Research On The Impact Of Major Shareholders' Reduction On Corporate Value And Information Disclosure Behavior

The major shareholders of listed companies refer to the controlling shareholders and shareholders holding more than 5%of the shares of listed companies(Servaes,1990).The change of large shareholder's shareholding,especially the reduction of large shareholder's shareholding,will have a very important impact on the company's value.Because of the information asymmetry,the major shareholders have a deeper understanding of the company,the fairness of the reduction has always been one of the important issues faced by domestic and foreign securities market regulation.How to effectively manage the reduction of large shareholders in a reasonable and compliance manner,avoid the excessive reduction gains of large shareholders through manipulating information disclosure,while meeting the demands of reasonable reduction of large shareholders,is still an important research topic.The quantitative analysis on the relationship between the change of major shareholders'stock holding and the value of the company shows that the control rights of the major shareholders have great influence on the stock price.When the major shareholders buy or reduce the stock changes more than 20%of their shares in the short term,the stock price of the next three months will be distinctly different.That is,if the reduction is too large and with irresponsible and irrational,will inevitably cause the volatility of the stock price.At the same time,major shareholder has the ability to exert a significant impact on the information disclosure,and if the information disclosure is not timely and effective,it will damage the interests of the minority investors.The result of the analysis of YueTing Jia's reduction behavior shows that,the stock price of the company fluctuates greatly after the reduction behavior.Through an in-depth analysis of Leshi information disclosure,it is found that although they have fulfilled the obligation of information disclosure,there are problems in the authenticity,completeness and timeliness,witch misleading minority investors by actively manipulating information disclosure.After YueTing Jia reduced his shares of Leshi,the company's business is getting worse.In addition to the reasons of the business,it is largely due to lack of restraint from the corporate governance mechanism,that major shareholders sold his shares of the company to get cash,regardless of the company's long-term development.For the realization of reasonable reduction of major shareholders,restrain the behavior of major shareholders manipulating information disclosure to achieve high reduction,which damages the interests of minority shareholders,measures can be taken from these aspects:First,reform the listing system and delisting system of enterprises,create a more efficient market;Second,improve the pre-disclosure system and build an investor-oriented multi-level information disclosure system;Third,protect the interests of minority shareholders in the process of reduction of major shareholders:1.Regulators should help the investors understand market,recognize rule,enhance the self-protection ability,in order to promote rational investment strategy;2.Increasing the cost of illegal activities and severely punishing illegal disclosure;3.Enriching the means for investors to safeguard their rights and interests.