Research On Motivation And Economic Consequences Of Major Shareholders Of Listed Companies

China's stock market was originally established in the early 1990 s.As a result of the transformation of the economic system,the split-share structure was born under the special national conditions of our country.Its disadvantages have become increasingly serious with the continuous development of the socialist market economy.serious.After the completion of the share split in 2005,the large number of restricted stocks was lifted,which led to frequent reductions in shares of major shareholders of listed companies.In order to curb the vicious reduction of shareholders' holdings and regulate the securities market,the China Securities Regulatory Commission has continuously issued new regulations to reduce its holdings.However,the behavior of major shareholders' malicious reduction of shares to take cash and insider trading has not been fundamentally resolved.Frequent reductions in shareholdings by major shareholders of listed companies have inevitably produced a series of problems and economic consequences.How to regulate the behavior of major shareholders' reductions in shares has become a matter of great concern to the society.This article selects Esquel as the research object,based on three basic theories-information asymmetry theory,principal-agent theory,and signal transmission theory,using a variety of research methods such as case analysis,event research,and comparative analysis.The qualitative analysis is used to analyze the motive of the major shareholders of Eskay to reduce their holdings and the economic consequences of this behavior.Specifically,first,the relevant overview and theory of major shareholders' reductions in shareholdings are explained,followed by the basic situation of the company and the process of major shareholders' reductions,and then an in-depth analysis of its major shareholders' reductions from external and internal levels.The last reason is the research on the economic consequences of the major shareholder reductions of Eskay,which mainly studies the economic consequences from the aspects of market effects,financial effects and the impact on small and medium shareholders.Based on the above analysis of the major shareholders of Eskay reducing their holdings,this article draws certain conclusions and recommendations for reference.The research found that the motivation of the major shareholders to reduce their holdings was apparently due to the company 's shortage of funds or financial needs,but it actually reflected the major motivation of the major shareholders to obtain excess returns,and it also reflected their identity as insiders.They did have Ability and opportunity to obtain considerable profits from listed companies.Objectively,the reduction of holdings of major shareholders can solve the company's financial problems in a short period of time,but through analysis,it is found that the major shareholders have not fully considered the negative impact on the market and investors,and the existing restriction mechanism for the reduction of holdings of major shareholders is It is not perfect,so Esquel needs to optimize the company's development strategy and internal governance structure,constantly improve the protection mechanism for the interests of small and medium shareholders,and strengthen the relevant system for shareholders to reduce their information disclosure.It is hoped that these measures will better regulate the reduction of holdings by large shareholders,safeguard the interests of small and medium investors,promote the stable development of the securities market,and enhance the confidence of investors in the Chinese securities market.