| In 2005,the capital market ushered in a profound change.The reform of the split-share structure has improved China’s stock market system,and the market has entered a period of full circulation.The lifting of restricted stocks not only promotes equity circulation,but also creates shortcuts for major shareholders of listed companies to reduce profits by holding.Legally compliant reduction of holdings is conducive to improving management efficiency and optimizing the equity structure of the company.The China Securities Regulatory Commission has continuously issued relevant laws and regulations to regulate market order.Such legal documents are helpful to improve the regulatory system of China’s securities market,but the current market China’s illegal holdings have been repeatedly banned,which has brought a huge test to the overall sound development and stable operation of the securities market.What are the motivations for major shareholders to reduce or even take risks to reduce their holdings and what are the economic consequences;what measures should listed companies take to prevent such phenomena,how should small and medium shareholders protect their own interests,and why external supervision should fail How to improve.This article hopes to use cases to explore the answers to these questions,and provide some useful explorations for the governance of listed companies,the self-protection of small and medium shareholders,and the effective supervision of regulatory authorities.This article is based on principal-agent theory,information asymmetry theory,signal transmission theory and other major shareholder reduction theories,and summarizes the laws and regulations related to the reduction of shareholdings,forming a complete theoretical basis.From March 2017 to May 2018,Guo Hongbao,the chairman and actual controller of Shaanxi J&R Optimum Energy Company,Ltd.,and other major shareholders of the company concealed the company’s actual huge losses and released them through centralized bidding and block transactions.Good news,taking the opportunity to reduce holdings at a high level,cashing out cases with more than 100 million yuan of funds as the main analysis goal,selecting a research method that integrates literature research and case analysis,in-depth analysis of the timing of major shareholders’ shareholding reductions,from the company’s own business Situation,industry policy impact,relevant regulatory status and other directions to analyze the motivation for reducing holdings.It was found that due to the lack of strength of the company itself,the change of products could not meet the market demand,the government policies were unfavorable,and many other reasons,the major shareholders held a negative attitude towards the company’s future operating conditions and development prospects.Reuse its own information advantage,deliberately release good news,regardless of the company’s operation and development,only to realize the reduction of personal interests and cash.And this large-scale reduction of holdings will also cause the company’s stock price to fluctuate greatly,and the interests of small and medium shareholders will be damaged.Finally,this article provides reference suggestions on how to regulate the securities market and protect the interests of investors from three aspects: listed companies themselves,small and medium shareholders,and external regulators,including: listed companies need to establish and improve the equity check and balance mechanism to prevent the emergence of a dominant stock In addition,it is also necessary to ensure that the role of the board of directors is fully exerted,and establish a financial crisis early warning model and risk files;small and medium investors should avoid blindly following the trend,actively learn relevant knowledge,improve their professional level,and make rational judgments to protect their rights and interests,while improving Ability to participate in corporate governance;supervision and management should strictly regulate the information disclosure requirements of listed companies,severely punish violations,and strengthen supervision of intermediaries.The first chapter of this article introduces the current research background and significance of the major shareholders ’violations and reductions,the research methods used,and the related theories involved,and analyzes the current domestic and foreign literature research content.The second chapter is an introduction to the case,which discusses the selected company profile and its major shareholders’ violation reduction.The third chapter is to analyze the reasons and consequences of the major shareholders ’violation reduction in the case of this article,and make an in-depth analysis of the timing of the major shareholders’ reduction,from the company’s own business situation,industry policy impact,relevant regulatory status,etc.Motivation to reduce holdings.The fourth chapter is the corresponding countermeasures.This article provides reference suggestions on how to regulate the reduction behavior of large shareholders and protect the rights and interests of small and medium shareholders from the three aspects of listed companies,small and medium shareholders and external regulators. |
