本文選題：第二類(lèi)代理問(wèn)題 + 利益輸送　； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：現(xiàn)如今關(guān)于大股東與小股東之間的矛盾越來(lái)越嚴(yán)重。大股東使用各類(lèi)方法來(lái)獲得非法利益,嚴(yán)重破壞了市場(chǎng)的平衡。為了資本市場(chǎng)的良好發(fā)展,該問(wèn)題的研究以及治理顯得尤為重要。本文通過(guò)案例分析的方式,選取較新的具有代表性的宏磊股份利益輸送事件,深入研究了該事件中大股東進(jìn)行利益輸送的原因及其危害,并提出解決該問(wèn)題的建議。研究發(fā)現(xiàn)宏磊股份大股東肆無(wú)忌憚進(jìn)行利益輸送原因分為公司內(nèi)部原因以及外部原因。內(nèi)部原因在于控制人占有了公司絕大多數(shù)股份,并把董事會(huì)牢牢掌控在手中。同時(shí)監(jiān)事會(huì)失職、公司規(guī)章制度形同虛設(shè)、獨(dú)立董事不獨(dú)立等公司內(nèi)部治理缺陷亦是重要原因。外部原因主要為外部監(jiān)管不到位以及缺乏其它約束力量。事件危害是多方面的。股價(jià)下跌,小股東權(quán)益受損。公司經(jīng)營(yíng)狀況不佳,償債能力惡化,盈利能力低下。對(duì)此本文提出一系列針對(duì)性建議,通過(guò)積極引入機(jī)構(gòu)投資者制衡大股東,積極發(fā)展QFII、滬港通、深港通來(lái)引進(jìn)先進(jìn)治理經(jīng)驗(yàn)。修訂獨(dú)立董事制度,并大力建設(shè)該市場(chǎng)。建議監(jiān)管部門(mén)加強(qiáng)監(jiān)管,將利益輸送罰款與其通過(guò)該行為所獲非法利益掛鉤。并讓媒體與事務(wù)所等各類(lèi)機(jī)構(gòu)都發(fā)揮出應(yīng)該有的作用。
[Abstract]:Nowadays, the contradiction between big shareholders and small shareholders is becoming more and more serious. Major shareholders use a variety of methods to obtain illegal benefits, seriously disrupting the balance of the market. For the good development of capital market, the research and governance of this problem is particularly important. In this paper, through case study, we select a new and representative case of Honglei share interest transmission event, deeply study the cause and harm of large shareholders' interest transmission in this event, and put forward some suggestions to solve this problem. The research found that the main shareholders of Honglei shares unscrupulously carry out profit transmission, which can be divided into internal reasons and external reasons. The internal reason is that the controller has a majority stake in the company and keeps the board firmly in hand. At the same time the board of supervisors dereliction of duty, the company rules and regulations are void, independent directors are not independent and other internal governance defects are also important reasons. External reasons are mainly external supervision is not in place and lack of other constraints. The harm of the incident is manifold. The stock price fell and minority shareholders' rights and interests were damaged. The company's operating conditions are poor, its solvency is deteriorating, and its profitability is low. This paper puts forward a series of targeted suggestions to introduce advanced governance experience by introducing institutional investors to balance large shareholders and actively developing QFII, Shanghai Stock Connect and Shenzhen Hong Kong Stock Connect. Revise the system of independent directors and vigorously build the market. It is suggested that regulators strengthen supervision and link the penalty for the transmission of benefits to the illegal benefits obtained through the act. And let the media and firms and other institutions to play their due role.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F426.32;F406.7

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