Study On The Legal Regulation Of Stocks Reduction Of Shareholders In Chinese Listed Companies

The shareholding reduction system of the shareholders in a listed company is one of the important systems in our country’s capital market.Shareholders should reduce their shareholding in the hands of its own for the normal needs of cash as well as the flow of funds conventional behavior,and appropriate reduction of shares also contribute to the optimization of the company’s shareholding structure.However,in recent years,some shareholders face huge differences in the malicious reduction of illegal and illegal profits and the huge profits behind them.Frequently,they began to adopt different ways of reduction to evade the legal regulation of reduction of shares and reduce their shares Act as a means of cashing themselves and gaining illegal profits.Due to the continuous development of the market,as well as our country’s legal regulations on the protection and restriction of such behaviors,the illegal reduction of shareholders of listed companies not only infringes on the interests of other small and medium-sized investors,but also affects the securities market The stability has caused a huge negative impact.In view of this,this paper studies the legal regulation of shareholders’ reduction of shares in listed companies by using the methods of literature research and case study,and hopes to provide some reference for the corresponding system construction of the future reduction.This article first summarizes the legal rules about the reduction of shares by the shareholders of the listed company,analyzes the concept,reason and influence of the shareholding reduction comprehensively,and then summarizes the significance of legal regulation of such behavior.After that,it introduced the legal regulation of the shares reduction for the shares outside the domain and analyzed its reference value to the system of our country.Among them,the United States,Japan and South Korea more mature foreign markets for the establishment of the system of differential treatment of shareholders and the obligation of strict disclosure of information and the introduction of the corresponding penalty mechanism and other aspects are particularly worth our reference for reference.Subsequently,this article analyzes the current legal regulation of shareholding reduction in China based on the "Securities Law","Company Law" and the newly promulgated "Several Provisions on Holding Shares by High Shareholders,Directors and Supervisors" and the related implementation rules The status and mainly discusses the improvement and deficiency of this new regulation.On this basis,this paper analyzes the three main problems existing in our country’s existing laws on the behavior regulation of the shareholders to reduce the shares.Including,first,illegal reduction and insider trading are often difficult to define in practice.Second,some shareholders adopt different ways to reduce their holdings to bypass the legal supervision.For such behavior,there are still loopholes in the current legal regulation.Thirdly,the current punishment of illegal reduction in our country is relatively light,which is also an important reason for the repeated prohibition of malicious reduction.In view of the above three questions,I think that can be improved from the following aspects.First,the two types of conduct can be defined by perfecting the rules for the determination of insider trading and specifying the specific values.Secondly,the Company strictly controlled the information disclosure system and increased the illegal reduction of shares through such methods as bulk transaction,agreement transfer and equity pledge.Finally,the problem of less punishment of illegal reduction by law can fill the existing loopholes through legislation and introduce a penalty machine when the time is ripe for improvement.