CAJ | 학술논문

当前我国证券市场上,活跃着诸如证券投资基金、全国社会保障基金、合格境外机构投资者、证券金融公司等一大批特殊机构投资者,与之并存的是证券公司理财产品、融资融券、约定购回式证券交易等创新产品和创新交易方式。这些特殊机构投资者或者创新产品买卖上市公司股票,或者投资者通过创新交易方式买卖上市公司股票触及到我国《证券法》和《上市公司收购管理办法》的权益变动或者收购披露标准时,就会引发如何进行监管和处理的问题。本文尝试从纯实务角度对我国特殊机构投资者和证券创新产品持股变动的信息披露和交易限制问题进行研究和探讨,并提出解决这些问题的意见、建议和对策。
당전아국증권시장상,활약착제여증권투자기금、전국사회보장기금、합격경외궤구투자자、증권금융공사등일대비특수궤구투자자,여지병존적시증권공사리재산품、융자융권、약정구회식증권교역등창신산품화창신교역방식。저사특수궤구투자자혹자창신산품매매상시공사고표,혹자투자자통과창신교역방식매매상시공사고표촉급도아국《증권법》화《상시공사수구관리판법》적권익변동혹자수구피로표준시,취회인발여하진행감관화처리적문제。본문상시종순실무각도대아국특수궤구투자자화증권창신산품지고변동적신식피로화교역한제문제진행연구화탐토,병제출해결저사문제적의견、건의화대책。
In current China＇s securities market, special institutional investors, such as securities investment funds, national social security fund, Qualified Foreign Institutional Investors （QFIIs） and China Securities Finance Corporation, are springing up. Meanwhile, innovative products like collective investment products provided by securities companies, together with innovative trading mechanisms like margin trading and short selling and agreed repurchase securities trading are emerging. Thus, a question arises about how to regulate special institutional investors, innovative products, or investors undertaking innovative trading mechanisms when the disclosure requirements in relation to changes in shareholdings or acquisition under the Securities Law and the Measures for the Administration of the Takeover of Listed Companies are triggered. This article examines the above-mentioned issues from a practical perspective, and puts forward some suggestions and countermeasures accordingly.