Interest transfer is an unfair phenomenon in the securities market. Listed companies transfer benefits to major shareholders, the funds of fund companies benefit each other, and help cash out restricted shares in the name of false restructuring of listed companies, and so on. These unfair interest transfer behaviors undoubtedly harm the interests of investors and hinder the normal development of the market, which should be resolutely put an end to!
"Benefit Transmission" is a concept put forward by Johnson, laporta, Lopez de Silane and JLLS in 2000. Its original intention refers to all kinds of legal and illegal behaviors of transferring assets through underground channels, and the enterprise controller transfers the assets and profits of the enterprise to his own hands. This kind of behavior is usually an infringement on the interests of minority shareholders.
There is no clear definition of "interest transfer" in Chinese law, and the understanding of "interest transfer" in theoretical circles is not the same, and most of them study it from the economic and financial fields.
Some scholars believe that "interest transfer" usually refers to the cooperation between listed companies and the bookmaker of the company's stock or other listed companies, using inside information or management means to realize the fluctuation of the listed company's stock price or the change of its operating performance, so as to make the bookmaker or other companies profit;
Some scholars believe that "hollowing out", also known as hollowing out, refers to the behavior of controlling shareholders or major shareholders using their absolute equity or control position to take some illegal means to transfer the assets or profits of listed companies, or even hollowing out listed companies.
Common ways of interest transfer
1, bidding binding, with unfair technical tender, lists some manufacturers eligible to bid.
2. Bid.
3. Selling/leasing public property to private individuals or consortia at too low a price, but in some cases, this transfer of benefits is ethical.
For example, the government provides land for free and even subsidizes railway companies, because the losses of railway companies are almost high, but railways can greatly reduce social costs and government expenditures; In Taiwan Province Province, it is officially called "fat meat with lean meat" (in order to make the company do loss-making business that is beneficial to society, give him some compensation for the profitable business). The loss of Kaohsiung MRT is an example of too little benefit from the government.
4. Designate the manufacturer to bargain.
5. First bid at a low price, then add the budget.
6. Buy off the judges.
7. Reveal the reserve price to the bidder.
8. Use foundations to transfer assets.
9. Assign art design or performance to one's own people, but the price is too high or the finished product lacks artistic value; This is because works of art are difficult to evaluate and compare, and it is impossible to bid in the traditional way. Relevant laws and regulations will be particularly relaxed, and you can legally give your own people a lot of public funds (rather than reasonable remuneration).
10. Before entering or leaving the stock market, the funds held by the government leaked the relevant information of the transaction, that is, they were reported to the winning numbers for short-term speculation.
1 1. Some laws will shield the improper interests of some people and produce public interests. It is also a kind of interest transfer for the people to obstruct such bills because of their own factors. For example, legislators who run their own factories block stricter emission and noise laws, and legislators who smoke block bills that expand the scope of smoking bans, which is still considered as corruption in a broad sense.
Refer to the above? Baidu Encyclopedia-Benefit Transmission