A Dissertation Submitted to Guangdong University of Technology
for the Degree of Master
（Master of Finance）
A case study of YST company's High Stock Dividends
information manipulation stock price
Candidate: Jiang Jiaxin
Supervisor: Prof.Xie Weihong
Jing jiping
May 2022
School of Economics and Commerce
Guangdong University of Technology
Guangzhou, Guangdong, P. R. China, 510520

摘要
摘要
股价操纵是证券市场长期存在的弊病，随着新型操纵技术的发展，市场操纵呈现
出操纵方式信息化、操纵手法隐蔽化等特征，信息型市场操纵在我国证券市场上频发。
上市公司的中小股东获取信息的渠道十分有限，只能凭借着企业对外公开发布的信息
进行投资决策，然而这种信息不对称性会加剧控股股东的自利动机，与此同时，市场
上的高送转迎合带来的股价高估也会为股东获取高额减持收益创造条件，公司管理者
会通过高送转迎合配合大股东减持实施信息操纵行为。
基于此，本文对 YST借高送转名义进行信息型市场操纵案例深入研究，从该案例
的整个发展链条进行整体分析：前期配合计划与利好信息发布行为、二级市场联合行
动加以整体分析评价，包括操纵的动因、手段以及经济后果，探讨信息型操纵证券市
场的行为路径以及判别依据。其次从信息披露的新规出发，探讨新规是否有效解决了
操纵中的信息披露问题，是否存在缺陷。在当前证监会严厉打击股价操纵行为的背景
之下，结合本次操纵案例的成因提出一定的对策。
本文研究得出结论:首先，YST公司以高送转名义进行的股价操纵案件，通过控
制利好消息披露的时点与节奏来影响投资者预期，借助员工持股计划实现利益输送。
根据事件研究法分析，此类案件在短期内会引起超额收益率，但在长期内由于没有业
绩的支撑企业的市值并没有获得提升。其次，信息型操纵行为通常是多个单行为的组
合，对其判别应该从案例的整个发展链条进行整体分析。最后，在案件发生后出台的
信息披露新规确实有效地制止了本次操纵案件的发生，但新规忽略了操纵者间接获益
的可能性和预案披露时间的自由性，仍然有待完善。本文从监管政策、公司治理、投
资者偏好三方面对本次操纵行为的成因进行了分析总结，从信息披露和操纵认定相关
法规、操纵行为的前期识别和教育、上市公司治理制度等方面提出对策建议。
关键词：信息型操纵；高送转；市值管理；信息披露；监管新规
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广东工业大学硕士专业学位论文
ABSTRACT
Stock price manipulation is a long-standing malady in the securities market. In recent
years, with the development of new manipulation technologies, market manipulation has
shown the characteristics of concealment of manipulation methods and informatization of
manipulation methods. Information-based market manipulation has frequently occurred in
country's securities market. The medium and small shareholders of listed companies have
very limited access to information and can only make investment decisions based on the
information publicly released by the company. However, this information asymmetry will
aggravate the self-interest motives of the controlling shareholders. The overvaluation of the
stock price brought about by catering to High stock dividends and create conditions for
shareholders to obtain high income from shareholding reduction.
Based on this, this thesis makes an in-depth study on the information manipulation case
of YST High stock dividends, and makes an overall analysis from the whole development
chain of the case: the prelude single behavior, favorable information release behavior and
joint action of the secondary market are analyzed and evaluated, and the behavior path and
discrimination basis of information manipulation of the securities market are discussed. This
thesis analyzes the case process of YST's stock price manipulation in the name of High stock
dividends, including the motivation, means and economic consequences of manipulation.
Secondly, starting from the new rules of information disclosure, this thesis discusses whether
the new rules effectively solve the problem of information disclosure in manipulation and
whether there are defects. Under the background of the current CSRC severely cracking
down on the management of false market value, this thesis puts forward some suggestions in
combination with the causes of this manipulation case.
This thesis concludes that: firstly, the means of information manipulation in the name of
High stock dividends are hidden and difficult to identify. Its discrimination should be
analyzed from the whole development chain of the case, and be alert to some companies
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