| China’s capital market was born relatively late,and the state’s regulation and reform of the stock market has never stopped.Since the reform of split share structure in 2005,the stocks held by major shareholders of listed companies in China,including non-tradable shares,can be bought and sold on the market at any time.Therefore,how the company’s stock performance in the capital market directly affects the vital interests of the company’s major shareholders.Therefore,the major shareholders of listed companies need to do everything possible to stabilize the price of the company’s stock market,on the one hand,to protect their own rights and interests against huge Shrinking,on the other hand,also plays a role in stabilizing and promoting the company’s prospects and development.At the same time,the Chinese government has also introduced a series of policies and regulations to stimulate large shareholders of listed companies to increase their holdings to promote the stability of the capital market.This paper studies the methods of text analysis and case analysis,and selects Yangtze River Media as the object of investigation,and analyzes the motivations and consequences of the large shareholders’ holdings of listed companies.First,it analyzes and analyzes the value mechanism of the large shareholder’s increase in holdings;second,it analyzes the background of Yangtze Media’s large shareholders’ increase in holdings and the contractual elements of the increase plan;again,from the stabilization of the stock price,the release of good,and the consolidation of the controlling equity It examined the real reasons for the increase in shareholder holdings.Finally,it examined the economic consequences of the increase in shareholder holdings of Changjiang Media from three perspectives:market effects,financial effects,and governance performance.The study found that:(1)the major shareholders of Yangtze River Media Co.,Ltd.sent a signal to the securities market investors that they have sufficient confidence in the company through the way of increasing the holdings in the secondary market;(2)the major shareholders of Changjiang Media Co.,Ltd.adopted the strategy of increasing their holdings Consolidated its control over the enterprise,thereby improving the investment decision-making efficiency of its management and further increasing the operational value of capital.Therefore,from a long-term perspective,increasing shareholder holdings has a positive effect on the company’s performance.Through the overall theoretical analysis and data analysis,this paper concludes that the increase in holdings of listed companies’ major shareholders has indeed promoted the company’s secondary market performance in the short term,and has also promoted the company’s governance.If the government correctly guides this behavior,the increase in holdings by major shareholders will not only increase the wealth of the company’s shareholders,but also improve the effectiveness of the domestic securities market,which will be very helpful to the healthy operation of China’s domestic capital market.At the same time,this article provides a realistic reference for the capital operation of listed company’s major shareholders through a detailed investigation of the case of Changjiang Media,and at the same time provides a realistic inspiration for the supervisory layer on the supervision of major shareholder behavior and investor risk education. |
