Research On The Motivation And Effect Of Listed Companies' Bottom-up Holdings

Since the second half of 2015,China's A-share market has experienced sharp fluctuations.As a result,a number of enterprises decline in stock prices,and some of the share prices have even shown a cliff-edge decline.In order to raise the stock price to increase their own interests,the major shareholders of some enterprises take various methods to influence the stock prices of the secondary market.The bottom-up increase turned out as an emerging model appeared in the process of large-scale rescue.In the past two years,the bottom-up increase has been frequently appeared in China's securities market,but the relevant research has not formed a perfect system,the existing research is less involved especially about the effectiveness of bottom-up increase and existing problems.With the help of methods of literature research and case analysis,Leyard company as the research object,through the collection and collation of its operating data,analysis of Leyard in a short period of time two release of the motivation of the bottom-up increase,and the over-yield as the measurement index to analyze the short-term market effect of bottom-up increase The long-term market effect of Leyard's stock price and the return on net assets and the industry average is analyzed.The study found that in terms of motivation,Leyard was mainly based on raising share prices,reducing the risk of controlling shareholders themselves,ample company cash,preventing institutional divestment and easing the pressure to release the ban.In terms of effect,the announcement of a bottom-up increase by listed companies in the market by investors as a signal of the increase in corporate value,sending good news,in the short term can boost the stock price,there is a certain incentive effect,but in the long run,the effect of bottom-up increase is obviously weakened or even disappeared,Investors may not have gained,but also suffered losses in the event of a bottom-up increase.In addition,this paper puts forward the following suggestions for the lack of protection of the implementation of Leyard's commitment to the bottom of the pocket,the imperfection of the information disclosure system,the possible insider trading,the lack of accounting standards,etc.: Investors should improve their awareness of investment safety and investment rationality;Strengthen the supervision of the company with the bottom-up increase and the education of investors' investment safety awareness.