上市公司及其控股股东违规行为研究.pdfVIP

竺!型竺19 1垒旦垄 !：查坌：!丝!!芝丝鉴查塑垄塑堡塑型!! The Investigation of The illegal activities made by public Company and Holding shareholder ABSTRACT Security marketing is more and more important to economy．The activities of Public Company and its holding shareholder should be normalized in our country． Taking into account of types of illegal activities made by public company and holding shareholder,from the view of the system of security marketing，the dissertation analyzed and investigated the roots of the activities，meanwhile the dissertation raised some COUrtter measures Yhe dissertation included 5 sections．In the first section，the background and purpose of the investigation had been briefly introduced．In the second section，the common forms and danger of the illegal activities，which made by public company and its holding shareholder,were induced and summarized．In the third section，the roots of the activities，from the view of the regulation system design of security marketing and corporate governance，were been analyzed，meanwhile the principle of benefit—gap and plunder,which based OO the situation of split shareholder’S equity, were discussed．In the forth section，the counter measures and proposals were raised from the respects of system of laws and regulations，practice of administration and establishment of accessory mechanism of security marketing．In the fifth section， conclusion of the dissertation and personal experience and opinion，which raised during the COurSe of investigation，were summarized． Key words：public company illegal activities investigation． !!!型!!!!望旦型 !：查竺。!壁!!丝丝些i塑望些垄!!堕 1．前言 在中国股市的发腥历程I}J，2001年绝对足个令人难忘的年份。股市中的诸多 问题，在这一年中Jl：始集中爆发，对胶市产生了巨人的冲击力。 上证年度K线图演绎了一场令投资者刻骨铭心的悲剧。上证指数从1月2 r1 的2077点跌至2月22 R的1893点，再凹升至6月r1·旬的2245点历史新高。在 随后的4个月内，上证指数从2245点一直跌至10月22 H的1574点，下跌幅度 达32．5％，年木指数收于1645点。年初与年未相比，近一力-亿市值缩水，沪市在 有70多家新股上市的情况F，市值仅增加263．57亿，深市则损失5840．66亿’。 投资者损失惨重。 股市遭受重创的直接后果小仪仪是投资者的单方面损失，还影响到证券市场 融资、消费者消费信心，进而影响到经济增K的实现。 从融资方面看，¨二级市场的持续低迷，使得2001年下半年新股首发暂停了近 i个月。增发和配股由于市场