| In August 2015,the China Securities Regulatory Commission(CSRC)announced the lifting of the ban on share reduction,and the listed companies ushered in the "wave of share reduction" of major shareholders.According to the statistics of wind database,1594 listed companies have reduced their holdings,with a cumulative reduction of up to 555.46 billion yuan.Many listed companies "cash in profits" through the mode of listing financing first,increasing value and then reducing holdings.Small and medium-sized shareholders bear the adverse economic consequences caused by the reduction of major shareholders,such as the fluctuation of share price in the capital market and the decline of the company’s operating performance.From the point of view of the short-term impact on the enthusiasm of small and medium-sized shareholders to enter the market and reduce their confidence;In the long run,the reduction of major shareholders will lead to China’s securities market becoming a short-term profit seeking market,which can not provide financial support for companies that really need financing,which is not conducive to the sustainable and healthy development of China’s capital market.Yi Huiman,chairman of the China Securities Regulatory Commission(CSRC),said at the 2021 annual meeting of the Financial Street Forum: "at present,China’s a shares are still dominated by individual investors,and the independent identification and professional judgment of small and medium-sized investors on market risks are relatively weak.We must fully consider the protection of the rights and interests of small and medium-sized investors".Therefore,it is worth studying how to better regulate the reduction of major shareholders,how to better protect the rights and interests of minority shareholders and avoid being infringed by major shareholders.Based on the review of relevant literature,combined with principal-agent theory,information asymmetry theory and signal transmission theory,this thesis studies the reduction cases of major shareholders of Yongda group,uses event research method to observe the cumulative excess return of stocks,uses Du Pont analysis method to evaluate the financial performance of Yongda group,and obtains the way in which major shareholders infringe on the legitimate rights and interests of minority shareholders.At the same time,from the perspective of minority shareholders,combined with psychological theory to explore the causes of the damage to the interests of minority shareholders,and summarize the problems such as emotional dominant decision-making and herd effect,which lead to the inferior position of minority shareholders in stock market investment.Finally,this thesis puts forward improvement suggestions on the protection of the rights and interests of minority shareholders from the aspects of improving their own knowledge level,improving the governance structure and information disclosure system of listed companies,Strictly Standardizing the reduction of restricted shares,improving relevant reduction laws and regulations,and strengthening external audit and media supervision,so as to provide some references for improving the internal governance of listed companies and the protection of the rights and interests of minority shareholders,It also provides some ideas for maintaining the long-term and healthy development of China’s securities market. |
