股权改革分置后A股上市公司控股股东行为变化研究

【作者】 陈晓东；

【导师】 孔爱国；

【作者基本信息】 复旦大学 ， 工商管理， 2010， 硕士

【摘要】 股权分置改革是A股市场发展史上具有里程碑意义的事件,它开启了A股市场的新篇章。股权分置改革的完成解决了上市公司股权结构的积弊,改善了上市公司的治理结构,也改变了控股股东与上市公司互动过程中的行为模式。论文通过研究发现,股权分置改革后控股股东与上市公司之间关联交易的数量和频率都出现了大幅度下降；在涉及上市公司的资金担保行为方面,违规担保行为明显下降,由于业务需要而产生的担保行为也更加健康；控股股东在二级市场上的双向交易行为更加活跃,以维护公司形象为目的的增持行为得到了监管层和市场上其他投资者的肯定；更多的控股股东通过优质资产整体上市的方式来支持上市公司业务发展,有效地规避同业竞争。通过深交所上市公司华侨城A的案例,我们发现华侨城A是一家质地良好的上市公司。在股权分置改革完成后,公司治理结构得到了进一步完善,控股股东加大了对上市公司业务发展的支持力度,注重维护上市公司在二级市场的形象,并通过向控股股东定向增发新股的方式实现了优质资产整体上市,极大地改善了上市公司的基本面。股权分置改革后上市公司控股股东行为变化的原因主要有三个。第一,股权分置改革后非流通股在解除限售后可以进入二级市场流通,定价模式发生了显著变化,公司的估值不再是一个二元体系,控股股东与中小股东的利益趋于一致；第二,股权分置改革后上市公司治理结构的改善有效地约束了控股股东行为,由股权分置改革过程中引入的分类表决机制大大激发了中小股东维护自身股东权利的意识,在一定程度上抑制了控股股东损害中小股东利益的行为能力；第三,包括国资委和证监会在内的监管机构加强了上市公司控股股东的行为约束力。更多还原

【Abstract】 Non-Tradable Shares Reform started a new era for the Chinese A-share market,and it is recognized as a milestone at the history of the Chinese A-share market. The reform solved problems of share structure, improved management structure of listed companies, and also changed the operation mechanism between controlling shareholders and listed companies.Through in-depth research, this dissertation presents following findings.1)Amount and frequency of connected transactions between controlling shareholders and listed companies decreased significantly after Non-Tradable Shares Reform.2)In terms of fund guarantee, there were much less violated guarantees than before, business related guarantees became a lot more regulated,3)Controlling shareholders’two-way share trading became more frequent, their accumulations of listed companies’shares to improve companies’image are approved by regulators and markets;4) More controlling shareholders injected good quality assets into listed companies in order to support its business operations, and avoided horizontal competitions effectively.Through the research of Overseas Chinese Town A, we proved it is a listed company that is in a very good status. After the reform, the company’s management structure was further improved. The controlling shareholder strengthened its support to the listed company, paid a lot more attentions to maintain the listed company’s image in the market, and injected good quality assets into the listed company though directional add-issuance to the controlling shareholder. This improved foundations of the listed company dramatically.There are three main reasons for transformation of controlling shareholders’ behaviors,after Non-Tradable Shares Reform. At first,Non-tradable shares can be traded on the market when it is relieved after the reform, and the pricing mechanism has changed significantly. Consequently, one listed company is no longer a binary system. The reform unified interests of controlling shareholders and other minority shareholders. Secondly, the improvement of management structure restricted controlling shareholders behavior effectively. Categories Voting mechanism, which was introduced through the reform, stimulated minority shareholders’awareness to protect their own interests. Thirdly, the reform strengthened regulators that include SASAC and CSRC’s restriction over listed companies’controlling shareholders.更多还原