Ownership Structure,private Placement And Medium-small Investors Benefits

Accompanied by May 2005 "equity division reform implementation plan",China's capital markets began to reform internal equity ownership structure of listed companies.Reform to realize the non-circulated shares and circulated shares profit diameter is consistent,it exists in the contradiction between the two.Since 2006,private placement has become a popular after the joint-stock reform of capital market financing way again.Consider similar to foreign private equity,except in terms of its objects and restricted stock issue with special requirements,the company's profit ability requirements,process and stock pricing,subscription methods,information disclosure has a unique advantage.In view of the disequilibrium of equity structure is the major shareholders of private interests,and control the purchase has become people encroach on the interests of small and medium-sized investors emerging tool,so based on the logical structure of this paper studies the theory and reality meaning to achieve in advance.Theoretical research significance: in this paper,by studying the internal equity ownership structure of listed companies,private placement,and control on the interests of small and medium-sized investors inner link,from "why is there encroach on the interests of small and medium-sized investors the opportunity to" to "encroach on minority investors interests" in what way are studied,and then put forward the "how to solve this kind of malicious behavior.Of listed companies in our country for small and medium-sized investors holding big shareholders occupy the profit motive,methods,results of the research provides a theoretical support.Reality research significance: holding large shareholders in the Chinese listed companies use a variety of means to transport access to their private interests and encroach on the interests of small shareholders behavior,even against the new policy,holding big shareholders can "with policy makers,"malicious use of them.This article through to the securities market,and related legislation and supervision department put forward concrete Suggestions,hope to be able to further establish and improve the small and medium-sized shareholders holding large shareholders abuse behavior of internal and external constraint mechanism,to resolve the private financing contradictions that exist in the implementation process,make the development of China's securities market is more benign.This article uses the empirical research combined with case study research method.Article firstly in this paper,the theory of equity structure,size,shareholder agencyproblem and asymmetric information theory,the interests of the cooperative and conveying theory,etc.,and then further combine the domestic current situation of the directional issuance,directional issuance to the major shareholders of listed companies is analyzed,the failure of internal shareholding structure,the checks and balances for major shareholders encroach on the interests of small and medium-sized investors behavior of listed company provides the internal conditions.At the same time,the theoretical big shareholders of listed companies through private placement encroach on the interests of small and medium-sized investors motivation and opportunity.Empirical research part,this article selects during 2010-2015 the implementation of the purchase of1146 observed data as samples,through empirical research further validation studies.Case analysis part,respectively,rational choice of ZTCT couldn't issue price setting,for major shareholders of listed companies and the specific institutional investors such as different release object its issuing price;ZTCT for the purchase the high dividend distribution scheme,etc.These two cases,multiple perspectives analysis reveals the failure balances equity ownership structure of listed companies,major shareholders of listed companies through the purchase of a variety of channels to obtain the private interests and encroach on small and medium-sized investors,the listed company internal degree of ownership balance further reduce such facts,then,this article expounds the major shareholders of listed companies by injecting inferior equity and real assets subscription companies issue shares,major shareholders of listed companies through private placement for control events such as encroach on the interests of small and medium-sized investors.Through the analysis,this paper,the following conclusions:(1)the internal equity ownership structure of listed companies lack effective balances the second to fifth big shareholders cannot effective checks and balances for the first big shareholder behavior,the equity structure characteristics of listed companies large shareholders encroach on the interests of small and medium-sized investors behavior provides the internal conditions.(2)there are major shareholders of listed companies relying on its control of the listed company,through the purchase access to their private interests and encroach on the interests of small and medium-sized investors.(3)in the purchase process,the choice of issuing price setting,major shareholders inject assets assessment and directional issuance of dividend distribution of listed companies after links all provides the major shareholders of listed companies encroach on the interests of small and medium-sized investors.(4)during the purchase of listed companies,its orientation to the big shareholders to raise more than specific institutional investors at adiscount.(5)with the purchase of listed companies,the new shares object as the controlling shareholder,the purchase of listed companies after the balance degree of internal shareholding structure,weakened further.Finally,combining with the current domestic private implementation present situation and existing problems,the author according to different market subjects put forward the corresponding Suggestions.