Zhang Yu a major shareholder strong hundreds of millions of experts recommend heavy Punishment executives

"Zhang Yu A (000869) the existence of the problem, especially to the large shareholder to convey benefits, in fact, is only a large number of large-scale state-owned enterprises left the problem of the iceberg."　　"November 9 morning, Cathay Securities senior Securities analyst Lu Evan to the Huaxia Times reporter said.　　This was suddenly the regulatory department "Bandi" body in the "rectification Door", Zhang Yu A's large shareholder Zhang Yu Group was questioned in the restructuring of the industry once again aroused concern.　　In Lu Evan's view, the big shareholder's discourse power to the listed company is too strong, which is an important manifestation of the incomplete reform, and also the root cause of many illegal operations, especially profit control. More people in the industry said Zhang Yu a this amount of up to hundreds of millions of yuan serious violations should be given severe penalties.　　In the opinion of Mengqing, a doctoral tutor in commercial law of Wuhan University, the listed companies should be fined for such serious breaches, and the chairman and independent directors should be punished accordingly, if similar situation occurs again, the chairman of the listed companies should be banned.　　Big shareholder strong take hundreds of millions of in Zhang Yu a small shareholder, Zhang Yu a large shareholder Yantai Changyu Group Co., Ltd. (hereinafter referred to as "Zhang Yu Group") on the listed companies "plunder" behavior is simply outrageous degree.　　Zhang Yu group from Zhang Yu a "handy money" single from the use of a trademark fee can be seen. 1997, Zhang Yu A was established, Zhang Yu Group and Zhang Yu a signed the "license to use the contract", agreed to Changyu and other trademarks by the company indefinitely, exclusive use of the joint-stock company in accordance with the sales of related goods 2% Payment Group trademark use fee,　　At the same time agreed that the group received the use of trademarks mainly used to promote trademarks and the use of trademarks products.　　As of June 2010, Zhang Yu Group paid a total of 468 million Yuan trademark use fee. The problem comes out.　　The listed company Zhang Yu A's advertising fee is rising year by year, Zhang Yu group in recent years almost no advertising expenses, that is, Zhang Yu Group received a large amount of trade mark use fees but the maintenance of trademarks did not make any contribution, not strictly enforce the contract.　　Public information shows that the Changyu A2006 in the consolidated statement of 274 million of the advertising fee as the base, 2007 the company's advertising costs reached 257 million, 2008 is also soaring to 430 million, compared with 2007 growth of 67%. Tasted the sweetness of Changyu group next in 2009, registered in the Fort Love, Gold Valley and other trademarks, but in fact, the above trademarks by the listed companies in the production process, Zhang Yu A is fully qualified to register, and the result is still registered by the group after the registration of the company to use,　　And these trademarks in the absence of a separate use contract with the listed companies, still by the listed companies in 1997 with the "trademark license to use the contract" agreed to use, that is, annual payment of the relevant merchandise sales income of 2% to Changyu group, did not strictly perform the relevant transaction review procedures. Zhang Yu a incomplete run Changyu group is able to from Zhang Yu a "easy to make a lot of dough", a big factor is the group and publicDivision is in the "offices" state.　　Shandong Provincial Certificate and Regulatory Bureau pointed out that in the business, Zhang Yu Group deputy general manager in charge of the business of Zhang Yu; Zhang Yu Group board of Directors to consider the business development of the joint stock company, in the financial aspects, Changyu Group, part of the financial vouchers by Zhang Yu A's financial staff as a reviewer.　　"Family" is certainly very convenient to do things.　　Zhang Yu group from Zhang Yu a payment time is not necessary "by the hand", you can always "bring".　　For example, the use of trademarks, according to the agreement at that time, Changyu A to pay the use of the trademark of Changyu group, in each Gregorian calendar year June 30 before the payment, but Changyu A is not in accordance with the contract agreed to pay the way, but by quarter or month to pay. More seriously, May 10, 2009,　　Zhang Yu a dividend to the major shareholders 318 million yuan, and the company announced the 2008 distribution of a share dividend of the registration date of June 3; Similarly, May 28, 2010, Zhang Yu A to the major shareholders to allocate the 2009 part of the dividend of 150 million yuan, and the company announced the 2009 distribution A-share dividend of the stock registration date is July 6　　Again such as fixed assets, according to the verification of the Shandong Securities and Supervision Bureau, Zhang Yu Group of tourism companies using the assets of Changyu A, Zhang Yu a belongs to the Zhen Group Apartment House property card is still Zhang Yu groups.　　For all these, the listed company, Zhang Yu as the interests of the injured party, has never made a protest to Changyu group. "The listed company is in fact a defective operation, which violates the principle of ' five independence ' of listed companies, which leads to the authenticity of the company's more than 10-year earnings."　　"Lu Evan to this reporter said, over the same term, listed companies into large shareholder" cash machine "wind, I am afraid will be intensified, and the interests of small investors are destined to continue to be hit.　　A more serious problem is another, more serious problem--the proportion of cash dividends has been high, with the information exposed by regulators. Public data show that Zhang Yu a for nearly 4 years of continuous high dividend and far exceed the industry's high average growth: Since 2005, Changyu Group completed restructuring, Changyu a annual cash dividend ratio has been high, 2005-2008 consecutive 10-faction 7, 10-Faction 8, 10-faction 11 and 10 of the high dividend, The company's 4-year total cash dividend has reached 1.918 billion yuan, accounting for a net profit ratio of up to 86%.　　In the previous 2000-2003 years four years, Zhang Yu a cumulative dividend does not exceed 200 million yuan. The high dividend makes Changyu group benefit richly. Public data show that, in 2008, Zhang Yu a cash dividend of 633 million yuan, and Zhang Yu Group Holdings 266 million shares, accounting for 50.4% of the total equity, rough calculation, only 2008 Changyu group received 319 million yuan dividends.　　And the company's circulation shareholders only received 314 million yuan dividend.　　November 9, our correspondent on the above issues called Changyu Group and Zhang Yu A, both sides refused to accept the interview. In Zhang Yu group and even Zhang Yu A's executives collectively have been silent,"Because they want to pay through the high dividend of the listed companies."　　A long-time concern of Zhang Yu group restructuring people told reporters. 6 years ago (2004), Zhang Yu group executives through the form of MBO to become the "Hundred years old shop" shareholders.　　For the successful implementation of this questionable MBO program, Zhang Yu Group executives reluctantly signed a loan agreement with the Trust Agency.　　According to the Trust plan, Zhang Yu senior executives to pay a total of 210 million yuan, also means that the average annual more than 70 million yuan, and according to Zhang Yu shares disclosed that the company executives to become Yuhua investment shareholders in 2005 total annual salary in the amount of more than 10 million yuan, the remaining more than 60 million yuan from what? This has laid the groundwork for the high dividends of previous years.