Study On The Motivation And Effect Of Risk-free Shareholding Increasing Based On ShenZhen Clou Electronic Co.,Ltd.

China's stock market suffered severe turbulence in 2015.The market that peaked in the first half of the year suddenly plunged in July of that year.The stock prices of most listed companies in A-share market suffered steep falls.The confidence of the market was severely hit by the flood of stock market disasters and the collapse of the whole stock market.In order to prevent stock prices from falling further,stabilize investor confidence,and prevent systemic risks from spreading further,the "new play" of risk-free shareholding increasing was born under the encouragement of national policies.The new employee stock ownership method with big shareholder's promise has become popular in the market,and has become a noticeable new mode in the capital market in the past five years.It has also been favored by more and more listed companies.However,from the perspective of the companies that have completed risk-free shareholding increasing in recent years,the implementation effect is not very ideal,has not achieved the expected effect,has more risks,and has many problems that need further exploration.As for the topic of "beat-the-bottom" overweight,so far most of it has been discussed in social commentary and news reports,and there is less systematic and normative research.In this context,this paper makes a meaningful exploration to provide research support for the new holdings of listed companies.At the same time,it can also provide important reference value for enriching the theoretical research on the holdings mode of stock market crash and improving relevant systems.Based on the theories of efficient market hypothesis,signaling hypothesis,information asymmetry theory and incentive compatibility principle,this paper firstly studies and summarizes the domestic and foreign literatures on employee stock ownership plan,and introduces the definition and characteristics of risk-free shareholding increasing and the brisk-free shareholding increasing of listed companies in China.Then,in the case analysispart,Clou Electronic is selected as the case company,and the whole process of the company's three risk-free shareholding increasing is combed,and the motivation for the company to initiate the risk-free shareholding increasing announcement is thoroughly investigated,and a series of behaviors of the company after the risk-free shareholding increasing announcement(during the employee holding period)are analyzed.The secondary market effect brought by the risk-free shareholding increasing of Clou Electronic to the company is specifically studied by using the event research method.At the same time,we will discuss the financial effects brought by this behavior from the changes of the company's financial data.Then we will look for the potential risks from the four levels of employees,major shareholders,companies and market investors according to the above analysis.We will summarize the found risk results.Finally,we will draw corresponding conclusions and put forward targeted suggestions through case analysis.The results of the study show that Clou Electronic's risk-free shareholding increasing are aimed at coping with the stock market crash and pushing benefits to the outside world on the one hand,and on the other hand,major shareholders relieve the pressure of fund raising by reducing the risk of liquidation of stock pledge and stimulating the enthusiasm of employees.From the analysis of market return rate and financial data,risk-free shareholding increasing has significant positive excess returns on individual stocks in a short period of time,but the market effect is not significant in a long period of time.Risk-free shareholding increasing was originally a product of the state's efforts to rescue the market.It was a new type of shareholding to prevent the increase of systemic risks.However,after risk analysis,it was found that risk-free shareholding increasing did not really resolve the risks.In essence,it transferred or delayed the risks in the market to market participants,including company employees,major shareholders,listed companies themselves and market investors,and even increased the risks.Therefore,risk-free shareholding increasing cannot bear the heavy responsibility of saving the stock market and cannot resist the overall downturn of the market.On the contrary,this measure will destroy the rational operation of the market,make the market more fragile and lead to social problems.Therefore,listed companies should make reasonable use of bottom-up behavior and implement bottom-up plans.Employees should carefully identify the terms of increasing their holdings and strictly fulfill the relevant conditions before increasing their holdings.Market investors should not blindly follow thetrend,but should learn to think about rational investment independently.Supervision departments should standardize legislation and strengthen supervision and guidance.