达华智能大股东减持行为研究.pdfVIP

摘 要 限售股解禁后，股票市场上出现了大股东减持潮，“过桥减持”、“清仓式减持” 等无序减持的情况时有发生，相较于处于信息链底端的市场参与者而言，大股东拥 有对上市公司的经营管理的决策权和控制权，这可能会给大股东减持套现提供便 利。为此，监管部门相继发布减持规范，但目前我国对于违规减持的监管更多的是 事后监管，对于事前和事中的监管力度仍然不够，大股东违规减持的现象仍是屡禁 不止。因此，本文通过研究达华智能这种频繁并购后业绩暴雷、大股东高频减持、 董监高辞职，最后股价崩盘的典型案例，试图为监管部门加强规范大股东的减持行 为提供一点参考意义。 达华智能从最初的“中国RFID 十大品牌企业”逐步发展到家族创始人控制权 地位的丧失，其上市、并购、亏损、卖壳之路令人唏嘘，而大股东蔡小如等人频繁 的减持的行为也值得深思。本文选取这一典型案例来分析大股东减持的动机、路径 以及这个行为会产生的经济后果，经分析发现达华智能实际控制人蔡小如失去了 对实业的热情，不再关注公司未来的健康发展，通过上市后一系列频繁的并购行为 来拉高股价导致股价被严重高估，进而尝试通过减持来获取 60 亿元的超额收益， 正是由于这种自利性行为导致达华智能经营出现很大的问题，业绩变脸、偿债压力、 高管离职、股价下跌、投资者失去信心等一系列问题接踵而至，公司未来的道路不 知该往何方。为此，笔者提出了些许拙见，对公司来说，培养可持续发展的观念以 及建立多元化的股权结构可以使大股东发自内心地为公司未来着想，也可以抑制 大股东凭借“一股独大”的优势地位做出不利于公司及中小股东的决策；对于监管 部门来说，提高信息披露质量以及惩处力度，促进大股东的减持在交易规模上有理 性的节制；对于中小投资者来说，提高投资素养并且关注公司的经营发展是有必要 的。 关键词：控股股东 减持行为 公司并购 信息披露 1 目 录 1 引言······························································································································1 1.1 研究背景与意义····································································································1 1.1.1 研究背景·········································································································1 1.1.2 研究意义·········································································································2 1.2 文献综述················································································································3 1.2.1 大股东减持的行为研究·················································································3 1.2.2 大股东减持的实施路径研究·········································································4 1.2.3 大股东减持的经济后果研究·········································································5 1.2.4 文献评述····················································································