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2009年,在检察机关调查云南铜业高管腐败“窝案”时,牵出了一个“案中案”——云铜股票案。2007年,在云南铜业定向增发股票之际,时任云南铜业董秘的陈少飞伙同几个资本运作高手,通过虚假循环贸易,借助云南铜业的信用,以票据贴现的方式,从银行套出资金,申购云南铜业增发股票获利。由于涉案金额和股票交易额巨大,该案被业界誉为“证券第一大案”。陈少飞等人资本运作的过程展示了信贷资金借由票据业务流入资本市场的一条清晰路径,成功规避了监管,使之成为资本市场上的监管黑洞。那么,陈少飞等人究竟是如何进行资本运作的?在资本运作中暴露了哪些资本监管黑洞?如何避免这些黑洞的形成?本文将一一讨论这些问题。
In 2009, the procuratorial organs investigated Yunnan Copper executives when corruption “Wo case”, pulled out a “case ” - cloud copper stock case. In 2007, at the time of Yunnan Copper’s private placement of stocks, Chen Shaofei, then the deputy secretary of Yunnan Copper, together with several capital operation masters, used false circulation trade, Yunnan Copper’s credit, discounted bills, Out of funds, purchase Yunnan Copper shares additional profits. Due to the amount of money involved and the huge amount of stock transactions, the case was the industry as “the securities of the first major case.” The process of capital operation by Chen Shao-fei and others demonstrated a clear path for credit funds to flow into the capital market through the bill business and successfully circumvented regulation as a regulatory black hole in the capital market. So, how does Chen Shaofei and others actually operate the capital? What are the capital regulatory black holes exposed in the capital operation? How to avoid the formation of these black holes? This article will discuss these issues one by one.