The Analysis On The Motivation And Economic Results Of The Reduction Of Major Shareholders Of Wuxi App.ec

Since 2005 major shareholders of A stock market positions disturbance in the stock market healthy and stable,the securities and futures commission in 2016,developed the related policy,the proportion of underweight,reduce its information disclosure beforehand given rules,malicious intent constraint shareholders,positions,but effective,The restriction on major shareholders has not achieved long-term effective results,which not only erodes the rights and interests of minority shareholders,encroaches on the company’s resources,affects the long-term development of the company,and is not conducive to the healthy and orderly development of the capital market.This paper takes the leading pharmaceutical enterprise Wuxi As an example,uses literature research method,case analysis method,event study method and comparative analysis method,based on information asymmetry theory,tunnel theory,information transfer theory and market opportunity theory,explores the motivation of the reduction of Wuxi’s shareholders and the economic consequences.It is found that the reasons for the reduction including: first,the unstable performance,the deterioration of the future business situation,cash out at the right moment,the reduction at a high level,the optimization of the shareholding structure,getting rid of the constraints of "major shareholders",the change of business strategy and other internal factors;Second,the stock price is overvalued,avoiding investment risks,foreign business environment,public health emergencies and other external factors;The direct influence of its divestment behavior includes the low stock price,the contagion effect on the capital market of the pharmaceutical industry,the encroachment on the rights and interests of minority shareholders,and the optimization of equity structure.Indirect impact includes negative impact on the profitability and solvency of enterprises,adverse to the establishment of corporate image,impact on the overall capital market response of the industry,and aggravate the volatility of the stock market.This paper provides the following reference for effectively restricting the reduction behavior of major shareholders.Firstly,CSRC and Stock Exchange should improve the corresponding legal system and strengthen supervision;Secondly,minority shareholders should enhance their awareness of rights protection,make rational and scientific decisions and avoid blindly following the trend.Finally,for the enterprise itself,it is necessary to improve its internal governance structure and do a good job in information disclosure.