| The GEM has just opened for several years.As the emerging securities trading market in China,the emergence of the GEM has solved the financial problems for many high-tech companies.However,the GEM has also revealed many problems in the development process,such as typical “ The phenomenon of “three highs” and the phenomenon of large-scale reduction of controlling shareholders and major shareholders since the lifting of the ban on the restricted shares of the GEB have been frequent,and the scale has become larger,attracting the attention of many investors.The reduction of controlling shareholder's normal operation and development of the listed company,as well as the protection of the interests of investors,and the investor's confidence in the company have a very important impact,at the same time have a certain impact on the stability of the market.In the bull market of 2015,Le TV's performance was quite noticeable.The founder(ie,controlling shareholder)Jia Yueting broke through the routine reduction plan and caused widespread concern in the capital market.Major shareholders continued to reduce their shareholdings in 2016 to 2017 The large-scale reductions in the number of nets continued to attract attention from the capital market,causing a large market reaction.Professor Liu Meiwei's article on Le TV's analysis report made the reduction of Mr.Jia Yueting,the founder of Le TV.com,a focus topic for investors.Therefore,this article selects Le TV.com as the research object,adopts the financial indicators and event research method to reduce the shareholdings of Mr.Jia Yueting,the controlling shareholder of Le TV.com,and the deeper reasons behind the reduction,and the market's reduction of controlling shareholders after the reduction.The reaction was analyzed.The article first collected relevant data information from the company's annual report and related databases,and analyzed the reduction factors from the five aspects of the company's financial pressures,avoiding risks,obtaining investment returns,business operations,and related transaction status,and then from excess returns.The impact of the three reductions on the market was analyzed from the perspective of the rate and the cumulative excess return.The study found that the controlling shareholder of Le TV.com had three different incentives for reducing holdings,which should be discussed in different situations.The main reason for the first two reductions was that the listed company's funds were in a tight state.The controlling shareholders reduced their operating pressure by reducing the funds they received.There may also be factors such as avoiding risks and gaining investment income.The in-depth reason lies in the Le TV strategy.The pace of development is too fast,and the financial needs of the ecological system are too large.As a result,corporate funds are unable to make up for the shortfall of capital needed for business expansion.The main reason for the third reduction was to obtain investment income and gain additional profits through related transactions and other factors.At the same time,the company's operating performance is also one of the reference factors for its reduction.After analyzing the reduction of holding events,the five motivations for the reduction of the founders of Le TV.com were analyzed.In addition,after analyzing the reaction of the stock market after the reduction,it can be seen that the reduction of controlling shareholders will have a negative impact on the market,indicating that the reduction of controlling shareholders.Holding behavior has had a negative effect on investors and has affected investors' investment confidence.However,the signals sent by the controlling shareholder after reducing the shareholder's share can change the investor's judgment on the company.At the same time,the background and strength of the share transferee will also affect the investor's confidence in the company.In the end,this paper puts forward the policy recommendations on controlling shareholder reduction behavior from three aspects: corporate governance,self-discipline of large shareholders and external supervision. |
