The Big Shareholders’ Behavior Research Of The No Cash Asset’s Injection

Directional shares by listed companies as a kind of equity financing ways,play a vital role in securities market resources optimization allocation. In maturecapital markets abroad, directional shares as a "lightning allotment" financingmethods widely used by the listed company, but because the directional byprocess, the big shareholders and related transactions between the listedcompany of not independence, and listed company inhibition of earningsmanagement, make big shareholders existence through the overvalued assetsevaluation price to add extra income, infringe upon the interests of small andmedium shareholders behavior, together with the asset appraisal institution inour country legal supervision and professional standard insufficient, andmanipulate evaluation with low cost, fueling the infringement occurs. Wethrough the two cities to shenzhen in2007to2008of the202a directionaldisclosure by empirical analysis found that: big shareholders by injected thelisted company of the assets of the high premium rates violated the interests ofsmall and medium shareholders, at the same time, the violations in continuouslystrengthen. On the other hand, there are also process by directional stock pricediscount problem, because the information asymmetry makes discount becomereasonable, so the big shareholders through the stock discount violating theinterests of small and medium shareholders to provide the possibility, at thesame time because of the listed companies in China is relatively concentratedequity, big shareholders of a listed company has strong control, further for bigshareholders violated the interests of small and medium shareholders increasepossibility. We in Shanghai on January1,2007-December31,2008thedirectional newly disclosed during the listed company announcement as theresearch object, by comparing the price and the benchmark prices directionalshares and directional shares per share price and intrinsic value, we found thatbig shareholders in the directional shares discount rate was significantly lower than the CSRC requirements of the discount rate of the benchmark of90%, andshares of stock with a discount rate of directional control gradually reduce theconcentration of shareholders, big shareholders relative to other investors withthe highest discount rate, big shareholders through the orientation of theviolation by stock discount the interests of small and medium shareholders. Inaddition, we demonstrated the big shareholders through the high premium ratesassets and low discount rate stock infringed upon the interests of small andmedium shareholders, based on this kind of violations, we over big shareholdersto the listed company’s assets into the management efficiency after empirically.In order to reduce or avoid the change of market environment of the listedcompany, the impact of business performance, makes the results reflect hashigher accuracy, we use statistics to explore the factor analysis, the listedcompany purchases of assets by directional after the efficiency. Throughempirical analysis, we found that big shareholders by non-cash asset directionalshares in listed companies, additional shares issued by business efficiency isshares after former declined, big shareholders further infringed upon theinterests of small and medium shareholders.