违规担保、控股股东资金占用与投资者保护——_ST亚星案例研究.docxVIP

I I 违规担保、控股股东资金占用与投资者保护 ——*ST 亚星案例研究 Illegal Guaranty, Controlling Shareholders’ Cash Embezzlement and Investor Protection —— A Case Study of Yaxing Chemical Co., Ltd. 中文摘要 近年来，交易所及证监会均表示要加强对上市公司合规透明运作及违规的惩罚。 2012 年 6 月，上交所也声明会重点关注信息披露、关联交易及高管履行承诺等方面， 并加大对违反法律法规行为的追究力度。 本文选取了 2011-2012 年先后两次被上交所公开谴责的*ST 亚星（亚星化学） 作为案例分析的对象。近年来，潍坊亚星化学股份有限公司多次发生关联方资金占 用、会计信息处理不当、隐瞒关联方关系、违规提供担保等，在 2011 年上交所揭露 虚假陈述行为之后，又继续违规。在分析了亚星化学的经营财务状况和具体违规手 法后，本文从内部和外部两方面揭露亚星化学屡犯不止的原因和治理缺陷，包括内 部的治理结构、股东之争、监事和独董及外部的审计机构、市场力量和监管部门等， 并从投资者保护的角度提出解决问题的一些建议。 作者通过研究发现：第一，虽然潍坊市国资委是最终控制人，但内部人控制现象 导致上市公司利益被掠夺；第二，股权转让客观上抑制了“一股独大”现象，但没有 真正解决公司问题；第三，审计师作为市场的把关人，并没有尽到勤勉责任的义务， 脱钩于地方财政厅的正源和信事务所独立性让人怀疑；第四，市场对违规的揭露虽 然能给出正确的定价，但大股东的行为却没有因此受到抑制；第五，监管机构无论 从事前监督还是事后惩罚，力度都有所不足。对此，应建立有效的股东诉讼制度、 加大处罚力度、完善退市机制等，其根本在于法律制度的建设。 关键词：控股股东，违规担保，投资者保护，市场反应 II II ABSTRACT In recent years, the Stock Exchange and CSRC have pledged to strengthen the transparency of listed companies’ operation and compliance violations punishment. In June 2012, the Shanghai Stock Exchange announced that they would focus on information disclosure, related transactions and executives to fulfill commitments and also to increase the power of punishment in violation of laws and regulations. This paper select *ST Yaxing(Yaxing Chemical) as the example of case study. In 2011-2012, the company repeatedly committed cash embezzlement by related parties, false accounting information disclosure, related party relationships hiding, provided illegal guaranty. After analyzing the financial condition and the specific business practices violations of the company, the paper reveal Yaxing Chemical’s violation reasons and governance deficiencies from both internal and external aspect, which including governance structure, shareholder dispute, supervisors and external auditors and other market forces. Also the paper proposed some suggestions to solve the problem from the perspective of investor protection. Through study the author found that, First, although the Weifang S