| China's securities market has started from scratch,and in the process of development,it has also produced many problems and loopholes.Insider trading is a typical problem.More and more insider trading events have caused chaos in the orderly operation of China's securities market,and even serious cases have caused a crash in some companies and stocks.Similarly,for other investors in the securities market,these insider trading behaviors have also greatly damaged their own interests.Although China's securities regulators have taken a series of measures to curb the occurrence of insider trading,insider trading has been repeatedly banned and presents new features.The factors contributing to insider trading behavior are not only problems in the internal governance and information disclosure of listed companies,but also due to the lack of relevant legislation and supervision.How to effectively prevent the occurrence of violations of insider trading violations and reduce the adverse effects of insider trading on all parties in the market has become a prominent problem that the securities market and regulatory agencies need to solve urgently.The case object selected in this paper is the insider trading event in which the shareholders of Shandong Molong illegally reduced their shares.Shareholders of listed companies suffered from problems in the company's operations and their performance declined.Shareholders reduced their shareholdings and failed to disclose relevant information in a timely manner,thereby reducing losses.I hope to expand the scope and depth of research related to insider trading through this case analysis and argumentation.First of all,this article begins with the research background and research significance,the theoretical basis of insider trading,the interpretation of related concepts and the literature review.I hope to have a preliminary understanding of insider trading behavior,and lay the foundation for the in-depth analysis.The second part is a detailed description of the insider trading event of Shandong Molong.First I introduced the Shandong Molong Company,including the company's development history,business operations,organizational structure and so on.Then,it introduces the formation process of insider information,the company's shareholders illegally reduce the transaction process of equity cash and the punishment results of the CSRC.The third part analyzes the causes and effects of the insider trading of Shandong Molong.Through research and analysis,Shandong Molong Company has problems in shareholder power,governance structure,internal control and information disclosure.At the same time,Shandong Molong Company had problems in its operation in 2015 and 2016,and financial losses occurred.The company's shareholders seized this inside information and reduced the company's shares before the performance loss report was released.In terms of external supervision,relevant legislative construction and regulatory measures are not effective.Insider trading has had a serious impact on Shandong Molong Company itself and the securities market.The fourth part proposes the prevention of insider trading from the perspectives of internal corporate governance and external market supervision.The company must improve its governance structure,limit the power of controlling shareholders,and standardize the information disclosure system.In terms of external market regulation,the state should promote relevant legislative work,optimize the insider trading supervision process,and build a multi-party linkage supervision system.Finally,through the analysis of the above parts,the conclusions of this paper are formed. |
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