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The Largest Shareholder In The Circulation Process To Manipulate Stock Prices And Regulatory Research

Posted on:2011-01-29Degree:MasterType:Thesis
Country:ChinaCandidate:L SunFull Text:PDF
GTID:2206330335997873Subject:Law
Abstract/Summary:PDF Full Text Request
Capital market is the important pillar of market economy. The development of more than 10 years has proved it in the security market of our country. Enhancing the legal system construction of security market, and ruling the market by law are the fundamental guarantee of sustainable development in the security market. The illegal phenomena occur frequently in the security market, which seriously impair the interests and confidence of investors and greatly hinder the healthy development of the security market. Under the condition of non-tradable shares, the controlling shareholders issue new shares to increase the net assets mainly, which they will benefit from. Also the controlling shareholders use the advantage of shareholding vote to pursue the maximum value of their interests. Until 2011, the times of full circulation will come among the listed companies in China basically. Although the reform of non-tradable shares solved the endogenous defect of the capital market and make all shareholders' interests closer together, it did not solve the problem of the dominant shareholder fundamentally in the listed companies in China. no consistent standards fundamentally resolve in the listed companies of China "an" issue, Under the background of the full circulation after the share reform, the big shareholders can infringe and fish small investors in the secondary market by way of manipulating the stock price. The manner will be more complex and hidden and it will bring new challenges.This paper studied the big shareholders violation in the period of starting share-treding reform of listed companies to achieve full circulation using the combining of comparative analysis and empirical analysis method.It summaried the characteristics and trends of stock price manipulation in the process of full circulation and draw the lessons of foreign mature capital markets experiences, and gave the suggestion of protecting minority investors'rights and interests from the enterprise internal management and external supervision design two aspects.
Keywords/Search Tags:Share-trading reform, Full circulation process, Share price control, Supervision, Large shareholder expropriation, Investor' rights protection
PDF Full Text Request
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