Research On The Illegal Reduction Of Shares Held By The Major Shareholders Of Shandong Molong

Since the implementation of the split share structure reform in our country,the situation of major shareholders of listed companies reducing their shareholdings has become a topic of research and discussion by scholars.With the introduction and revision of relevant policies and regulations on shareholding The focus of discussion.In order to obtain higher returns and avoid supervision,major shareholders often cooperate with some illegal means to reduce their holdings.This kind of illegal operation that hinders the development of companies,hurts small and medium investors,and disrupts the capital market is worthy of our study.The paper firstly expounds the research background and significance of this paper,summarizes the literature from the three aspects of motivation,means and consequences,expounds the research content and method,and points out the innovation and deficiency of this paper;secondly,it introduces the major shareholders,shares The relevant concepts of shareholding reduction are introduced,and related theories such as tunnel behavior theory are introduced;thirdly,the case is introduced,and the basic situation of Shandong Molong’s company,the background of illegal holdings reduction,and the identification of illegal holdings reduction are expounded;thirdly,the analysis of Shandong Molong The causes,paths and consequences of Molong’s illegal reduction of holdings.The cause analysis mainly includes three aspects: obtaining excess returns,imperfect internal governance structure,and defects in the regulatory system.The path analysis mainly includes financial data fraud,profit manipulation,and high stock price cashing out,insider trading loss avoidance,and failure to disclose information as required.The analysis of consequences mainly includes the impact on the company itself and the market;finally,it draws conclusions and puts forward suggestions.Through the research of this paper,it is found that the fundamental reason for the illegal reduction of holdings is that the major shareholders want to obtain excess returns,and there are external opportunities for illegal reduction of holdings with imperfect relevant policies and imperfect internal governance structure.The path of illegal holdings reduction includes falsification of financial data,manipulation of profits,and failure to disclose information as required.The serious consequences of illegally reducing holdings are to infringe the interests of small and medium investors,hinder the development of the company,and disrupt the market order.This problem needs to be solved urgently.It is hoped that the research in this paper can provide optimized countermeasures for the internal governance of major listed companies,put forward suggestions for regulatory agencies,and provide help for regulating the reduction of major shareholders and protecting investors in the future.The innovation of this study lies in the use of the case study method to study the share reduction event,and the meso-scale industry analysis is added,and the event study method is used to analyze the short-term market reaction.