香橼公司做空恒大地产的原因、路径及启示
发布时间：2018-09-11 06:13
【摘要】：2010年6月份以后在美国上市的中国概念股因涉嫌会计违规和审计不严等指控，相继陷入“被做空”的境地，股价在短时间内跌至低谷，企业纷纷宣布停牌和退市，中概股被做空的趋势一发不可收拾，由于影响广泛，引起了国内外的普遍关注。同时，中概股也遭遇了前所未有的诚信危机，并在中概股上市公司的私有化退市过程中引发了一系列连锁反应，这对于正在或将要在国外上市的中国企业而言造成了极大的影响，同时也改变了传统上市资源的格局。故分析做空机构做空中概股的手段、工具和途径，总结中概股频遭猎杀的经验和教训，对中国企业应对当前的信任危机具有深远且重要的意义。除此之外，我们还应该从中概股被做空的实例中吸取教训，进一步深化对国内股市的改革，使我国的股票市场更加的符合市场化发展的客观需要，最终为投融资双方营造公平合理的发展环境。 本文以恒大地产为例，运用案例法来分析香橼做空恒大地产的目的、手法、途径；运用因素分析法来分析恒大遭遇香橼做空的原因；叙述了其被“做空”的全过程。笔者通过分析香橼公司做空恒大地产的报告，以及对恒大地产的财务情况分析得出结论，恒大地产不存在造假，之所以被香橼公司做空，完全是后者蓄意为之，目的就是为了从中谋取利益。另外，文章针对恒大地产被恶意做空这一现象，重点探讨了上市公司如何避免被做空，如何应对做空机构的恶意做空，避免重蹈覆辙，实现中国概念股的良性发展。
[Abstract]:Chinese stocks listed in the United States after June 2010 have been "shorted" one after another because of allegations of accounting irregularities and lax auditing. Their shares have fallen to a low point in a short period of time, and enterprises have announced suspensions and delisting. The short-selling trend is out of hand, because of the widespread impact, caused widespread concern at home and abroad. At the same time, Chinese companies also encountered an unprecedented crisis of integrity, and triggered a series of chain reactions during the process of privatizing and delisting the listed companies. This has a great impact on Chinese enterprises that are or will be listed abroad, and also changes the pattern of traditional listed resources. Therefore, it is of great significance for Chinese enterprises to deal with the current trust crisis by analyzing the means, tools and approaches of short-selling institutions and summing up the experiences and lessons of being killed frequently. In addition, we should also draw lessons from the example of shorting Chinese stocks, further deepen the reform of the domestic stock market, and make the stock market of our country more in line with the objective needs of the development of marketization. Finally, the investment and financing for both sides to create a fair and reasonable development environment. Taking Evergrande real estate as an example, this paper uses case law to analyze the purpose, technique and approach of Citron shorting Evergrande real estate; to use factor analysis method to analyze the cause of Evergrande's encounter with Citron short; and to describe the whole process of Citron shorting. By analyzing Citron's report of shorting Evergrande property and analyzing the financial situation of Evergrande property, the author concludes that Evergrande property does not exist fraud, the reason why Citron is short is the latter deliberately doing it. The aim is to profit from it. In addition, aiming at the phenomenon that Evergrande property is shorted maliciously, this paper focuses on how to avoid shorting by listed companies, how to deal with malicious shorting by short agencies, avoid repeating the same mistakes, and realize the benign development of Chinese concept stocks.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
本文编号：2235851
[Abstract]:Chinese stocks listed in the United States after June 2010 have been "shorted" one after another because of allegations of accounting irregularities and lax auditing. Their shares have fallen to a low point in a short period of time, and enterprises have announced suspensions and delisting. The short-selling trend is out of hand, because of the widespread impact, caused widespread concern at home and abroad. At the same time, Chinese companies also encountered an unprecedented crisis of integrity, and triggered a series of chain reactions during the process of privatizing and delisting the listed companies. This has a great impact on Chinese enterprises that are or will be listed abroad, and also changes the pattern of traditional listed resources. Therefore, it is of great significance for Chinese enterprises to deal with the current trust crisis by analyzing the means, tools and approaches of short-selling institutions and summing up the experiences and lessons of being killed frequently. In addition, we should also draw lessons from the example of shorting Chinese stocks, further deepen the reform of the domestic stock market, and make the stock market of our country more in line with the objective needs of the development of marketization. Finally, the investment and financing for both sides to create a fair and reasonable development environment. Taking Evergrande real estate as an example, this paper uses case law to analyze the purpose, technique and approach of Citron shorting Evergrande real estate; to use factor analysis method to analyze the cause of Evergrande's encounter with Citron short; and to describe the whole process of Citron shorting. By analyzing Citron's report of shorting Evergrande property and analyzing the financial situation of Evergrande property, the author concludes that Evergrande property does not exist fraud, the reason why Citron is short is the latter deliberately doing it. The aim is to profit from it. In addition, aiming at the phenomenon that Evergrande property is shorted maliciously, this paper focuses on how to avoid shorting by listed companies, how to deal with malicious shorting by short agencies, avoid repeating the same mistakes, and realize the benign development of Chinese concept stocks.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
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