Research On The Regulatory Issues Of Lifting The Ban And Reducing The Holding Of Restricted Shares From The Perspective Of Shareholder Commitment

The lifting of the ban and the reduction of a large number of low-cost restricted shares are important factors restricting the healthy development of China's stock market.Based on the research on the effect of performance commitment of restricted stock shareholders on promoting the operation and development of the company,this paper aims to find a reasonable performance measurement index as a precondition for the lifting of the ban and the reduction of shares held by restricted stock shareholders in the future.Given for listing requirements of the listed companies exist to use earnings management behavior packaging of the company's operating performance,and the company after the listing of the phenomenon of "performance suddenly turn hostile" thinking,this article put forward to,can reflect the listed the sensitive financial manipulation of business performance indicators,for reasonable restricted stock release and reduce its performance preconditions,and in-depth analysis to choose reasonable earnings management to measure performance pre-conditions.At the same time,five business performance indicators,including the growth rate of total assets profit margin(rd ROA),the growth rate of net assets profit margin(rd ROE),the growth rate of net interest rate of sales(rd ROS),the growth rate of operating income and the growth rate of operating profit,are selected as the selection scope of performance preconditions.This article selects the January 1,2010 to December 31,2015 a-share IPO companies listed in Shanghai and shenzhen two city as the research sample,using Teoh et al.(1998)empirical research methods,such as the listing of analysis the financial control degree and the relationship between operating performance after found: after the listing of the earnings management behavior of listed can be used to predict the operating performance of listed the financial control,the greater the degree listed after the more serious the business performance decline.Among them,earnings management in the year of listing has the most significant impact on the growth rate of net interest rate of sales(rd ROS)and the growth rate of net profit margin of net assets(rs ROE)in the three years after listing.However,after further verification of the earnings management in the year of listing and the multiple regression analysis of the growth rate of net interest rate on sales(rd ROS)and net profit margin on sales(rsROE)in the three years after listing,it is found that the growth rate of net profit margin on sales is more suitable to be designed as the performance precondition for the lifting of the ban and the reduction of the holding of restricted share holders than the growth rate of net interest rate on sales.Therefore,this paper proposes to add the commitment of restricted share shareholders to the company's performance growth in the three years after the listing in the IPO agreement,and make the net asset profit margin(rd ROS)in the first 90% of the same industry in the three years after the listing as the precondition for the lifting of the ban and the reduction of shares held by restricted share shareholders in the future.The net assets profit margin(rd ROS)is set as the precondition for the lifting of the ban on restricted shares and the reduction of the holding performance growth.With controllable technical difficulties,sufficient policy basis and good market effect,it can achieve a win-win situation between the lifting of the ban on restricted shares and the benign development of the company,and between the shareholders of restricted shares and the shareholders of tradable shares.