Research On The Motivation And Influence Result Of The Clearance Reduction By Major Shareholders HY Co.,Ltd

From January 2016 to May 2017,the China Securities Regulatory Commission released the"Provisions of Shareholders and Supervisors of High-Reduction Stocks of Listed Companies" within two consecutive years.The new and old reduction provisions were issued within two consecutive years.Changes in content are becoming increasingly stringent.The main purpose is to regulate and limit the frequent behaviors of reductions and new reductions in China's securities market.However,strict legal and regulatory measures do not mean that good regulatory results can be obtained.From the information of market feedback in 2016 and 2017,the number of listed companies in the A-shares market decreased by 1,145,reducing their holdings by approximately 19.7 billion shares.The total market capitalization amounted to 303 billion yuan;in July 2017,the reduction in the number of holdings in June compared with the previous month also saw a substantial increase.The most notable of these was the frequent,precise,and clear-cutting characteristics of shareholding reductions by some listed companies.This paper studies the motivation of the shareholder reduction and the consequences of the listed company based on the new reduction characteristics and background of the stock market.To this end,we selected a representative HY major shareholder in the stock market in 2017 to conduct a case study.First of all,this article has combed the research on the motivation of the shareholder reduction and the consequences of the listed company's shareholders and foreign scholars.Second,define related concepts,clarify relevant theories based on the paper,and compare relevant policies.Then from the motivation and impact of the consequences of the analysis of the case of the company,through the reduction of major shareholders before and after the reduction of the company's relevant financial indicators and disclosure information found that:? in the more stringent reduction of new regulations after the introduction of major shareholder reduction behavior still exists The incentives for obtaining excess returns;?Major shareholders'shareholding reductions bear the brunt of the impact of the decline in the company's operating performance and negatively affect its operating performance;? the actions of the major shareholders to reduce their holdings will infringe upon the interests of other investors,and this large The large-scale reduction of shareholder's clearance and holdings will inevitably affect the orderly and stable trading of the securities market,and even jeopardize the stability of the capital market.?The major reason for the major shareholder's behavior of clearing and reducing holdings is still the imperfect supervision system,and the supervision is not strict.In the end,this paper studied the regulatory measures of the regulatory agencies of the United States and Hong Kong on the reduction of major shareholders.Through learning from the study,it proposed some reference suggestions for listed companies and regulatory agencies in China,and proposed that listed companies and regulatory authorities need to take more stringent measures against this behavior.Standardized measures to maintain the stability of the operations of our listed companies Sex,maintain the fairness of the securities market transactions,to protect the security interests of other investors.The innovation of this article is mainly reflected in:First,on the basis of the research of domestic and foreign scholars on behaviors of reducing holdings,this paper adopts the case study method to study the emerging shareholder reduction behavior of major shareholders,and analyzes their motives and consequences.Subsequent supplementary research on shareholder reduction;Second,this article has a comparatively complete analysis of the case through case study,policy comparison,and learning research framework.It has certain reference value for the listed company and the CSRC to make recommendations.