上市公司内部人持股披露监管研究——基于美国经验的分析  

The Disclosure Mechanism of Insider Shareholdings of Listed Companies:An Analysis Based on America’s Regulatory Experience

作　　者：安邦坤 AN Bangkun

机构地区：[1]中证金融研究院

出　　处：《金融监管研究》2019年第6期38-55,共18页Financial Regulation Research

摘　　要：上市公司内部人持股披露制度是上市公司股权管理和穿透式监管的主要抓手之一,也是上市金融机构股权管理规则的基础。这一制度的目的在于防范内幕交易、提高公司治理水平和增强市场透明度,核心构成要素包括对持股披露义务主体、披露标的证券和应披露权益范围的穿透认定三个方面。一段时间以来,我国内部人持股披露制度存在规则文件法律效力层级较低、形式认定原则对披露主体的覆盖范围不足、披露标的不全面制约持股权益信息披露的有效性等问题,导致监管“看不穿”“看不全”,增加了风险识别预判难度。美国自1934年《证券交易法》颁行以来,在证券法层面确立了内部人持股披露制度,建立了分别以“受益所有人”“权益证券”“经济利益”标准为核心、以实质监管为理念的内部人身份、持股标的及持股权益范围穿透识别和披露规则体系。我国应借鉴美国经验,基于实质重于形式原则改革完善上市公司内部人持股披露制度,通过修订《证券法》提升相关监管规则的效力层级,并细化内部人身份、持股标的证券和持股权益范围的穿透识别规则。The disclosure mechanism of insider shareholdings is not only one of the main means of the equity management and the penetrating regulation of listed companies, but also the foundation of the equity management of listed financial institutions. The disclosure mechanism aims to prevent insider trading, improve corporate governance, and increase market transparency. It consists of three aspects: the subjects of the disclosure, the underlying assets of the disclosure, and the penetrating certification of the range on the rights that should be disclosed. China's disclosure mechanism of insider shareholding has problems including that the regulation has low statutory status, that the range covered too narrow, and that the underlying assets are incomplete. These problems increase the dif ficulty of risk identi fication. Since the promulgation of the Securities Exchange Act of 1934, the United States has established and continuously improved the disclosure system of insider shareholding at the level of securities law. Its disclosure mechanism is constructed on the core of the standards of bene ficial owner, equity securities, and economic interests, and the penetrating identi fication and disclosure system which judges the insiders with the principle of substantive supervisions. China should learn from the experience of the United States, reform and improve the disclosure system of insider shareholding of listed companies based on the principle of substance over form, and improve the effectiveness level of relevant regulatory rules by amending the Securities Law. And refine the insider identity, shareholding subject securities and shareholding rights and interests of the penetration identification rules.

关 键 词：内部人持股 内幕交易 穿透式监管 上市公司监管 信息披露 

分 类 号：D912.28[政治法律—民商法学]