YD公司控股股东股权减持方案研究

发布时间：2018-03-10 02:35

本文选题：控股股东　切入点：股权　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：在全流通时代,控股股东减持浪潮势不可挡。当今学术界,大多数学者研究控股股东减持带来的消极影响。其实控股股东合理减持能够优化股权结构提升公司价值。公司控股股东持有56.32%的股份,占有绝对控制权。因此本文以YD公司为研究对象,为控股股东研究出一个科学合理的减持方案。首先,论文分析了YD公司控股股东减持的可行性。接着从控制权结构、公司估值水平、公司经营环境三方面分析了YD公司的减持时机。其次,分析了以往成功减持案例中控股股东的减持时机、减持方式、减持比例以及利用的利好措施,为YD公司做出启示作用。然后,分析了控股股东的减持跨度以及如何防违规。最后,本文在以往成功案例的基础上为YD公司设计了大宗交易引入战略投资者的减持方案,方案包括减持目的,原则,时机,比例,方式以及保障措施等,保障措施包括优质资产注入和延长持股锁定期。之后分析了方案的合理性及预计效应。控股股东科学合理的减持有利于行业整合,推动产业转型升级。有利于满足自己的融资需求,拓展业务。有利于优化股权结构。希望此减持方案为YD公司控股股东提供借鉴,使其顺利减持,从而提高企业价值,保护中小股东利益,规范控股股东的减持行为,也为其他公司控股股东减持起到借鉴作用。
[Abstract]:In the age of full circulation, the tide of controlling shareholder reduction is unstoppable. Most scholars have studied the negative impact of controlling shareholder reduction. In fact, reasonable reduction of controlling shareholders can optimize the ownership structure to enhance the value of the company. The controlling shareholders hold 56.32% shares. Therefore, this paper takes YD Company as the object of study, and studies a scientific and reasonable scheme of reduction for the controlling shareholder. First, the paper analyzes the feasibility of the reduction of the holding of the controlling shareholder of YD Company. Then, from the view of the structure of control, the paper analyzes the feasibility of reducing the holding of the controlling shareholder of YD Company. The paper analyzes the timing of YD's reduction from three aspects: the company's valuation level and the company's operating environment. Secondly, it analyzes the timing of the reduction of the holding of the controlling shareholder in the past successful cases, the mode of the reduction, the proportion of the reduction and the good measures taken to make use of it. Then, the paper analyzes the span of controlling shareholders' reduction and how to prevent violations. Finally, this paper designs a reduction scheme for YD company to introduce strategic investors into bulk trading on the basis of previous successful cases. The plan includes the purpose, principle, timing, proportion, method and safeguard measures of the reduction. The safeguard measures include the injection of high quality assets and the extension of the locking period of the shareholding. Then, the rationality and the expected effect of the scheme are analyzed. A scientific and reasonable reduction in the holding of the controlling shareholder is conducive to the integration of the industry. To promote the industrial transformation and upgrade, to meet their own financing needs, to expand their business, and to optimize the equity structure. We hope that this reduction plan will provide a reference for the controlling shareholders of YD Company, and enable it to reduce its holdings smoothly, thereby increasing the value of the enterprise. Protecting the interests of minority shareholders and standardizing the behavior of controlling shareholders also serve as a reference for other controlling shareholders to reduce their holdings.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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