【作者】 李晗；

【导师】 李光亚；

【作者基本信息】 河南大学 ， 会计硕士（专业学位）， 2018， 硕士

【摘要】 股权分置问题制约着中国资本市场的发展已经很多年,非流通股通过股权分置改革取得流通权。股权分置改革是我国证券市场发展到一定进程下的特定产物,并且距今时间较短,引发的问题在国外市场上并没有可供借鉴的经验。自限售股解禁以来,大股东减持成为市场各界人士关注的焦点问题。股东减持股份,客观上是其应有的权利,不可被剥夺。但是,上市公司频繁出现大股东减持前业绩突飞猛进、减持后一落千丈的现象,由于信息不对称,中小股东缺少对股价的预期判断,大股东位于信息优势,择机减持的条件充分,这对中小投资者造成了严重的利益损害。针对大股东频频减持的现象,中国证监会于2017年发布了《上市公司股东、董监高减持股份的若干规定》,在之前股份减持制度的基础上,主要针对出现的新情况、新问题做出补充规范,该减持新规虽然己在一定程度上完善,但可能仍然不完美,中小股东的权益可能依然受不到强有力的保护,故上市企业大股东减持与中小投资者权益保护问题是值得研究的。本文以股权理论、委托代理理论、信息不对称理论和内部人交易理论为理论基础,运用案例分析的研究方法,在回顾相关文献的基础上,以永大集团大股东连续七次大规模“清仓式”减持事件为研究对象,分别分析了永大集团大股东减持的方式、特点、动因及结果。结合理论分析内容和对案例的研究,发现我国上市公司大股东减持可能存在掏空动机,大股东之所以减持是与公司的股权结构、董事会构成、财务状况及信息披露等因素相关的。大股东的减持会造成一定的市场负面反应,暴露了我国资本市场的不规范,并且对公司本身的经营绩效产生负面影响,从而严重损害二级市场中小投资者的股东权益。永大集团之所以能够成功“减持套现”,对中小股东的权益造成损害,是有许多现实因素予以“支持”的,针对这些现实因素,本文提出了相应的政策建议。欲使大股东对自己的行为承担起相应的责任,保护中小股东的权益,既要不断完善大股东减持制度,又要求企业完善内部控制制度,加强监督力度,可以充分发挥“独立董事”的作用,还需要继续完善市场信息披露制度,加强市场的监管,还需要逐步改善股票发行机制,平衡融资者与投资者的地位,最后,加强对中小投资者的教育使其提高防范意识,引导其理性投资也是非常重要的。更多还原

【Abstract】 The issue of split share structure has hampered the development of China’s capital market for many years,and non-tradable shares have acquired circulation rights through split share structure reform.The split share structure reform is a special product under the certain process of the development of China’s securities market,and it is a short time from now.The problems caused in the foreign market are not available for reference.Since the restrictions on the sale of shares have been lifted,the reduction of major shareholders’stock has become a focus issue for people from all walks of life in the market.The reduction of shareholdings by shareholders is objectively their due rights and cannot be deprived of.However,the listed.companies frequently suffer from the phenomenal growth in performance before the reduction of major shareholders,and the decline in their shareholdings after the reduction.Due to asymmetric information,small and medium shareholders lack the expected judgment on the stock price,and the major shareholders are in an information superiority and have sufficient conditions to minimize their holdings.Small and medium investors have caused serious damage to their interests.In response to the phenomenon of major shareholders frequently reducing their shareholdings,the China Securities Regulatory Commission issued the"Several Regulations for the Shareholders and Supervisors of High-ranking Shares of Listed Companies" in 2017.Based on the previous shareholding reduction system,the China Securities Regulatory Commission mainly focused on emerging issues and new issues to make additional specifications.Although the new rules has been to some extent complete,but may still be imperfect,the interests of small and medium shareholders may still not receive strong protection,so it is worthwhile to study the reduction of major shareholders’stock of listed companies and the protection of the rights of small and medium investors.Based on the theory of equity theory,principal-agent theory,information asymmetry theory,and insider trading theory,this article uses the case study method,and on the basis of reviewing the relevant literature,taking the major shareholder of Yongda Group for seven consecutive large-scale "clearing" reduction events as the research object.The methods,characteristics,motivations and results of the reduction of the major shareholders’stock of Yongda Group were analyzed.Based on the theoretical analysis and the study of the case,it is found that there may be short-term motivation for the reduction of major shareholders of listed companies in China.The reduction of major shareholders’stock is related to the company’s ownership structure,composition of the board of directors,financial status and information disclosure.The reduction of major shareholders’stock will cause certain negative market reactions,expose the non-standard capital market in China,and have a negative impact on the company’s own operating performance,thus seriously undermining the equity of small and medium investors in the secondary market.The reason for Yongda Group successfully "reduce stock holdings to get cash" and harming the rights and interests of small and medium shareholders is that there are many practical factors to "support" it.To deal with these practical factors,this paper puts forward corresponding policy recommendations.If major shareholders are required to take corresponding responsibility for their actions and protecting the rights and interests of small and medium shareholders,it is necessary to constantly improve the system of reduction of major shareholders’stock,and also require companies to improve their internal control systems,strengthen supervision,and establish "small and medium-sized investments director"in the board of directors.It is also necessary to continue to improve the market information disclosure system and strengthen market supervision.And it is also necessary to gradually improve the stock issuance mechanism to balance the position of financiers and investors.And finally,strengthen the education of small and medium-sized investors to increase their awareness of prevention.It is also very important to guide their rational investment.更多还原