignation action social evaluation and legal regulation necessity discourse.Through to our country does poineering work board the market executives resigned from cash rootsrevealed, that law is to solve the problem of direct cash executives resigned and critical pathways.The fourth part of the current legal system in the regulation of executives resigned action appeared inthe legal loophole analysis. On" company law" and the second board market and regulations to carry on theanalysis, reveals the existing laws and regulations the system defects.The fifth part is about the United States Nasdaq market regulation executives resigned action onPerfection of the system in China from. Through a comparative study of the methods of foreign maturemarket, the successful experience to sum up, to be more clear in our country at present, do poineering workboard the market system construction of the focus, to provide reference for related laws.The sixth part is our country regulation gem executives resigned the action of perfecting the law, in the first five parts on the basis of a discussion, suggestions of "company law" and other laws and regulationsrevised, respectively, from perfect executive turnover stock transfer rules, constraint after leaving theservices, improve corporate governance, strengthen the information disclosure, executive behaviorguidelines for cash, resignation of executive capital gains tax and other aspects to improve.