A Study On The Illegal Buyback Of Controlling Shareholders Of Listed Companies

With the rise of buyback wave in the A-share market in 2018,share buyback,one of the most basic concepts in the capital market,has come back to people's vision and been talked about by people.However,as this round of "buy back fever" continues,more and more listed companies begin to implement share buyback,at the same time,disclose the news that the controlling shareholders or actual controllers reduce the shares of the company,so whether such behavior has met the requirements of market manipulation and became a market manipulation in the name of share buyback?And what should the relevant regulatory agencies do to guard against this?In the process of research on this issue,firstly,through literature analysis,this paper collates and summarizes the domestic and foreign research literature on share repurchase and market manipulation,analyzes the concept,connotation,similarities and essential differences between the two,and further discusses the main difficulties in determining the market manipulation by borrowing shares What are the difficulties and the main reasons for them.Secondly,through the case analysis method,the Qi Ming star company once named by the CSRC is taken as the research object of this paper to explore how to effectively identify and regulate the market manipulation in the name of share buyback under the existing system and supervision mode.In the specific case analysis,this paper first introduces the basic situation of Qi Ming star company.Secondly,according to the needs of the research,the stock price trend of Qi Ming star company from April 19,2018 to March 8,2019 is divided into four stages: before the release of the repurchase plan,after the release of the repurchase plan to the implementation of the reduction plan,during the implementation of the plan to the release of the reduction notice and after the release of the reduction notice.Then according to the divided research stage,we use the method of yield comparison to compare the stock price trend of Qi Ming star company with that of the same industry,and analyze whether the stock price of Qi Ming star company deviates from the overall comparable index of the industry.Through the analysis,it is found that the stock price trend of Qi Ming star company deviates from the overall comparable index of the industry in multiple analysis stages,suggesting that the company is suspected of manipulating the market in the name of share buyback.After research,this paper believes that under the current system and supervision mode,we must take a series of regulatory measures for the manipulation in the securities marketthat have been promulgated in our country,and adopt a combination of abnormal behavior comparison of listed companies and a variety of punishment methods to identify and regulate the manipulation in the name of share buyback;at the same time,we should be more comprehensive according to our national conditions In addition to introducing the management experience of the international community,we should improve the "safe harbor system","isolation period system","information disclosure mechanism" and other aspects;in addition,China's relevant institutions should also improve the legislative basis and relevant systems,more clearly point out the connotation and extension of share repurchase,and urge the listed companies to strengthen their own management,so as to avoid the occurrence of stock repurchase Market manipulation in the name of share repurchase.Only in this way can we effectively reduce the occurrence of market manipulation and make the capital market of our country run more healthy and reasonable.