Analysis On The Shareholding Purpose Of "Three Types Of Shareholders"

"Three types of shareholders" comprises contractual funds,asset management plans,and trust plans.Although the blocked IPO of NEEQ listed companies due to the existence of "three types of shareholders" is no longer a problem after the CSRC proposed a four-point solution in January 2018,the fact that there are "three types of shareholders" among the shareholders of listed companies has not been paid attention to.In addition,due to the characteristics of the "three types of shareholders",they can become the proxy of other shareholders,thus leading to the opaque and unstable ownership structure of listed companies.Besides,evidence can also be obtained from the public information that "three types of shareholders" act as the proxy of the major shareholders.This paper used the shareholding proportion of the "three types of shareholders" among the top ten shareholders of listed companies from 2013 to 2017 to conduct an empirical study on the shareholding purpose,preference among types of investment income,source of capital gains "three types of shareholders" obtain,and the relationship between them and goodwill impairment recognized by listed companies whose shares are held by "three types of shareholders".It is found that the overall purpose of shareholding of the "three types of shareholders" is for investment,and they prefer the return in the form of capital gains,while the capital gains are mainly derived from the general change of the market.In addition,shareholding of "three types of shareholders" is positively correlated with goodwill impairment incurred.However,the conclusions of different types of shareholders within the "three types of shareholders" are not completely consistent,among which the shareholding purpose of asset management plans is presumed to be that of proxy holding.Based on the research conclusions,this paper suggests clarifying the definition of "three types of shareholders",promoting more transparent information disclosure,timely guiding "three types of shareholders" to improve the ability of investment and research,and paying attention to the relationship between "three types of shareholders" and major shareholders of listed companies.