Case Study On The Reduction Of Major Shareholders Of Enjie Shares

At present,China’s listed companies prefer to release favorable news to the market before major shareholders reduce their holdings.When the reduction period is over,they will immediately send unfavorable information to the market.Nowadays,more and more listed companies will choose to confuse small and medium-sized investors with the method of “high delivery”,so that small and medium-sized investors are convinced that the company is developing well.Therefore,it is often implemented on the eve of the reduction of major shareholders.The policy of “high delivery” aims to help insiders of listed companies to provide a good opportunity for arbitrage trading in the capital market,but this method will inevitably have many adverse effects on China’s A-share market.In order to explore the impact of the major shareholder reductions,this paper chose a company that had a major shareholder reduction in 2018-Yunnan Enjie New Materials Co.,Ltd.as a case study object,first for the company of Enjie shares Basic information such as scale and equity,as well as the time and specific scale of the major shareholder reduction and “high transfer” incidents,and then the specific reduction of the size of the major shareholders of the research object;The market prospect of the product;the research object in the rubber and plastics industry and the company’s share capital structure to analyze the motivation of this reduction.Finally,this paper compares the financial indicators before and after the reduction of the research object to obtain the impact of the reduction behavior on the company itself;by comparing the excess returns of the market and the research objects at the specific time of each stage of the reduction of the 15 th The change,the impact of the reduction behavior on the entire capital market;the analysis of the stock price chart and the financial data per share of the research object,the impact on small and medium investors.The research results show that this reduction behavior is a kind of unconstrained interest transfer behavior,and its behavior has adverse effects on all aspects,and for the adverse effects occurred,respectively,from external governance and internal supervision.Some aspects of the policy recommendations are given.The research in this paper not only provides a useful empirical basis for how to better strengthen the company’s own governance structure,how to better improve the supervision system of the capital market,and how to better protect the vital interests of small and medium investors,but also to improve The theoretical results of the impact analysis of the major shareholder reduction of listed companies have further complemented.