大股東減持動機手段經(jīng)濟后果

#摘要我國自2005年股權(quán)分置改革完成后，上市公司的股東可以在二級市場上自由地流通其所持有的股票份額，這極大地增強了股票市場活力，但與此同時，大股東們減持的頻率和力度越來越大，大股東開始更多的把盈利重心從公司經(jīng)營業(yè)績轉(zhuǎn)為公司股票的市場表現(xiàn)，他們在二級市場上利用減持股票來獲取私利，這就給動蕩的資本市場又蒙上一層陰影。我國相關法律還未能有效抑制大股東的不當減持行為，大股東仍有可能依靠信息優(yōu)勢通過資本運作鉆法規(guī)漏洞獲取超額收益，在損害中小投資者利益的同時也擾亂了金融市場秩序。但能夠預見的是，伴隨著監(jiān)管力度的增強，大股東的減持運作方式會將更加復雜和隱蔽，相應監(jiān)管與風險防范的難度會進一步升級。因此，研究大股東減持股份行為是大勢所趨，規(guī)范大股東減持行為是重中之重。本文以天龍集團大股東連續(xù)大規(guī)模減持事件為研究對象，分析了天龍集團大股東為實現(xiàn)大幅減持所采取的手段、減持的動機及經(jīng)濟后果。經(jīng)過研究發(fā)現(xiàn)，減持制度存在缺陷和公司治理結(jié)構(gòu)的缺陷為大股東減持提供機會，大股東也會由于公司經(jīng)營狀況不佳、規(guī)避市場風險和巨額套利等動機進行減持。在本文中，天龍集團大股東會通過高送轉(zhuǎn)利潤分配政策、并購重組的戰(zhàn)略性決策、操縱信息披露等資本運作手段推高股價，為減持獲得巨額收益打下基礎。這種減持行為暴露了我國資本市場的不規(guī)范，造成天龍集團股價崩盤，財務競爭力明顯下降，市場財富效應降低等問題，進一步侵害中小股東自身的合法權(quán)益。最后，基于以上問題，本文從政府、公司和股東三個層面提出進一步規(guī)范治理大股東減持行為的建議，政府層面要從不同角度完善市場信息披露制度、加大對違法行為的懲罰力度；公司方面要積極推進多元化的股權(quán)結(jié)構(gòu)，健全內(nèi)部制衡機制，通過完善公司治理結(jié)構(gòu)防范大股東惡意減持；股東層面需要大股東堅決遠離內(nèi)幕交易、信息操縱等違規(guī)行為，中小股東提升自身投資素養(yǎng)。因此，通過對案例公司的研究，不僅有利于監(jiān)管層完善減持政策，保障市場秩序；管理層也能有效規(guī)避大幅減持帶來的風險，做出有利于公司穩(wěn)定運營的戰(zhàn)略；關鍵詞：大股東減持；動機；手段；經(jīng)濟后果AbstractAfterthecompletionoftheself-separationreforminChina，Shareholderscancirculatetheirsharesharesinthesecondarymarket.Butatthesametime,thenumberofmajorshareholdersreducingtheirholdingsisincreasing.Themajorshareholdersoflistedcompanieshaveturnedtheiremphasisfromthecompany'sperformancetothecompany'sstocksperformance.RelevantlawsinChinahavenotyeteffectivelyrestrainedtheimproperreductionofholdingsoflargeshareholders.Largeshareholdersmaystillrelyoninformationadvantagestogainexcessreturnsthroughcapitaloperationdrillholesinregulations,whichwilldamagetheinterestsofsmallandmediuminvestorsanddisruptthefinancialmarketorder.However,itisforeseeablethatwiththestrengtheningofsupervision,theoperationmodeofmajorshareholders'holdingswillbemorehiddenandcomplicated,andthedifficultyofearlywarningandriskpreventionmaybefurtherescalated.Therefore,itisatrendtolearnthebehaviorofmajorshareholderstoreducetheirholdingsofshares,anditisofparamountimportancetoregulatethebehaviorofmajorshareholderstoreducetheirholdings.Basedonthecontinuouslarge-scalereductionoftheshareholdersofTianlongGroupAstheresearchobject,themethods,motivationsandresultsofthemajorshareholdersofTianlongGroupinordertoachieveasubstantialreductioninshareholdingwereanalyzedseparately.Afteranalysis,itisfoundthattheshortcomingsofthereductionsystemandthecorporategovernancestructureprovideopportunitiesforlargeshareholderstoreducetheirholdings.Largeshareholderswillalsoreducetheirholdingsduetothecompany'spooroperatingconditions,riskaversionandarbitrage.Inthisarticle,themajorshareholdersofTianlongGroupusehightransfers,frequentmergersandacquisitions,andmanipulationofinformationdisclosuretopushupthestockprice,andthenreducetheirholdingstoobtainhugereturns.SuchreductionswillhaveanegativeimpactonChina'smarket,exposingChina'scapitalmarkettoirregularities,causingthecompany'sstockpricetocollapse,financialcompetitiveness,andthecompany'smarketvaluetoshrinkseverely.Asaresult,theshareholders'rightsandinterestsofsmallandmediuminvestorsinthesecondarymarketareseriouslydamaged.Finally,basedontheaboveissues,thisarticleputsforwardproposalstoregulatethegovernanceofmajorshareholderreductions.Thegovernmentmustfurtherimprovethereductionregulations,thecompanymustimprovethecompany'sgovernance,andestablishasoundequitybalancesystem.Attheshareholderlevel,smallandmediumshareholdersneedtoimprovetheirinvestmentknowledgeandskillsandcultivatealargeshareholder'ssenseofsocialresponsibility.Therefore,throughthestudyofcasecompanies,itwillnotonlyhelpmarketregulatorstoformulatereductionpolicies;Themanagementcanavoidtherisksbroughtbythesubstantialreductioninholdingsandmakestrategiesthatareconducivetothecompany'sstableoperation.Keywords:majorshareholderreduction;motivationforreduction;meansofreduction;economicconsequences目錄摘要 TOC\o"1-5"\h\z\o"CurrentDocument"ABSTRACT II第一章引言 1研究的背景及意義 1研究背景