| In recent years,large shareholders of listed companies,directors,supervisors and senior managers through a substantial reduction in their holdings of shares to carry out large cash arbitrage cases everywhere.In the method of reducing holdings,most of them are grasping the loopholes in the capital market system and adopting a variety of means of reducing the holdings,such as “bridge reduction” and “clearance reduction” for high-level reduction,while the company's share price After the major shareholder reduces the cash,the negative market effect often occurs,which causes serious interests to the minority shareholders.This phenomenon has seriously disrupted the order of the capital market and hindered the healthy development of China's stock market.Therefore,it is extremely urgent to regulate the abuse of superiority by major shareholders.In many cases,the Wang family 's precise “clearance” reductions have attracted much attention.According to statistics,in addition to the chairman Wang Piaoyang,when the WBD's stock price reached its peak,the "clearance" reduction of shares held in less than a month reached 21.99% of the company's total shares,cashing nearly 6 billion yuan.Therefore,this article selects WBD as the research object,first adopts a combination of theory and case,and uses WBD's 2015-2019 financial data as a guide to determine whether there is any market manipulation in the "clearing" reduction of WBD's major shareholders to obtain excess.Research on the phenomenon of income,and make a concrete analysis of manipulation means and motivation.Secondly,the event research method is used to analyze the impact of WBD's major shareholders' market reductions,and the specific financial indicators are used to measure WBD's financial and operating conditions after the reduction.Finally,in conjunction with the new regulations for reducing holdings promulgated by the Securities and Futures Commission in 2017,combining cases with the new regulations,and making relevant suggestions for the improvement of the new regulations.The study found that there was market manipulation in the "clearance-type reduction" of the Wang family.In terms of manipulation,WBD mainly manifested itself in the following three forms before reducing its holdings:(1)The use of earnings management methods before reducing its holdings,including the use of accrued items' earnings management behaviors and real earnings management behaviors,so that Before the reduction of profits,the profit showed a good upward trend and passed the market on the company's up-and-coming corporate development information;(2)Utilizing information advantages to frequently release good news,such as issuing numerous good news announcements without substantial good news,and issuing "high delivery transfers" to confuse small investors;(3)Conspiring with institutions before reducing their holdings,including cooperating with securities firms to issue a large number of research reports to mislead investors to follow up investment,and collaborating with private equity institutions to conduct manipulation such as stock price manipulation to get the maximum reduction in holdings.In terms of the economic consequences of major shareholder reductions,the negative market effects of major shareholder reductions have caused certain negative effects on their operating and financial capabilities.In order to curb this phenomenon,this article puts forward relevant constructive suggestions for improving the loopholes in the new rules for reducing holdings in combination with the new rules for reducing holdings issued by the Securities and Futures Commission in 2017.In addition,this article analyzes the causes of WBD 's large shareholders “clearing” reductions from the perspective of governance structure,and finds that the decentralized shareholding structure of the family business provides great convenience for the major shareholders reductions.The article also provides relevant suggestions for the governance of family business from the aspect of governance structure. |
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