Study On The Behavior Of Reduction Of Holding Shareholders Under Collusion Short Selling Motives

At present,some major shareholders of listed companies regard the company as an individual’s interest,and regard the company’s assets as their own assets,and through the means of reduction,false capital contribution,and related transactions,to seek the interests of listed companies,realize the transfer of interests,and severely restrict The normal development of China’s capital market.The short-selling behavior of major shareholders not only damages the interests of listed companies,but also makes listed companies lose their ability to operate.Small and medium-sized investors suffer heavy losses and speculation is prevalent.At present,the short-selling path of major shareholders is increasingly hidden,especially for some major shareholders.Conspired for their own interests.This paper mainly uses principal-agent theory and hollowing out theory.Based on collusion theory and stakeholder theory,Hairun is a case study company,combined with case short-selling process and related data,to conduct in-depth research on the reduction of the shareholder of Hairun.In the case,the majority shareholder used the right to know,and when he learned that the company’s performance was declining,he used the favorable signal to control the stock price,and then took the opportunity to reduce the cash and transfer the benefits.Based on the industry and company profiles,this paper briefly introduces the timing and process of the company’s major shareholder reduction behavior,and studies the economic consequences of the event.It mainly analyzes the motives of the major shareholder’s reduction behavior-collusion short-selling,and further research based on other reasons inside and outside the company,and draws some countermeasures and suggestions.I hope this article can play a vigilant role for the major shareholders of listed companies and provide useful advice to the CSRC and investors.