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股权分置改革解决了我国资本市场上“同股不同权”的现象,但其仍未解决大股东掏空上市公司及侵犯小股东利益的行为。大股东的“掏空”行为在侵占公司资源和其他中小股东利益的同时,也扰乱资本市场的秩序。分析定向增发前后大股东行为,对比其在定向增发前后的利益变化,发现大股东“掏空”行为的动因、手段及影响,制定针对规范控股股东行为的规则变得尤其重要。
The split share structure reform has solved the phenomenon of “different rights of the same shares” in the capital market of our country, but it still has not solved the behavior of large shareholders in hollowing out listed companies and infringing the interests of minority shareholders. The “hollowing-out” behavior of major shareholders invades the resources of the company and the interests of other small and medium-sized shareholders while disrupting the order of the capital market. To analyze the behavior of major shareholders before and after the private placement, compare the changes of their interests before and after the private placement, and find out the motivation, means and influence of the major shareholder ’s “hollowing ” behavior. It is especially important to formulate the rules for regulating the behavior of controlling shareholders.