Research On The Relationship Between The Reduction Of Major Shareholders Of Yongda Group And Enterprise Value

The split share structure reform has enabled the original non-tradable restricted shares to obtain circulation rights,which broadens the way for major shareholders to obtain income.Large shareholders can obtain income by reducing their holdings.As the number of lifting the ban is increasing,the major shareholders will also reduce their holdings.It began to appear frequently in the eyes of all walks of life.In addition.enterprises as the main body of market economy development have an irreplaceable role.and the gradual improvement of corporate value can promote the sound development of enterprises.As we all know,the reduction of large shareholders will cause the stock price of listed companies to plummet in the short term,and what kind of long-term impact on corporate value is worthy of further study.At present,the research on the shareholding reduction behavior of major shareholders,domestic and foreign scholars mostly use the method of empirical analysis,the relative lack of case study methods,so this article will use the case study method when discussing the impact of major shareholder reduction on corporate value.At the same time,the principle of prudence is adopted,and TobinQ is selected as an auxiliary indicator to measure the change of enterprise value.This paper uses EVA as an indicator to measure the value of the enterprise,and analyzes the impact of the shareholder's reduction on the value of the enterprise by analyzing the changes in the EVA of the major shareholder before and after the reduction.The study found that Lu Yongxiang,the major shareholder of Yongda Group,and its concerted parties will disclose favorable news and formulate a "high-transfer"plan to increase the stock price and increase the income from the reduction before the shareholding reduction;The reduction is to avoid the current risk of the stock market and reduce the cash out of the demand to meet the profit demand,rather than the company's announcement of "optimizing the shareholding structure,increasing stock liquidity".The continuous decline in corporate value induces major shareholders to reduce their holdings,and the appropriate reduction of major shareholders will optimize the company's shareholding structure and enhance corporate value.However,the clearance of large shareholders will reduce the confidence of employees and management,and the company's development is full of uncertainty,thereby reducing corporate value.All in all,there is a inverted "U" relationship between the reduction of shareholder share and the value of the company.On the basis of the above research,this paper puts forward suggestions for external supervision to optimize the design of the reduction system and increase the punishment for violations;For the internal governance of the company,we should avoid the phenomenon of "one big share",realize mutual restraint between major shareholders,and improve the enthusiasm of small and medium shareholders to participate in corporate management.At the same time,strengthen the independence of the board of directors of listed companies and improve the professionalism of independent directors,all parties work together to improve business performance and increase corporate value.