Research On The Reduction Behavior Of Major Shareholders From The Perspective Of ?Reduction Regulation?

The reduction of the majority shareholder of a listed company is a legitimate right of the major shareholder,and the increase and reduction of the major shareholder is also a manifestation of the pricing function of the capital market.As the stock transaction progresses,the price of the stock will gradually return to the stock itself.the value of.However,some major shareholders of listed companies use information superiority or earnings management to increase the stock price at the time of reduction,and then realize the high shareholding reduction of shares with shareholders,so that the reduction of large shareholders can obtain excess returns,further damage The interests of small and medium investors.This unfair phenomenon often occurs frequently,and the reason is precisely because the CSRC has not issued relevant regulations on corporate shareholder reduction.Based on the above research background,this paper selects the reduction behavior of the major shareholders of listed companies as the object,studies the speculative arbitrage behavior of the major shareholder reduction action,and analyzes the 15 times of reduction behavior of Cloud Live Technology Group in two years,which proves that Shareholders are suspected of using false news to push up the stock price and cooperate with themselves to achieve high holdings.The significance of this paper is to select typical case companies to prove that the majority shareholder has the advantage of internal information to help them obtain excess returns and damage the interests of small and medium investors.Two main assumptions were verified.First,the majority shareholder of Cloud Live Technology Group used the information advantage to make false good news and promoted the stock price.Second,the shareholder's reduction behavior took advantage of the positive excess return brought by the good news.And the shareholder has the ability to reduce the timing of the selection,and can choose the right time to complete the reduction action.After that,it combined with the “Regulations on the Shareholders of the Listed Companies and the Supervisors of the Directors of the Board of Directors”(hereinafter referred to as the “Reduce Regulations”)issued by the CSRC in 2017,analyzes the shareholder's shareholding behavior and uses the relevant provisions of the “Reduce Regulations”.Reexamining the case company,not only can observe the violations of the case company from an intuitive point of view,but also better understand the point of the "Reduce Regulations."The contribution of this paper is that the academic community currently lacks relevant interpretations of the “Reduce Regulations”.Through a case study,the reader makes a reasonable interpretation of the “Reduce Regulations” from the perspective of the case,and then makes up for the academic literature.The description of the Regulations on Reduction of Insufficiency is insufficient,and literature support is provided to relevant legislative departments.