Research On CNPC Exchange Purchase ETF In The Perspective Of Risk

In the past two years,the implementation of the "new regulation on reduction of holdings" has restricted the reduction of large shareholders in many listed companies.At the same time,index investment is conducive to the diversification of investment risks,reduce transaction costs,and make the operation more convenient,so the investment in index funds has become an important tool for major shareholders to reduce their holdings.The method that the major shareholders of listed companies use ETF exchange purchase to reduce their shares has less impact on the secondary market and lower transaction costs,which has stimulated the enthusiasm of major shareholders in stock exchange purchase ETF.Since the beginning of 2019,about 50 major shareholders of listed companies have successively announced and implemented plans to exchange for ETF,with the scale of exchange reaching billions of yuan or more.In May 2019,the major shareholders of CNPC bought nearly 3 billion yuan of icbc Shanghai and shenzhen 300 ETF.However,since the exchange,the share price of CNPC has dropped by nearly 24%.On November 18,the a-share price of the former "market cap one" hit A low of 5.49 yuan per share,falling below the historical low of 6.04 yuan per share set on June 25,2013.The emergence of exchange purchase craze and the particularity of its motivation,as well as its possible positive impact on the market and potential risks,make it widely concerned by the society.However,at present,most of the researches on share-for-share ETF are from the perspective of the interests of major shareholders and analyze the positive impact on them.However,from the perspective of relevant stakeholders,there are few researches to analyze the potential risks of large shareholders' over-proportional exchange purchase ETF.From the perspective of risk,this paper makes beneficial exploration on the motivation and risk results of stock exchange purchase ETF,providing research support for the stock exchange purchase behavior of major shareholders of listed companies.At the same time,from the perspective of relevant stakeholders,in-depth analysis of the risk drivers and consequences of share-for-share ETF has reference value for listed companies' small and medium-sized shareholders,fund companies and regulatory agencies,and has important practical significance for standardizing share-for-purchase behaviors of large shareholders and improving relevant legal systems.This paper selects the case of the exchange of shares of major shareholders of CNPC for ETF as the case object,and from the perspective of relevant stakeholders,deeply analyzes the risk drivers and consequences of this event.On the face of it,the deal is the result of a consensual transaction between CNPC's majority shareholder and the fund manager,but it is driven by separate interests.On the one hand,this kind of interest drives the generation of exchange purchase behavior;on the other hand,exchange purchase behavior brings risks to the minority shareholders of listed companies,holders of ETF fund shares,and relevant stakeholders such as capital market.The study found that first,because the major shareholder of China's oil disproportionate share buy ETF funds,make its subscription amount is far more than the target weight,fund companies in order to make the ETF fits in with index weights will be heavy selling Chinese oil stocks,lead to China's oil prices continued to fall,so that China's oil downward risk on small and medium-sized shareholders' wealth.Second,disproportionate for great selling pressure to fund company,fund company selling holdings of China petroleum due to buy stocks,cause the share price falling,ETF fund net value goes down,not only have the risk of jeopardizing the interests of fund holders,and decreased the fund company performance ranking and reputation risk.Finally,since CNPC has a large weight in the whole stock market,the continuous decline of its stock price will inevitably have a great negative impact on the capital market,thus increasing the risk of instability in the capital market.The above research results show that relevant departments of the state should establish a sound compensation mechanism for small and medium-sized investors,and the regulatory departments should strictly regulate the proportion of share exchange,so as to jointly maintain the stable development of the capital market.