亚星化学大股东违规占用资金案例分析
发布时间：2018-07-15 15:07
【摘要】：我国的上市公司股权普遍集中，同时存在外部监管机制薄弱、内部公司治理结构不完善等问题，使我国上市公司很容易出现控股股东以各种方式对公司的资金进行占用的行为，，严重损害了上市公司和中小股东的利益，同时也阻碍着中国资本市场的发展，因此防范上市大股东资金侵占的行为就具有十分重要的意义。 本文先通过总结国内外相关研究，结合我国实际情况，选取证券市场上近期发生的亚星化学大股东违规占用上市公司资金的案例，具体分析了亚星化学案情的始末。在出口需求下降、生产原材料价格上涨、产能过剩及国家调控房地产行业政策的出台等不利条件下，亚星化学控股股东亚星集团并没有得到前期扩张带来的回报，在资金极度匮乏的情况下，亚星集团通过非经营性资金往来占款、违规担保占款等多种方式前后共侵占了上市公司超过28亿人民币的资金，对中小股东、上市公司和资本市场产生了恶劣影响。对亚星化学大股东资金侵占行为的产生原因、方式和危害进行针对性的分析。提出我国大股东资金侵占行为屡禁不止的主要原因有高度的股权集中结构、不完善的公司治理结构、大股东违规成本过低、外部监管力度不足、大股东与中小股东存在利益冲突等五个方面。目前我国上市公司大股东常通过非经营性资金占款、关联交易占款和担保贷款等方式对其控股公司的资金进行侵占。大股东侵占上市公司资金的主要危害主要有：严重影响上市公司业绩及声誉、损害中小股东利益及信心、阻碍资本市场秩序和建设等。 最后提出防范大股东侵占上市公司资金的六项建议：第一，优化上市公司的股权结构；第二，完善上市公司治理结构；第三，提高大股东的违规行为成本；第四，加强证券市场监管力度；第五，积极拓宽企业的融资渠道；第六，强化中小投资者的维权意识。
[Abstract]:The stock rights of listed companies in our country are generally concentrated, at the same time, the external supervision mechanism is weak, the internal corporate governance structure is not perfect and so on. It is easy for the listed companies in our country to occupy the funds of the company by controlling shareholders in various ways. It seriously damages the interests of listed companies and minority shareholders, and also hinders the development of China's capital market. Therefore, it is of great significance to prevent the behavior of capital encroachment by listed large shareholders. This paper first summarizes the relevant studies at home and abroad, combined with the actual situation in China, selects the recent case of large shareholders in the securities market to occupy the funds of listed companies illegally, and analyzes the start and end of the case of Yaxing Chemical. Under such unfavorable conditions as falling export demand, rising prices of raw materials for production, overcapacity and the introduction of policies to regulate the real estate industry by the state, Yaxing Group, the controlling shareholder of Yaxing Chemical, has not received the return brought about by its earlier expansion. In the case of extreme lack of funds, the Asian Star Group has encroached on more than 2.8 billion yuan of funds of listed companies before and after non-operating capital transactions, illegal guarantee funds, etc., for small and medium shareholders. Listed companies and capital markets have had a bad impact. This paper analyzes the causes, methods and harms of the major shareholders' embezzlement behavior of Yaxing Chemical Co., Ltd. It is pointed out that the main reasons for the repeated encroachment of large shareholders are the high concentration structure of stock right, the imperfect corporate governance structure, the low cost of large shareholders violating the rules, and the insufficient external supervision. There are five aspects such as the conflict of interest between the major shareholder and the minority shareholder. At present, the majority shareholders of listed companies in China often encroach on the funds of their holding companies by means of non-operating funds, related party transactions and secured loans. The main harms of the large shareholders' encroachment on the capital of the listed company are as follows: seriously affecting the performance and reputation of the listed company, harming the interests and confidence of the minority shareholders, obstructing the order and construction of the capital market, and so on. Finally, six suggestions are put forward to prevent large shareholders from encroaching on the funds of listed companies: first, to optimize the ownership structure of listed companies; second, to improve the governance structure of listed companies; third, to increase the cost of major shareholders' illegal behavior; fourth, Strengthen the supervision of the securities market; fifth, actively broaden the financing channels of enterprises; sixth, strengthen the awareness of the rights of small and medium-sized investors.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
本文编号：2124483
[Abstract]:The stock rights of listed companies in our country are generally concentrated, at the same time, the external supervision mechanism is weak, the internal corporate governance structure is not perfect and so on. It is easy for the listed companies in our country to occupy the funds of the company by controlling shareholders in various ways. It seriously damages the interests of listed companies and minority shareholders, and also hinders the development of China's capital market. Therefore, it is of great significance to prevent the behavior of capital encroachment by listed large shareholders. This paper first summarizes the relevant studies at home and abroad, combined with the actual situation in China, selects the recent case of large shareholders in the securities market to occupy the funds of listed companies illegally, and analyzes the start and end of the case of Yaxing Chemical. Under such unfavorable conditions as falling export demand, rising prices of raw materials for production, overcapacity and the introduction of policies to regulate the real estate industry by the state, Yaxing Group, the controlling shareholder of Yaxing Chemical, has not received the return brought about by its earlier expansion. In the case of extreme lack of funds, the Asian Star Group has encroached on more than 2.8 billion yuan of funds of listed companies before and after non-operating capital transactions, illegal guarantee funds, etc., for small and medium shareholders. Listed companies and capital markets have had a bad impact. This paper analyzes the causes, methods and harms of the major shareholders' embezzlement behavior of Yaxing Chemical Co., Ltd. It is pointed out that the main reasons for the repeated encroachment of large shareholders are the high concentration structure of stock right, the imperfect corporate governance structure, the low cost of large shareholders violating the rules, and the insufficient external supervision. There are five aspects such as the conflict of interest between the major shareholder and the minority shareholder. At present, the majority shareholders of listed companies in China often encroach on the funds of their holding companies by means of non-operating funds, related party transactions and secured loans. The main harms of the large shareholders' encroachment on the capital of the listed company are as follows: seriously affecting the performance and reputation of the listed company, harming the interests and confidence of the minority shareholders, obstructing the order and construction of the capital market, and so on. Finally, six suggestions are put forward to prevent large shareholders from encroaching on the funds of listed companies: first, to optimize the ownership structure of listed companies; second, to improve the governance structure of listed companies; third, to increase the cost of major shareholders' illegal behavior; fourth, Strengthen the supervision of the securities market; fifth, actively broaden the financing channels of enterprises; sixth, strengthen the awareness of the rights of small and medium-sized investors.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
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