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上市公司风险管控新内容:防范被恶意做空

2017-09-02 07:25:56   中国经济网

其次,扰乱市场正常秩序,甚至演变成恶意操控市场行为。当上市公司遭到恶意做空时,不成熟的投资者无法分辨利空消息,会争先恐后卖出股票,而羊群效应的存在会导致股价出现暴跌,由于恐慌情绪的蔓延,投资者会进一步从众卖出股票,从而加剧市场非理性波动,扰乱市场正常秩序。面对做空利润的巨大诱惑,做空机构变成不折不扣的逐利者,其做空利益链也不断成熟,甚至通过发布虚假报告,制造恐慌,从而牟取暴利。如果不对这种恶意做空进行有效监管,这种做空机制不仅会加剧市场的非理性波动,甚至有可能演变为通过虚假信息来恶意操纵市场的行为。

最后,做空可能不是单纯的资本市场行为。今年2月份,艾默生分析(Emerson Analytics)发布报告称,魏桥集团旗下公司中国宏桥涉嫌虚报成本、财务造假和关联交易。然而,通过仔细研究不难发现其中的端倪。由于“一带一路”的推进,中国宏桥在几内亚的影响力与日俱增。2016年,中国宏桥在几内亚建设的铝矾土矿正式投入生产,并计划两年内即增产至3000万吨,而美铝从1960年开始至今在几内亚的铝土矿产能也就1000多万吨,这直接导致美铝和澳大利亚力拓迅速丧失了其在全球铝土矿市场的定价权。因此,可以看出,此次做空显然不是一次单纯的资本市场行为,其背后是寄希望于通过做空,打击投资者的信心,影响中国宏桥正常经营,切断其资金链,从而引发企业的债务危机。

未来随着“一带一路”项目的不断实施推进,需要特别警惕出于为某些国家和国际利益集团垄断国际市场服务的恶意做空行为,防止做空机构利用恐惧绑架沿线国家舆论,散布“中国崩溃论”、“中国威胁论”、“中国责任论”等,干扰“一带一路”项目的实施推进。

防范恶意做空路径选择

一是建立完善的公司监督机制。上市公司应该加强自我约束,完善公司治理结构,健全企业财务运行机制,保证对外提供的财务报告的真实性和完备性,坚决杜绝财务信息失实甚至造假,不给做空者以可乘之机。同时建立完善的公司监督体系,增强独立董事的专业性和独立性,强化董、监、高与公司股东大会的权利制衡机制,严查内部隐患,防止企业员工以权谋私,做出损害公司股东利益的事情。

二是提高企业信息披露透明度。上市公司应严格按照信息披露制度要求,确保披露信息的真实、完整、可靠。一旦被做空,上市公司应及时、公开、透明地披露公司的真实数据和信息,及时正面回击,使做空方恶意狙击不攻自破,重新赢得投资者的支持,恢复市场信心。

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