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Research on Behavior Changes of and Supervison for Listed Companies’ Large Shareholders and Executives Ater All-tradable of Stock

Author: ZhangXiaoLiang
Tutor: HuJinZuo
School: Shandong University
Course: Public Administration
Keywords: all-tradable of stock large shareholders senior managers supervision countermeasure
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 70
Quote: 0
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Abstract

With the advancing of stock right decentralized allot revolution, there is no difference between circulating-stock shareholders and non-circulation stockholders for China stock market , which enters into the age of the full circulation of stock . It becomes a kind of basic system revolutions and China listed company operation mechanism system is fundamentally changed . The basic system revolution leads directly to enomous changes for the behavior of China listed companies’large shareholders and executives compared with the years before stock right decentralized allot revolution. So that large shareholders and executives seek profit illegally throuth insider trading、financial fraud, even tunnel into the new variation pattern of listed companies, which are not conducive to the healthy development of China stock market.This paper sum up the main forms of behaviors changing listed companies’ large shareholders after all-tradable of stock: a marked increase in acts of market manipulation; a marked increase in directed issuance of shares to inject assets and listed as a whole acts; an obvious augment in the phenomenon affecting the independence of listed companies, a signifcant change in market transactions behavior. the main forms of behaviors changing executives after all-tradable of stock are: the fizz phenomenon violating rules in secondary market trading; the increasing abuse phenomenon in equity-based incentives; the illegal profits increasing phenomenon in institutional investors conspired to manipulate the market; the increasing phenomenon of management buyouts in disguise.Though many cases analysis, the paper gives the conclusion that is obvious different from the years before all-tradable of stock for external environment, M&A, the structure of investors ,the interests between large shareholders and executives and the attidude towards perfecting listed corporate goverance structure, which is the essential reason for the aforesaid behavior changes.Under new situation , to reduce or even stop the happen for unfavorable changes must take effective countermeasures . According to the behavior change characteristics of listed companies’ large shareholders after all-tradable of stock, the paper proposes to improve information releasing system and relevant laws & regulations , bring the supervison of the board of directors and the board of supervisors into full play , strenghen supervison on asset injection , holistic listing ,big shareholders’ market transaction and relevant transaction ; and also proposes concrete supervision countermeasure to executives’ behavior change characteristics from internal and external monitoring measures, additionally in internal monitoring measues, the emphasis should be put on internal audit supervision, relevant accounting system and responsibility investigation system in order to restrain each other for right distribution , and the emphasis of external monitering measures should be put on the reform concerning executives’ employment mechanism of listed company, improvement of external supervision system and establishment of the code of conduct of executive behavior.Facing the new changes in Chinese securities market after all-tradable of stock, the paper contribute to the new stratgies in the complex situation. Furthermore, it plays a role in promoting a harmonious and stable development of China’s securities market to play a role.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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