| In recent thirty years,China’s capital market has developed a number of very excellent listed companies,providing a good platform for the enterprises that need financing,but compared with the international developed capital markets,there are still some gaps in many aspects.Due to the short development time of the capital market,many supporting laws and policies are backward and old.As a result,many outstanding enterprises are unable to qualify for listing in the domestic capital market and choose to enter overseas and Hongkong market financing.However,because of the relatively loose domestic supervision,many enterprises entering overseas listed are frequently in the more developed capital markets.In 2010,it was frequently attacked by international shorting agencies such as muddy water,citron,AL and so on.There were many outstanding enterprises in the mainland of China,such as Qihoo and New Orient,which revealed many problems in domestic enterprises on the one hand,and on the other hand,the domestic capital market was a short channel.Limited,resulting in a large number of enterprises actually have no way to resist short agency attacks,lack of countermeasures.This case analysis of mudshui company short of the case of Hui Shan dairy is representative.On the one hand,the muddy water company is famous as the air-share company.It has been short of the famous Chinese stock companies such as Oriental paper industry,green noo technology and New Oriental.On the other hand,it has been short of the biggest drop in the Hong Kong stock market,and the time is in the 2017.It has a strong timeliness.In this case,the author selects four dimensions to carry on the analysis.The company is frequently short of the international short body,because some of the similar characteristics of the company are easily directed by the empty institutions in the foreign capital market,and these characteristics usually reflect the potential problems of a company,muddy water.By choosing the Target Corp cluster and the summary of the previous cases,the paper has selected the article of the dairy industry as a short mark.Financial fraud,major shareholder misappropriation of funds and major related transactions can be found in the previous short selling cases.In the international capital market,when it is considered that a company has problems,it can make profit by making a short profit,but the A stock market in China is short of short mechanism.This paper analyses whether the short mechanism and the empty institution are beneficial to the progress of capital market and protect the interests of investors through the analysis of the advantages and disadvantages of the short and short results.In the process of muddy water company,the short report of muddy water released at the end of 2016 did not have an impact on the Hushan dairy industry.After nearly four months,the second shorts caused the decline of the Hushan’s stock price.In the different results of the two shorts,we can learn the response of the dairy industry to the empty institution.The handling of adverse public opinion can also be seen by local governments in order to protect local enterprises from concealing facts. |
