摘要
大宗交易制度集交易成本低、相对隐蔽以及市场冲击力较小三项特征为一体,是证券交易市场的重要组成部分。但实践中,大宗交易制度常为居心不良的上市公司大股东和董监高所利用,通过减持来实现逃避税收、套现止损和操纵市场的违法目的。为此,法律应当对利用大宗交易进行非法减持的行为予以严格规制。具体而言,应透过表面的大宗交易行为,探明合同真意,扼制大股东和董监高利用大宗交易进行避税;并通过课以忠实义务,防止大股东和董监高通过大宗交易肆意减持套现;同时,须进一步强化法律责任,对与他人合谋操纵市场或为他人操纵市场的行为提供帮助的大股东和董监高予以严惩。
The block trade system, as an important part of the securities m arket, has threecharacteristics of low transaction cost, relative concealment and a comparatively lighter impact on market. Inpractice, the block trade system is frequently used by malicious major shareholders,directors, supervisors andsenior managers of listed companies to achieve illegal purposes of tax avoidance cash-out for stop-loss andmarket manipulation through the measure of illegal insider shares reduction. Therefore, relevant laws shouldstrictly regulate such conducts, namely using the block trade system for illegal insider shares reduction. To bespecific, the true aim of trade should be found through the superficial block trade in order to prevent the majorshareholders,directors, supervisors and senior managers from tax avoiding. And duty of loyalty should beobliged to the major shareholders, directors, supervisors and senior managers who reduce shares to extractcash from the block trade at random. Meanwhile legal responsibilities should be further strengthened, so thatthe major shareholders,directors, supervisors and senior managers who manipulate the securities market withothers or provide assistance for others to manipulate the securities market should be punished severely.
出处
《北京社会科学》
CSSCI
北大核心
2016年第11期57-65,共9页
Social Sciences of Beijing
基金
中国政法大学青年教师学术创新团队资助项目(2014CXTD05)
关键词
大宗交易
非法减持
证券市场
法律责任
block trade
illegal insider shares reduction
securities m arket
legal responsibilities
