CAJ | 학술논문

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。
고빈전류통후，상시공사고관행위발생중대변화，가능출현람용고권격려、변상관리층수구、이용내막소식모리、여강세투자자합모조종시장、설치금강락산등과도보호조관、위규매매본공사고표이급사직투현등행위。위차，수창신고관행위감관적방식여수단，포괄제정고관행위준칙이명학고관행위규범、완선회계가구화재무무폐책임제도이방범재무무폐행위、중시고권격려합규성감관이한제고권격려적부면작용，이급완선처벌체계이제고처벌대고관적약속력등사개방면。
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.