资产重组中大股东承诺、现金补偿与中小股东利益保护——基于海润光伏的案例研究

Major Shareholders Commitment,Cash Compensation and Small & Medium Investor Protection in Asset Recombination:A Case Study

以海润光伏为例,采用案例分析的方法,研究资产重组中大股东承诺履行与上市公司高额现金股利分配的关系及其对投资者利益的影响。结果表明,海润光伏在公司实际净利润远低于大股东承诺业绩情况下实施的高额派现,有向大股东输送现金以满足其向上市公司支付承诺补偿款之嫌,并给中小股东利益造成巨大损失。为切实保护中小股东的利益,监管当局应当加强对资本市场中大股东承诺行为的监管,尤其是承诺履行层面的监管。

This paper studies the relationship between compensation commitment of the major shareholders and dividend payout based on the case of Hareonsolar’s material assets reorganization,from the view of investor protection theory and dividend agent theory. The study indicates that the real intention of Hareonsolar’s high dividend payout is delivery of cash to large shareholders,and the behavior of high dividend distribution induces the suspicion of expropriating small shareholders’ interest. CSRC should focus on the compensation commitment institution to strengthen protection effect on minority shareholders’ interest,and forbid major shareholders to compensate for the listed company by cash dividends.