宏磊股份利益输送案例研究

发布时间：2018-05-21 10:04

本文选题：第二类代理问题 + 利益输送　；参考：《江西财经大学》2017年硕士论文

【摘要】：现如今关于大股东与小股东之间的矛盾越来越严重。大股东使用各类方法来获得非法利益,严重破坏了市场的平衡。为了资本市场的良好发展,该问题的研究以及治理显得尤为重要。本文通过案例分析的方式,选取较新的具有代表性的宏磊股份利益输送事件,深入研究了该事件中大股东进行利益输送的原因及其危害,并提出解决该问题的建议。研究发现宏磊股份大股东肆无忌惮进行利益输送原因分为公司内部原因以及外部原因。内部原因在于控制人占有了公司绝大多数股份,并把董事会牢牢掌控在手中。同时监事会失职、公司规章制度形同虚设、独立董事不独立等公司内部治理缺陷亦是重要原因。外部原因主要为外部监管不到位以及缺乏其它约束力量。事件危害是多方面的。股价下跌,小股东权益受损。公司经营状况不佳,偿债能力恶化,盈利能力低下。对此本文提出一系列针对性建议,通过积极引入机构投资者制衡大股东,积极发展QFII、沪港通、深港通来引进先进治理经验。修订独立董事制度,并大力建设该市场。建议监管部门加强监管,将利益输送罚款与其通过该行为所获非法利益挂钩。并让媒体与事务所等各类机构都发挥出应该有的作用。
[Abstract]:Nowadays, the contradiction between big shareholders and small shareholders is becoming more and more serious. Major shareholders use a variety of methods to obtain illegal benefits, seriously disrupting the balance of the market. For the good development of capital market, the research and governance of this problem is particularly important. In this paper, through case study, we select a new and representative case of Honglei share interest transmission event, deeply study the cause and harm of large shareholders' interest transmission in this event, and put forward some suggestions to solve this problem. The research found that the main shareholders of Honglei shares unscrupulously carry out profit transmission, which can be divided into internal reasons and external reasons. The internal reason is that the controller has a majority stake in the company and keeps the board firmly in hand. At the same time the board of supervisors dereliction of duty, the company rules and regulations are void, independent directors are not independent and other internal governance defects are also important reasons. External reasons are mainly external supervision is not in place and lack of other constraints. The harm of the incident is manifold. The stock price fell and minority shareholders' rights and interests were damaged. The company's operating conditions are poor, its solvency is deteriorating, and its profitability is low. This paper puts forward a series of targeted suggestions to introduce advanced governance experience by introducing institutional investors to balance large shareholders and actively developing QFII, Shanghai Stock Connect and Shenzhen Hong Kong Stock Connect. Revise the system of independent directors and vigorously build the market. It is suggested that regulators strengthen supervision and link the penalty for the transmission of benefits to the illegal benefits obtained through the act. And let the media and firms and other institutions to play their due role.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.32;F406.7

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