The Legal Regulating Of The Controlling Shareholders Of Listed Companies Stock Trading Behavior

After the completion of the equity division reform into the circulation period, the controlling shareholders of listed companies can be traded freely on the stock exchange, the implementation of this measure, further illustrates the behavior of the controlling shareholders of listed companies trading outside the more influence the company's business development of. Although the rapid development of China's capital market, but our securities law system but there is always a lot of defects, such as inadequate laws and regulations, inadequate disclosure of information, protection of minority shareholders imperfect, these defects to be the controlling shareholder of illegal stock trading and create the conditions leading to the interests of minority shareholders can not be effectively protected, the impact of the stock market orderly and stable development. Based on the above of the current legislative status quo, this article from law and economics perspective of a systematic analysis of stock trading behavior of the controlling shareholders of listed companies and the problems that exist in the transaction, and propose measures to improve. This paper is divided into four sections discuss:The first part of the general principles of the controlling shareholders of listed companies stock transactions were analyzed. First, we discuss the problem of the definition of the controlling shareholder of stock trading behavior to change the controlling shareholder equity transactions as well as transactions carried out in-depth analysis, and put forward their views. Secondly, the controlling shareholder of the main types of company stock trading behavior of the market. Finally, the discussion on the regulation of stock trading behavior of controlling shareholders have meaning.The second part discusses the legislative status and problems of the controlling shareholder of the company's stock trading behavior of the market. In 2005 China's implementation of the split share structure reform, a measure that largely impact on stock prices had a controlling shareholder in order to meet the needs of their own interests were illegal trading, resulting in an event against the interests of minority shareholders situation occur frequently. Through an analysis of the current situation and found that there are many problems in terms of information disclosure, stock exchange laws and regulations.Section III discusses the legal regulation of offshore holding shareholders of listed companies trading behavior. This part of the legal regulations on information disclosure and investor protection and regulatory model to explain the United States' behavior in legal regulation.Section IV discusses the perfect controlling shareholder of listed stock trading behavior. To solve the above problems and current legislation, this paper mainly to improve the disclosure of information from the relevant controlling shareholder stock transactions laws and regulations, and other measures to protect minority shareholders.