股份全流通后高管行为变化及监管对策  

The Behavior of the Executives after the Non-tradable Share Issuc Reform:Changes and Regulations

作　　者：吴林祥[1] 

机构地区：[1]深圳证券交易所综合研究所,深圳518028

出　　处：《证券市场导报》2008年第5期10-15,共6页Securities Market Herald

摘　　要：股份全流通后,上市公司高管行为发生重大变化,可能出现滥用股权激励、变相管理层收购、利用内幕消息谋利、与强势投资者合谋操纵市场、设置金降落伞等过度保护条款、违规买卖本公司股票以及辞职套现等行为。为此,需创新高管行为监管的方式与手段,包括制定高管行为准则以明确高管行为规范、完善会计架构和财务舞弊责任制度以防范财务舞弊行为、重视股权激励合规性监管以限制股权激励的负面作用,以及完善处罚体系以提高处罚对高管的约束力等四个方面。The behaviors of the executives of the listed firms may have a structural change after the Non-tradable Share Issue Reform and the following misbehaviors may occur： the abuse of executive compensation; the updated version of management buyout, to profit from insider information; collusion with other investors to manipulate the price; over-protection through Golden parachute; trade the shares of their own firms; resign and cash out, etc. Therefore, innovative invigilation on the executives is required. The potential ways include： establish codes for executives＇ behaviors; improve accounting and financial fraudulence responsibility structure; invigilate the executive compensation; increase the punishment constraints to confine the behaviors of executives, etc.

关 键 词：股份全流通 高管行为变化 市场监管 

分 类 号：DF483.7[政治法律—经济法学]