大股東減持動(dòng)機(jī)手段經(jīng)濟(jì)后果

#摘要我國(guó)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(jí)市場(chǎng)上自由地流通其所持有的股票份額，這極大地增強(qiáng)了股票市場(chǎng)活力，但與此同時(shí)，大股東們減持的頻率和力度越來(lái)越大，大股東開(kāi)始更多的把盈利重心從公司經(jīng)營(yíng)業(yè)績(jī)轉(zhuǎn)為公司股票的市場(chǎng)表現(xiàn)，他們?cè)诙?jí)市場(chǎng)上利用減持股票來(lái)獲取私利，這就給動(dòng)蕩的資本市場(chǎng)又蒙上一層陰影。我國(guó)相關(guān)法律還未能有效抑制大股東的不當(dāng)減持行為，大股東仍有可能依靠信息優(yōu)勢(shì)通過(guò)資本運(yùn)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(shí)也擾亂了金融市場(chǎng)秩序。但能夠預(yù)見(jiàn)的是，伴隨著監(jiān)管力度的增強(qiáng)，大股東的減持運(yùn)作方式會(huì)將更加復(fù)雜和隱蔽，相應(yīng)監(jiān)管與風(fēng)險(xiǎn)防范的難度會(huì)進(jìn)一步升級(jí)。因此，研究大股東減持股份行為是大勢(shì)所趨，規(guī)范大股東減持行為是重中之重。本文以天龍集團(tuán)大股東連續(xù)大規(guī)模減持事件為研究對(duì)象，分析了天龍集團(tuán)大股東為實(shí)現(xiàn)大幅減持所采取的手段、減持的動(dòng)機(jī)及經(jīng)濟(jì)后果。經(jīng)過(guò)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(jī)會(huì)，大股東也會(huì)由于公司經(jīng)營(yíng)狀況不佳、規(guī)避市場(chǎng)風(fēng)險(xiǎn)和巨額套利等動(dòng)機(jī)進(jìn)行減持。在本文中，天龍集團(tuán)大股東會(huì)通過(guò)高送轉(zhuǎn)利潤(rùn)分配政策、并購(gòu)重組的戰(zhàn)略性決策、操縱信息披露等資本運(yùn)作手段推高股價(jià)，為減持獲得巨額收益打下基礎(chǔ)。這種減持行為暴露了我國(guó)資本市場(chǎng)的不規(guī)范，造成天龍集團(tuán)股價(jià)崩盤(pán)，財(cái)務(wù)競(jìng)爭(zhēng)力明顯下降，市場(chǎng)財(cái)富效應(yīng)降低等問(wèn)題，進(jìn)一步侵害中小股東自身的合法權(quán)益。最后，基于以上問(wèn)題，本文從政府、公司和股東三個(gè)層面提出進(jìn)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(chǎng)信息披露制度、加大對(duì)違法行為的懲罰力度；公司方面要積極推進(jìn)多元化的股權(quán)結(jié)構(gòu)，健全內(nèi)部制衡機(jī)制，通過(guò)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(jiān)決遠(yuǎn)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(guò)對(duì)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(chǎng)秩序；管理層也能有效規(guī)避大幅減持帶來(lái)的風(fēng)險(xiǎn)，做出有利于公司穩(wěn)定運(yùn)營(yíng)的戰(zhàn)略；關(guān)鍵詞：大股東減持；動(dòng)機(jī)；手段；經(jīng)濟(jì)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