Research On The Motivation And Influence Of The Big Shareholders Of Toly Bread To Reduce Their Holdings

In order to adapt to the new trend of stock market development,the reform of "split share structure" is conducive to the long-term development of the market.The implementation of the share reform plan has effectively solved many adverse aspects that hinder the development of China’s capital market,improved the company’s economic profits and development governance level,protected the interests of shareholders to a certain extent,strengthened the investment confidence of market investors,and formed a new trend of healthy and stable development of the stock market for a long time.The old problems have been solved,but the new problems appear with the reform and development.After the split share structure reform,the shares previously held by shareholders without the right to circulate have also been converted into tradable shares,that is,the so-called restricted tradable shares.The circulation of these shares has increased the new channel for the main shareholders of listed companies to create capital income,that is,they can use the reduction of holdings to sell out the restricted tradable shares held by listed companies.As major shareholders reduce their holdings and sell their shares of listed companies,there are more and more behaviors,which limits the long-term economic interests of listed enterprises,hurts the investment interests of small and medium-sized shareholders,and damages the prosperity and development of China’s capital market.In order to alleviate the negative impact of the reduction of major shareholders,maintain the normal order of the market and prevent market chaos,China has issued a number of policies to restrict the reduction of major shareholders of listed companies.This problem has attracted more and more public attention.Based on this situation,this paper takes several reduction actions of major shareholders of Toly bread Co.,Ltd.(hereinafter referred to as "Toly bread")as a research case.After sorting out the previous relevant theories and policies and systems for shareholder reduction,this paper makes an in-depth discussion on the reasons for the reduction and the economic effects brought by the major shareholders of Toly bread.The specific steps are as follows:before the case study,collect and read the articles and materials on the reduction of shares by relevant shareholders,and summarize the relevant theories and research methods on the motivation and impact of the reduction through previous research and analysis,so as to provide a certain research basis for the reduction of shares by major shareholders of Toly bread;This part mainly introduces the basic situation of the company,the background of the reduction of major shareholders,the analysis of relevant reduction policies and systems,and the general process of the reduction of major shareholders;This paper continues to analyze the motivation of the main shareholders of Toly bread company to reduce their shares through literature research.This part is mainly divided into internal and external reasons;Using the event study method,this paper analyzes the fluctuation trend of the company’s stock price during the reduction of Toly bread major shareholders,and studies the economic effect of the reduction of major shareholders;Finally,it summarizes the research results on the reduction of Toly bread major shareholders,and combined with the previous research,provides relevant suggestions and ideas for the supervision and management of relevant departments,the management and rectification of enterprises themselves and the investment of minority shareholders.