【摘要】：2010年6月份以后在美國上市的中國概念股因涉嫌會計違規(guī)和審計不嚴等指控，相繼陷入“被做空”的境地，股價在短時間內(nèi)跌至低谷，企業(yè)紛紛宣布停牌和退市，中概股被做空的趨勢一發(fā)不可收拾，由于影響廣泛，引起了國內(nèi)外的普遍關注。同時，中概股也遭遇了前所未有的誠信危機，并在中概股上市公司的私有化退市過程中引發(fā)了一系列連鎖反應，這對于正在或?qū)⒁趪馍鲜械闹袊髽I(yè)而言造成了極大的影響，同時也改變了傳統(tǒng)上市資源的格局。故分析做空機構做空中概股的手段、工具和途徑，總結(jié)中概股頻遭獵殺的經(jīng)驗和教訓，對中國企業(yè)應對當前的信任危機具有深遠且重要的意義。除此之外，我們還應該從中概股被做空的實例中吸取教訓，進一步深化對國內(nèi)股市的改革，使我國的股票市場更加的符合市場化發(fā)展的客觀需要，最終為投融資雙方營造公平合理的發(fā)展環(huán)境。 本文以恒大地產(chǎn)為例，運用案例法來分析香櫞做空恒大地產(chǎn)的目的、手法、途徑；運用因素分析法來分析恒大遭遇香櫞做空的原因；敘述了其被“做空”的全過程。筆者通過分析香櫞公司做空恒大地產(chǎn)的報告，以及對恒大地產(chǎn)的財務情況分析得出結(jié)論，恒大地產(chǎn)不存在造假，之所以被香櫞公司做空，完全是后者蓄意為之，目的就是為了從中謀取利益。另外，文章針對恒大地產(chǎn)被惡意做空這一現(xiàn)象，重點探討了上市公司如何避免被做空，如何應對做空機構的惡意做空，避免重蹈覆轍，實現(xiàn)中國概念股的良性發(fā)展。
[Abstract]:Chinese stocks listed in the United States after June 2010 have been "shorted" one after another because of allegations of accounting irregularities and lax auditing. Their shares have fallen to a low point in a short period of time, and enterprises have announced suspensions and delisting. The short-selling trend is out of hand, because of the widespread impact, caused widespread concern at home and abroad. At the same time, Chinese companies also encountered an unprecedented crisis of integrity, and triggered a series of chain reactions during the process of privatizing and delisting the listed companies. This has a great impact on Chinese enterprises that are or will be listed abroad, and also changes the pattern of traditional listed resources. Therefore, it is of great significance for Chinese enterprises to deal with the current trust crisis by analyzing the means, tools and approaches of short-selling institutions and summing up the experiences and lessons of being killed frequently. In addition, we should also draw lessons from the example of shorting Chinese stocks, further deepen the reform of the domestic stock market, and make the stock market of our country more in line with the objective needs of the development of marketization. Finally, the investment and financing for both sides to create a fair and reasonable development environment. Taking Evergrande real estate as an example, this paper uses case law to analyze the purpose, technique and approach of Citron shorting Evergrande real estate; to use factor analysis method to analyze the cause of Evergrande's encounter with Citron short; and to describe the whole process of Citron shorting. By analyzing Citron's report of shorting Evergrande property and analyzing the financial situation of Evergrande property, the author concludes that Evergrande property does not exist fraud, the reason why Citron is short is the latter deliberately doing it. The aim is to profit from it. In addition, aiming at the phenomenon that Evergrande property is shorted maliciously, this paper focuses on how to avoid shorting by listed companies, how to deal with malicious shorting by short agencies, avoid repeating the same mistakes, and realize the benign development of Chinese concept stocks.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.42

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