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Under The Background Of The Full Circulation Of Listed Company Big Shareholder Occupy Problems Research

Posted on:2012-07-15Degree:MasterType:Thesis
Country:ChinaCandidate:X L LiuFull Text:PDF
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In recent years, corporate governance research shows that, in most of the world's countries, especially the emerging markets, enterprise's equity is not highly decentralized but relatively concentrated shareholders, resulting in violation of small and medium shareholders behavior has become the focus of all corporate governance. China's listed companies, equity division exist for a long time and the share concentration ratio is high, big shareholders to company has large shareholders can control, by paying high cash dividend, the affiliated party transactions, seasoned share placements way for small and medium-sized shareholder interests caused violations. China's capital market to the end of 2006 equity division reform has been completed, fundamentally solve the size of the interests of the shareholders, based not consistent with the circulation of non-tradable shares by big shareholder domination, cash dividend policy would happen fundamental transformations, big shareholders of cash dividend expropriation behavior can be contained, medium and small shareholders can gain from cash dividends normal returns, these problems are worth studying. This paper inter-external theory research, combined with the actual situation in our country, to our country reform and cash dividend yield of control rights encroached on and studied.This paper mainly divided into five parts, the first part introduces the research background, the research significance, the research content and methods this paper the innovation points. The second part of big shareholders and first shareholder definition is defined, then the big shareholder universal existence and big shareholders occupy problem research status from domestic and abroad are described, secondly introduces the core theory foundation is studied in this paper, including cash dividend benefit expropriation and yield of control rights theory, and the yield of control rights to influence factors were analyzed. The third part from the perspective of positivism 2005-2007 selected 1249 listed company for three years as research samples, validation of large shareholdings non-tradable share era proportion and the correlation of cash dividend payment levels; Then select 2008-2009 two years 1800 listed companies as research samples, validation of non-tradable share reform cash dividend payment level after with large shareholder's whether abate, positive correlation .The fourth part, on the basis of empirical results to further research on yield of control rights. Due to this article selects the time span is 6 years, 2005-2010 bulk equity transactions will be transferred in 2005-2007 approval time between 74 research samples, net asset per share as by the controlling shareholders enjoy corporate control income; Approval of the transfer of equity transactions for prime time in 2008-2010 29 research samples using stock market price as the controlling shareholders enjoy the company yield of control rights. Finally, through both what is included in the large number of equity transactions on a weighted average of the yield of control rights calculated. The fifth part is using the above empirical analysis results, combined with the listed companies in China at present, and puts forward the status quo on strengthening the protection of minority investors' interests related policy proposal.
Keywords/Search Tags:Share-trading Reform, Full Circulation, The Rate of Dividend Payment, Private Benefits of Control
PDF Full Text Request
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