Case Analysis On The Illegal Reduction Of Stocks By The Large Shareholder Of Hareon Solar

2005 China's share-splitting reform,to the end of 2006,the stock reform work has been preliminarily completed,which means that China's capital market from a long-term to mature development of a big step,China's market into a new era of full circulation.With the release of non-tradable restricted shares,the interests of large shareholders have been freed from the initial dividend distribution,and a new way of profiting,that is,in the two-tier market to sell their holdings of large shares of the short-term high funds.Large shareholder reduction is a common behavior,but if large shareholders in order to quickly profit significantly reduce the company's shares,will be converted into malicious reduction,this reduction will seriously affect the interests of the company,and even lead to violations.Large shareholders hold the majority of the company's equity,control the company's insider information,is the company's controller,its behavior will often affect the company's share price and the investment behavior of small investors have a certain impact.Therefore,it is of great significance to study the motives behind the reduction of stock holdings and the influence on the company and the market.This article takes the marine-run PV large shareholder reduction event as a case,analyzes the cause and the cause of the company's large shareholder's reduction behavior and draws some conclusions from it.This article mainly through the basic theory research and the case study two aspects to the sea-run PV big shareholder reduction event carries on the research.In the basic theory aspect,first explained the research background and the research significance of this article,secondly,has carried on the one by one elaboration to this article regarding the reduction related theory,respectively has the information asymmetry theory,the internal control theory and so on.Finally,the relevant literatures at home and abroad were summarized and sorted out.In the case study section,the background and process of the case are introduced firstly,and the characteristics of the reduction are summarized.The next is the case analysis,first of all,the cause of the large shareholder reduction of the sea-run PV,through the event analysis method,the paper analyzes the announcement effect of reduction,secondly,combined with relevant data,analyze the fluctuation of the company's stock price before and after the reduction event and the influence on the medium and small investors,and then analyze the industry contagion effect by modeling.Finally,in the conclusion of this paper,we put forward some policy suggestions for the supervision of listed companies ' controlling shareholders to reduce their current behavior.This article is roughly divided into four parts: the first part is the introduction part,mainly explains the research background and the significance of the large shareholder's reduction behavior,expounds the related theories of the large shareholder's reduction behavior,as well as the research frame and the research method of this paper,and summarizes the literature of the existing domestic and foreign scholars on the reduction behavior of large shareholder,Based on the research experience of other people,this paper analyzes the cause and the consequences of the reduction of the large shareholder of Hai-run PV.The second part of this paper is the case of the large shareholder reduction of the sea-run PV,including the introduction of the case background and process,as well as the analysis of the characteristics of the reduction.The third part is the case analysis,mainly from three aspects of the reduction of the incident,first analysis of the case of the motivation to reduce,followed by combining data,analysis of the case to reduce the announcement of the announcement effect,the final study and analysis of the company's stock price before and after the change and the impact on the interests of small and medium-sized investors,and analyzed the trade contagion effect of reduction.The last part is the conclusion and the suggestion,based on the previous research,draws the conclusion and puts forward some policy suggestions about reducing the supervision.This article through to the Sea run photovoltaic company Big shareholder reduce the event case research,the conclusion is that large shareholder reduction is a very common behavior,there are many reasons,but most of the reduction behavior is often the benefit of large shareholders of the tool,because of its holding a large number of company stocks,reduce the shares are often more,Therefore,it often causes the company's share price abnormal fluctuations,its behavior will give the market to small investors to convey the company's outlook is not optimistic,the results will not only make the company's share price further down,but also damage the interests of most small and medium-sized investors,which is not conducive to the stable development of the stock market So,on the basis of this conclusion,need to further reflect on listed companies to reduce the strength of the stock supervision of the weak,not only the company itself to strengthen the control shareholder's behavior constraints,the external regulatory layer should keep up with the large shareholder reduction behavior supervision and tracking,so as to better maintain the order of our stock market,Promote the rapid and stable development of China's capital market.