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美国资本市场上的限售股制度基于法律强制与私人契约的存在,两者共同作用而产生限售股。一方面,在没有法律强制规定的情况下,股份可转让性受限的私人契约仍然发挥作用;另一方面,美国市场将限售股分为法定限售股(包括私募和公募)和约定限售股。美国市场限售股制度有若干特点应值得注意:1.依据注册制的要求,美国市场为限售股设计了注册后转让和非注册转让两条路径。通过私募证券转让遏制了公募市场减持的冲动。2.灵活多样的限售股减持方式,与我国相对单一的限售股转让制度相比更有优势。3.约定限售大量存在,除了股东承诺在公司上市后一定时间内不转让股份外,还包括公司与股东签订有序市场义务的方式,强调在限售股出售问题上双方的充分沟通与合理安排。4.对限售股的监管逐步导向重视限售股发行和转让活动中的经济效率。通过分析美国资本市场限售股制度可见,我国限售股制度的改革目标应是建立投资者保护与维护市场秩序的制衡机制,具体包括:1.设计私募证券限售股制度,分流公募市场限售股减持压力;2.在尊重市场的基础上设计多元化的限售股减持制度;3.提高信息披露透明度以增强减持行为的可预期性;4.引导和鼓励契约化、个性化的限售股安排。
The system of restricted shares in the capital market in the United States is based on the existence of legal coercion and private covenants, which result in the restriction of shares. On the one hand, in the absence of legal coercion, the private contract with limited transferability of shares still plays a role. On the other hand, the US market divides restricted shares into statutory restricted shares (including private placement and public offering) and agreed limits Sale. There are several characteristics of the market-restricted shares system in the United States market. It should be noted that: 1. According to the requirements of the registration system, the U.S. market has two paths for the transfer of shares after registration and the non-registration transfer for sale-restricted shares. Transfer through the private placement of securities to curb the public offering to reduce the impulse. 2. Flexible and diverse ways to reduce shares sold Restricted shares, and China’s relatively single restricted shares transfer system more advantages. 3. There is a great deal of restriction in existence, except for the shareholder promised not to transfer the shares within a certain period of time after the listing of the company, including the way the Company signed the orderly market obligations with the shareholders and stressed the full communication and reasonableness of both parties in the sale of the restricted shares. arrangement. 4. Supervision of restricted shares gradually oriented emphasis on restrictions on the sale and transfer of shares in the economic efficiency. Through the analysis of restricted stock system in the capital market in the United States, we can see that the goal of the reform of restricted stock system in our country should be to set up a check and balance mechanism for investors to protect and maintain the market order, including: 1. Designing a system of restricted stock of private placement securities, 2. To reduce the pressure on the sale of shares; 2. To design a diversified system of restricted shares reduction on the basis of respecting the market; 3. To improve the transparency of information disclosure to enhance the predictability of the reduction; 4. To guide and encourage the contractuality and individuality Restricted shares of the arrangements.