The Case Study On The Controlling Shareholders’ Stock Reduction Of Sanqi Interactive Entertainment Co.,ltd

After the equity split reform is basically completed,China ’s stock market has officially entered the full circulation stage.This reform system can introduce marketbased incentive and restraint mechanisms,effectively use capital market instruments,and shares can be circulated freely in the capital market,providing controlling shareholders A new way of profiting is to obtain high returns by reducing shares in the secondary market.Compared with the company’s small and medium shareholders,the controlling shareholder,as an insider of the company,can grasp more comprehensive information and choose the opportunity to increase or decrease the number of shares held.The controlling shareholder’s shareholding reduction will not only affect the company being reduced,but also not conducive to the stable development of the capital market.Its shareholding reduction will release negative signals to investors,such as the company’s poor financial situation and unfavorable future development In turn,it may cause the company’s stock price to fluctuate violently in the short term,which is not conducive to the company’s long-term stable development.Therefore,a more detailed analysis of the controlling shareholder’s shareholding reduction is needed.The main content of this article is divided into the following six chapters: Chapter 1 Introduction,starting from the changes in the regulatory policy of the CSRC in recent years,the background and significance of the case study in this article are explained.,Introduce the overall research ideas,methods and basic framework of this article.The second chapter introduces theoretical research,which lays a theoretical foundation for the case study in this article.The third chapter is the case introduction of Sanqi Interactive Entertainment’s controlling shareholder shareholding reduction,followed by a detailed introduction to the basic situation,background,process and characteristics of Sanqi Interactive Entertainment’s shareholding reduction.The fourth chapter compares and analyzes the shareholding reduction methods of Sanqi Interactive Entertainment’s controlling shareholders,and explores the reasons for the reduction in detail.Chapter V combines financial data and non-financial data to make a comparative analysis of corporate governance,operating results and shareholder interests before and after controlling shareholder reduction,and explores the specific impact of controlling shareholder shareholding reduction.The sixth chapter summarizes the conclusions of the 37 th mutual entertainment controlling shareholder’s shareholding reduction and proposes targeted and feasible countermeasures from three aspects: the improvement of regulatory policies,the protection of the interests of small and medium shareholders,and the internal governance of listed companies.This article combines the literature research method and case research method.The current research of experts and scholars mainly focuses on empirical research,less research on listed companies,and the research indicators are mostly concentrated on financial indicators,and less on multiple levels Analysis of the impact.Therefore,based on the research results of experts and scholars,this article combines theory and practice,and analyzes the motivation and impact of Sanqi Interactive Entertainment’s shareholder reduction of shares from a multi-dimensional perspective.It is not difficult to see through the case study that after the controlling shareholder of Sanqi Interactive Entertainment reduced its shareholdings in the company,it has obtained higher returns.Although its shareholding reduction is beneficial to the optimization of the shareholding structure to a certain extent,the controlling shareholder has repeatedly disclosed information during the period of shareholding reduction Violation of the regulations,the company’s financial situation deteriorated,and the stock price fluctuated violently during the period,resulting in loss of profits for small and medium shareholders.According to the above analysis,the conclusion of this article is drawn.First,there are multiple violations of information disclosure during the reduction of controlling shareholders,and the punishment time lags and the punishment is light,which proves that there are loopholes in corporate governance and regulatory policies;secondly,the reduction of shares is not conducive to After increasing the company’s value,the company’s profitability,solvency,growth capacity,and R & D conversion capacity all decreased in different degrees after the reduction of shareholding,which reduced the company’s value;the company’s stock price fluctuated sharply during the final reduction and tended to decline,Infringing the interests of small and medium shareholders.Therefore,the reduction of the controlling shareholder of Sanqi Interactive Entertainment also brings us some inspiration.First of all,the relevant government regulatory authorities must constantly improve the system constraints on such reduction,strengthen the information disclosure system,and increase the control of the shareholders.The punishment for reducing chaos is truly penetrating supervision and making the information of listed companies more transparent.Secondly,small and medium shareholders need to understand the company’s operating conditions through multiple channels and multiple channels,strengthen learning,and increase legal awareness.It should improve its litigation channels and provide corresponding legal assistance to protect the interests of small and medium shareholders;finally,the company should optimize the shareholding structure to the greatest extent,formulate a complete independent director system,and strengthen the supervision of the behavior of controlling shareholders.