Study On Legal Regulation Of Reduction Behavior Of Major Shareholders And Executives In Listed Companies

Major shareholders and executives in listed companies reducing holding-shares after the completion of the reform of non-tradable shares has become the new normal state of China's stock market,but for many small and medium investors,the major shareholders almost crazy reducing holding-shares is a nightmare for the stock market,but also shaken confidence of the market seriously.At the same time,it also reflects some shortcomings of the legislation of securities in China.It is an important problem that the legislation of securities market needs to be perfect urgently by analyzing the existing legal regulation of the major shareholders and executives in listed companies reducing holding-shares.Analysis the reduction behavior of major shareholders and executives in listed companies is the prerequisite and basis for solving the problem.Including define the definition of major shareholders and executives,distinguish the difference between the relevant concepts,and define the vicious reduction which need to be regulated.It is the basis of analyzing the theory of reduction behavior of major shareholders and executives in listed companies.After clarify the relevant concepts,have a comprehensive grasp of the reduction behavior of major shareholders and executives in listed companies and study the reasons-for the reduction;then analyze the negative effects and positive effects of the reduction,to obtain the necessity of legal regulation.Although the current law and regulation of the reduction behavior of major shareholders and executives in listed companies is much from total look,but there is still room for improvement.The current problems may exist mainly for the information disclosure institution is imperfect,such as the information disclosure of reduction does not form a unified rule;insider trading system is imperfect,such as it is difficult to distinguish illegal reduction and insider trading;The agreement trading system is imperfect such as there is no restrictions of lock trade;there is a loophole in the way of transfer by agreement.From the outside point of view,the United States and Taiwan have built a relatively perfect system to regulate the major shareholders and executives reducing holding-shares.In view of this,it is necessary to draw lessons from the advanced legislation of overseas then put forward a perfect suggestion to the legislation on the reduction behavior of major shareholders and executives in listed companies.Firstly,improve the information disclosure system,such as establish strict pre-disclosure system of major shareholders and executives reduction;Secondly,improve the relevant provisions of insider trading such as perfect the presumption rules;once again,improve the relevant provisions of the departing executive;Finally,improve the relevant provisions of the agreement trading system,such as improve the way of lock trade and transfer by agreement.