| The smooth functioning of the contemporary economic system depends to a considerable extent on a healthy and stable capital market,which also promotes the efficient,long-term,and high-quality growth of the economy of my nation.Although my country’s capital market started late,it has become the second largest capital market in the world.There are more than 4,400 listed companies in the stock market,with a market value of 95 trillion yuan.Although my country’s capital market has achieved leapfrog development,the market supervision mechanism and corporate legal system still need to be improved.Information disclosure is an important mechanism for investor protection of listed companies and the focus of capital market supervision.The concept hype of listed companies is distinct from fraudulent information disclosure and accounting fraud in that the former involve the intentional concealment of material facts while the latter involve the intentional dissemination of false information in order to mislead investors and cause stock price fluctuations that disrupt the otherwise well-functioning securities market.The China Securities Regulatory Commission has pledged to crack down severely on speculative concepts and market manipulation.The Shanghai Stock Exchange issued the "Guidelines for the Application of the Shanghai Stock Exchange’s SelfRegulatory Regulations for Listed Companies No.3-Classified Supervision of Information Disclosure" on November 24,2020.This document mandates that all listed companies disclose information in a reasonable,prudent,and objective manner,and that they not exploit market hotpots for conceptualization hype.When a publicly traded company makes an announcement that includes a "hot topic," the company is required to provide a thorough risk assessment.Although the theoretical research on the concept hyping problem of listed companies is important,unfortunately,due to the difficulty in measuring the hyping index,it has been mainly focused on the typical cases of concept hyping for a long time,but few measures the degree of concept hyping and systematic empirical research in this field.In the early stage,when systematically sorting out the questions raised by the exchange inquiry on potential concept speculation,we observed that the most important questions are the feasibility of the relevant planning,whether the company has the corresponding human and material conditions,and what substantial investment has been made.The concept speculation of listed companies is generally based on the national industrial policy support,the rising of emerging industries and the rise of star enterprises,with the characteristics of "wide recognition","interdisciplinary","low investment" and so on.Artificial intelligence is a good research scenario.An innovative technology that has been in development since the 1970 s,artificial intelligence is on the cusp of becoming mainstream.Along with energy technology and space technology,it is one of the three pillars of artificial intelligence development.The relevance of development is widely acknowledged by society.Many fields can benefit from AI,but increasingly,AI research is being conducted across academic boundaries.Its method of realization is simple to put into action and does not necessitate extensive funding for expensive machinery and patenting of new technologies.Inspired by this,we sets the connotation of the concept hype indicator as "discord between words and deeds",based on artificial intelligence research scenarios,from "saying" in management analysis and discussion and "doing" in financial data and nonfinancial data.Relative comparison,that is,comparing with the resources the company has and the resources it has invested in,so as to measure the degree of concept hype.As an important stakeholder and decision maker of a listed company,under my country’s "one share dominance" ownership structure,major shareholders have the motive to hollow out the listed company.In light of this,we investigate the concept hype dimension of listed companies,beginning with the personal motivations of major shareholders,and then,using the logic of "disagreement between words and deeds," creatively proposing a measure of the concept hype of listed companies.Moreover,from the perspective of hyping financing-high level reduction,based on the three scenarios of IPO behavior,private placement behavior and equity pledge behavior.From this point,we examine the equity financing of "introduction of funds" and the equity promise of "capital outflow," with an emphasis on IPO,private placements,and equity pledges,and progressively delves into the self-interest motivations of major shareholders in conceptual speculation.In order to investigate the causes and effects of idea hype on investors’ actions and the rent-seeking strategy of significant shareholders in such a climate,this research constructs a theoretical analytical framework out of three dimensions.Theory of rent-seeking,theory of principal-agent relationships,theory of information asymmetry,theory of the anchoring effect,and theory of impression management all play a role in the framework’s overall structure.There are a few key points of information that can be gleaned from this study:First,IPO issuance,as the first equity financing method,is the first step of financing in the logic of hype financing-high-level reduction.Chapter 5 of this paper,from the perspective of concept speculation in prospectus,uses IPO companies listed on Shanghai and Shenzhen stock markets from July 2014 to the end of 2018 as a sample to explore whether there is a higher premium level after concept speculation of new stocks.The study found that:(1)Listed companies have been increasing the IPO premium of new shares after using prospectuses to promote the IPO concept;(2)The listed company used the IPO concept to hype the IPO concept to increase the IPO premium,which has a good reputation among underwriters and institutional investors.It is more significant in companies with a lower shareholding ratio;(3)Researchers have found that investor sentiment plays a role in the fervor surrounding the IPO concept among publicly traded companies.Such excitement isn’t just relevant during the new stock’s introductory phase;it also has a "stimulating effect" after the stock has been officially introduced to the market.Second,private placement is an important way of financing for major shareholders of listed companies,as well as an important means of financing in the logic of continuing speculation financing-high reduction of holdings.From the perspective of concept speculation in the annual reports of listed companies,the sixth chapter of this paper uses the A-share listed companies from 2015 to 2020 as research samples to explore the probability and intensity of whether concept speculation will lead to private placement of listed companies,and the performance of major shareholders in this behavior.The research found that:(1)the higher the degree of hype of the company’s concept,the greater the probability and intensity of private placement,and the lower the subscription ratio of major shareholders in private placement;(3)Further research found that the mechanism of the influence of concept hype on private placement behavior is that the stock price is overvalued;the private placement after concept speculation is a private placement based on the self-interest motive of major shareholders.After the concept speculation,the use efficiency of private placement funds is low,which is reflected in the increase in the degree of corporate financialization and the increase in the occupation of funds by major shareholders.Third,the equity pledge of major shareholders is a disguised behavior of reducing holdings,and it is also the last link in the logic of completing speculation financing—high-level holding reduction.Chapter 7 of this paper,from the perspective of concept speculation in annual reports of listed companies,uses Ashare listed companies from 2015 to 2020 as research samples to explore whether concept speculation will increase the probability and intensity of equity pledge by major shareholders of listed companies,and whether the equity pledge will increase the probability and intensity of equity pledge.will face greater risk of liquidation.The research found that:(1)The higher the degree of speculation about the concept of the company,the greater the probability and proportion of equity pledge by major shareholders,the greater the early warning pressure faced by major shareholders after equity pledge,and the easier it is to invest funds after equity pledge.The major shareholders themselves;(2)This situation is more significant in companies with insufficient cash flow and high price-earnings ratios;(3)Further research finds that the mechanism that conceptual speculation affects the major shareholders’ equity pledge behavior is that the stock price is overvalued.After the shareholders’ equity is pledged,in order to stabilize the stock price,behaviors such as token increase in holdings and the release of employee stock ownership plans will be used to mislead investors.Compared with previous studies,the research contributions of this paper can be summarized as follows:First,the index of measuring idea hype is built and its reliability is verified.However,most research on the topic of concept hype is limited to single examples,and there are hardly any empirical studies based on statistically significant samples.By separating financial information from non-financial information,which is lacking in previous research,this paper abstracts the general law of concept hype from typical cases and theoretical analysis and proposes the design method of a concept hype index combined with the specific scenario of artificial intelligence hype.This paper’s study is advantageous for conducting quantitative research on concept hype on the one hand,and expands the research literature in the area of concept hype on the other,in contrast to the current studies,which are mostly focused on typical examples and normative studies.Second,this paper enriches the theoretical framework of the rent-seeking behavior of major shareholders from the perspective of conceptual speculation of listed companies,and finds out the rent-seeking behavior pattern of major shareholders under conceptual speculation of listed companies.When it comes to private placement,the vast majority of the existing literature has concentrated on either the private placement contract or the benefit encroachment behavior of major shareholders after private placement.This research focuses on significant shareholders’ hollowing conduct prior to private placement.There is a dearth of research on the reasons why large owners make stock pledge.This research further establishes that significant shareholders’ equity pledge behavior is driven by conceptual speculation in an effort to increase the stock price,and that these major owners are motivated by both time considerations and financial constraints.Thirdly,this paper provides theoretical evidence for the investment choice of small and medium investors.The theoretical analysis and empirical test of major shareholders’ use of hype for rent-seeking behavior research provides the empirical basis for studying the role of large shareholders on the agency problem,helping small and medium-sized investors mature,reduce risk,and increase the return on investment,and for regulators to strengthen the information disclosure of publicly traded companies.Supervision of large shareholders is a crucial component of corporate governance.The importance of safeguarding the interests of individual investors is demonstrated. |
