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1、恒恒康康医医疗疗市市值值管管理理掩掩盖盖下下的的市市场场操操纵纵行行为为研研究究 R Re es se ea ar rc ch h o on n M Ma ar rk ke et t M Ma an ni ip pu ul la at ti io on n u un nd de er r H He en ng gk ka an ng g M Me ed di ic ca al l M Ma ar rk ke et t M Ma an na ag ge em me en nt t I 摘 要 2005 年我国股权分置改革完成后，大部分非流通股的解禁意味着我国证券 市场进入了全流通时代， 在这个时
2、代大股东持有的股份可以在二级市场上自由流 通。为了自身利益最大化，大股东会通过操纵股价的方式在二级市场减持股份， 损害中小投资者的利益。为了改善该类问题，国务院于 2014 年正式颁布了文件， 明确指出鼓励上市公司市值管理的建设工作朝标准化和制度化方向发展， 但是仍 有部分上市公司恶意扭曲市值管理概念，以此为幌子来操纵股价，而该问题的根 本原因在于市值管理的研究仍有许多亟待辨析的模糊点。而证监会在 2014 年 12 月19日的新闻例会上， 官方披露了18起假借市值管理名义进行股价操纵的案件, 这标志着证监会首次将以市值管理为名的新型股价操纵行为纳入监管范畴。 因此, 如何正确的利用市值管理来
3、提升公司价值，不陷入市场操纵的误区，对公司的健 康发展、中国证券市场的长久运行具有及其重要的意义。 在这个背景下，本文选取了恒康医疗股价操纵案，因为该案例被证监会判定 为是中国首例以市值管理为名进行市场操纵的案例，其作案手段新奇、调查取证 困难、从作案时间到正式惩处时间长达 5 年，表明其具有一定的代表性和研究价 值。首先，笔者从定义、模式和后果三个角度出发，对市值管理和股价操纵相关 文献进行了阐述，并研究探讨出仍待研究的领域和可研究性；其次，运用案例分 析法对证监会处罚的股价操纵案件进行分析， 先运用事件研究法对该市场操纵行 为进行识别，然后再对其具体的操纵手段进行深入研究，并且在舞弊三角理
4、论的 基础上进一步探讨了其进行市场操纵的原因；最后根据其操纵原因，提出了抑制 动因、减少机会、堵住借口三方面的建议。通过整体案例的研究，希望能够有助 于证券市场中其他企业规范市值管理行为， 有利于证监会展开监管活动以及中小 投资者的利益的保护。 关键词：信息型市场操纵；市值管理；舞弊三角理论 II ABSTRACT After the completion of Chinas share-trading reform in 2005, the lifting of most non-tradable shares means that Chinas securities market has
5、entered an era of full circulation, in which the shares held by major shareholders can freely circulate on the secondary market. In order to maximize their own interests, large shareholders will reduce their holdings in the secondary market by manipulating stock prices, which will harm the interests
6、 of small and medium investors. In order to improve such problems, the State Council formally issued a document in 2014, which clearly stated that the construction of market value management of listed companies is encouraged to develop in a standardized and institutionalized direction, but some list
7、ed companies still maliciously distort the concept of market value management and use this as a cover. Manipulating stock prices, and the root cause of this problem is that there are still many ambiguities that need to be identified in the research of market value management. At the regular news con
8、ference on December 19, 2014, the Securities and Futures Commission officially disclosed 18 cases of stock price manipulation under the name of market value management, marking the first time that the Securities and Futures Commission has incorporated a new type of stock price manipulation in the na
9、me of market value management into the regulatory category. Therefore, how to correctly use market value management to enhance the value of the company without falling into the misunderstanding of market manipulation is of great significance to the healthy development of the company and the long-ter
10、m operation of the Chinese securities market. In this context, this article selects the case of Hengkang Medicals stock price manipulation, As this case was ruled by the China Securities Regulatory Commission as the first market manipulation case in the name of Chinas market value management, Its cr
11、ime methods are novel, investigation and evidence collection difficulties, The formal punishment lasts up to 5 years, indicating that it has certain representativeness and research value. First, from the perspective of definition, model, and consequences, the author elaborated the relevant literatur
12、e on market value management and stock price manipulation, and explored the areas and feasibility that are still to be studied. Second, the case analysis method was used to punish the CSRC. To analyze the case of stock manipulation, use the event research method to identify the market manipulation b
13、ehavior, and then conduct in-depth research on its specific III manipulation methods, and further explore the reasons for market manipulation based on the triangle theory of fraud; Finally, according to its manipulation reasons, three suggestions were put forward: restraining the motivation, reducin
14、g opportunities, and blocking excuses. Through the study of the overall case, it is hoped that it will help other companies in the securities market to standardize market value management behavior, and be beneficial to the Securities Regulatory Commission in conducting regulatory activities and protecting the interests of small and medium investors. Keywords: information market manipulation; market value management; fraud triangle theory IV 目录 摘 要.I ABSTRACT.II 1 绪论.1 1.1 研究背景与研究意义.1 1.1.1 研究背景.1 1.1.2 研究意义.
