科伦药业收购君健塑胶信息披露违规案例分析

发布时间：2018-01-03 01:19

本文关键词：科伦药业收购君健塑胶信息披露违规案例分析　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国的证券市场经过数十年的快速发展，形成了一套较完善的制度体系，但是我国的信息披露法律规制建设、金融监管体系等众多方面与国外较发达的资本主义市场仍存在着一定的差距。我国证券市场信息披露存在的种种弊端，从一定程度上反应我国上市公司治理结构和信息披露制度存在一定的漏洞及当前监管体制的不完善。本论文从我国证券市场信息披露违规的现状出发，以上市公司科伦药业收购君健塑胶信息披露违规为例。阐述科伦药业收购君健塑胶过程中存在的问题，并从内外两方面揭露上市公司科伦药业不能有效、及时的披露与君健塑胶的关联交易关系且在多次信息披露中存在误导性陈述的原因。科伦药业因使用溢价于君健塑胶资产4倍的超募资金收购君健塑胶全部股权，历时两年后被四川监管局及中国证监会经调查认定该公司在信息披露方面违反了有关法律规定，其不及时、不准确、不完整信息披露，严重扰乱证券市场的健康发展。本论文针对科伦药业收购君健塑胶信息披露违规后被四川监管局和中国证监会分别处罚公告后，对上市公司信息披露违规行为的处罚效果进行分析，，特别是对上市公司的股价在二级市场的波动及成交量的影响，进一步分析信息披露违规给上市公司所造成的损失及处罚的震慑力，以及上市公司信息披露违规公告后的市场反应，和此次事件对科伦药业未来经营业绩和长远发展带来的影响。论文针对科伦药业信息披露违规事件所造成的重大影响，依据案例发展过程中二级市场的变化提出事件驱动的投资策略，针对案例的分析结果给科伦药业未来发展带来的重大教训和科伦药业从此次事件中可以得到的借鉴，分别对上市公司和监管当局提出建议，要加强对上市公司日常信息披露监管的力度，做到防患于未然，以有效规范上市公司信息披露的制度，完善整个证券市场的信息披露监管机制。
[Abstract]:After tens of years of rapid development, China's securities market has formed a more perfect system, but our country's information disclosure legal regulation construction. There is still a certain gap between the financial supervision system and the more developed capitalist market in foreign countries. To a certain extent, it reflects the existence of loopholes in the governance structure and information disclosure system of listed companies in China and the imperfections of the current regulatory system. This paper proceeds from the current situation of information disclosure violations in China's securities market. Taking the violation of information disclosure in the purchase of Junjian plastic by Collen Pharmaceutical Company as an example, this paper expounds the problems existing in the process of Coren Pharmaceutical Company acquiring Junjian Plastics, and reveals that the listed company, Collen Pharmaceutical, cannot be effective from both internal and external aspects. Timely disclosure of the relationship with Junjian Plastics and the existence of misleading statements in multiple disclosures. Collen Pharmaceuticals acquired the full equity of Junjian Plastics by using a 4 times premium to Junjian's plastic assets. . After two years by the Sichuan Superintendency Bureau and the China Securities Regulatory Commission after the investigation found that the company in the disclosure of information in violation of the relevant laws and regulations, it is not timely, inaccurate, incomplete information disclosure. Seriously disturb the healthy development of the securities market. This paper analyzes the penalty effect of information disclosure violation of listed companies after being punished separately by Sichuan Supervision Bureau and China Securities Regulatory Commission after Collen Pharmaceutical Company purchased Junjian Plastics Information Disclosure violation. Especially on the stock price of listed companies in the secondary market fluctuations and the impact of trading volume, further analysis of information disclosure violations of the loss and punishment of listed companies caused by the deterrent force. As well as the market reaction of the listed company after the information disclosure violation announcement. And the impact of this incident on the future business performance and long-term development of the pharmaceutical industry. An event-driven investment strategy is proposed according to the changes in the secondary market in the course of case development. According to the results of the case analysis of the future development of Collen pharmaceutical industry to bring major lessons and the Cologne pharmaceutical industry from this incident can be used for reference, respectively to the listed companies and regulatory authorities put forward recommendations. It is necessary to strengthen the supervision of daily information disclosure of listed companies, to prevent trouble in the early stages, to standardize the system of information disclosure of listed companies effectively, and to perfect the supervision mechanism of information disclosure in the whole securities market.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F426.72

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