【作者】 徐颖；

【导师】 姜涛； 晏慎友；

【作者基本信息】 南京农业大学 ， 会计硕士（专业学位）， 2022， 硕士

【摘要】 我国在2005年完成了股权分置改革,企业原非流通股东的获利机制发生了改变。但是因为中国的资本市场相较于西方起步比较晚,法律规章制度也不够健全,所以在我国资本市场日益蓬勃发展的同时,频频出现大股东恶意减持的事件。虽然证监会不断发布新规对证券市场进行监管,但是大股东的减持行为依旧数不胜数,这种行为对其他投资者的权益和我国资本市场的平稳发展都产生了极大的影响。2020年突如其来的新冠疫情给我国企业所处的外部环境带来了剧烈的变化,对中国经济发展产生了巨大的影响。公司和股东的行为都受到了疫情的影响,也不乏从疫情中获益的投机主义者。因此,在新冠疫情的背景下深入分析企业大股东减持的行为及其造成的经济后果十分有必要且具有现实意义。广东柏堡龙股份有限公司在新冠疫情爆发前后均存在大股东减持的行为,因此,本文选取了柏堡龙作为研究对象。本文先对与大股东减持的相关概念进行界定、阐述大股东减持背后的理论基础以及梳理国内外相关文献;接着介绍柏堡龙案例的基本情况,包括柏堡龙的基本运营情况、股权结构和减持前后的背景;再通过比较研究法分析在疫情前后的不同背景下柏堡龙大股东减持的动因和大股东配合减持的实施路径;最后分析柏堡龙大股东减持带来的经济后果,并将疫情前后的经济后果进行比较。分析发现,柏堡龙大股东在疫情前后的减持动因是一致的,一是规避生产经营风险;二是在股价高位减持套利。柏堡龙大股东在疫情前减持的实施路径主要有两个,一是实行“高送转”的利润分配政策;二是减持前夕利用重大事件和市场表现助推股价;而柏堡龙大股东在疫情后减持的实施路径则有所不同,除了减持前夕利用重大事件公告助推股价,还包括借助疫情回血美化财务报表以提振市场信心和操纵信息披露以配合减持。疫情前后柏堡龙经历了多次大股东减持事件,公司股价崩盘,公司经营出现了严重的亏损。因此,本文分别从疫情前后对柏堡龙大股东减持带来的经济后果进行比较分析,主要说明疫情后柏堡龙大股东减持的行为更加恶劣,对中小股东的打击更大。最后,基于对疫情前后柏堡龙大股东减持的行为及经济后果分析,本文从法律、公司和投资者三个层面提出应对大股东减持的建议。更多还原

【Abstract】 China completed the reform of equity splitting in 2005,and the profit mechanism of the original non-circulating shareholders of the enterprise has changed.However,China’s capital market started relatively late compared with the West,and the laws and regulations are not sound enough,so while China’s capital market is booming,there are frequent incidents of major shareholders maliciously reducing their holdings.Although the CSRC has continuously issued new regulations to regulate the securities market,the reduction of major shareholders is still innumerable,which has had a great impact on the rights and interests of other investors and the stable development of China’s capital market.The sudden outbreak of the new crown epidemic in 2020 has brought drastic changes to the external environment in which Chinese enterprises are located,and has had a huge impact on China’s economic development.The behavior of companies and shareholders will be affected by the epidemic,and there is no shortage of opportunists who have benefited from the epidemic.Therefore,in the context of the new crown epidemic,it is necessary and practical to deeply analyze the reduction of major shareholders of enterprises and the economic consequences caused by them.Guangdong Bo Baolong Co.,Ltd.has a major shareholder reduction behavior before and after the outbreak of the new crown epidemic,so this paper selects Bo Baolong as the research object.This paper first defines the concepts related to the reduction of major shareholders,expounds the theoretical basis behind the reduction of major shareholders,and sorts out relevant literature at home and abroad;Then introduce the basic situation of the Bo Baolong case,including the basic operation of Bo Baolong,the shareholding structure and the background before and after the reduction of the shareholding;Then,through comparative research methods,the motives for the reduction of the major shareholders of Bo Baolong and the implementation path of the major shareholders to cooperate with the reduction of holdings were analyzed under different backgrounds before and after the epidemic;Finally,the economic consequences of the reduction of the major shareholder of Bo Baolong are analyzed,and the economic consequences before and after the epidemic are compared,including the use of the event research method to analyze the market response caused by the reduction of the major shareholder of Bo Baolong.The analysis found that the motivation for the reduction of the major shareholders of Bo Baolong before and after the epidemic was consistent,one was to avoid production and operation risks;The second is to reduce arbitrage at a high level of stock prices.There are two main implementation paths for the major shareholders of Bo Baolong to reduce their holdings before the epidemic,one is to implement the profit distribution policy of "high delivery";The second is to use major events and market performance to boost stock prices on the eve of the reduction;The implementation path of The major shareholders of Bo Baolong after the epidemic is different,in addition to using the announcement of major events on the eve of the reduction to boost the stock price,it also includes the use of the epidemic to beautify the financial statements to boost market confidence and manipulate information disclosure to match the reduction.Before and after the epidemic,Bo Baolong experienced many major shareholders to reduce their arbitrage,the company’s stock price collapsed,and the company’s operation suffered serious losses.Therefore,this article compares and analyzes the economic consequences of the reduction of the major shareholders of Bo Baolong before and after the epidemic,mainly indicating that the behavior of the major shareholders of Bo Baolong after the epidemic is worse,and the blow to small and medium-sized shareholders is even greater.Finally,based on the analysis of the behavior and economic consequences of the reduction of major shareholders of Bo Baolong before and after the epidemic,suggestions were put forward from three levels: legal,company and investors to deal with the reduction of major shareholders.更多还原