股东类型与大小非减持动因问题研究

发布时间：2018-02-03 19:35

本文关键词： 股东类型大小非减持动因最优股权结构　出处：《重庆大学》2012年硕士论文　论文类型：学位论文

【摘要】：从股权分置改革中引起的资本市场重构开始深刻影响着市场微观个体行为发生变化，微观个体通过减（增）持股份追求自身利益最大化。在大小非减持的过程中，不同类型的股东在减持力度、时点选择等考虑的因素均不同，其对证券市场的影响也迥异。由于最优股权结构的形成是一个动态过程，在此过程中不同股东增持或减持股份；而在股权高度集中的市场中，股东增持或减持行为直接影响了股权结构，所以大小非减持实质上是一个最优股权结构的动态选择问题。本文从最优股权结构和微观个体效用理论的视角，采用规范分析与实证研究相结合的方法，区分股东类型来研究大小非减持动因。首先，总结了国内外关于最优股权结构的主流理论同大小非减持相关的主要研究成果，并对股票市场的供求关系、控股股东与私有收益和非控股股东与行为金融学等相关理论做了分析和回顾。其次，基于Parigi和黄志忠等模型和研究方法的基础上，结合中国股市实际情况而修正，构建理论模型，推导得出不同类型股东减持动因的假设。再次，通过2006年至2011年间深证数据的实证分析和上证市场宏达股份与汇通能源的案例分析，共同验证模型假设的适用性和合理性。最后，，本文针对不同类型股东的行为特点和大小非减持动因，从优化上市公司法人治理结构，创新监管方式及强化信息披露，建立健全的投资者法律保护体系三个方面提出了相应的政策建议。研究得到了三种类型股东不同的减持动因：控股股东的减持来自于低业绩、高价位、强风险和降低掏空成本的影响；股权制衡条件下的非控股大股东减持在考虑低业绩和高价位因素之外还会受到弱制衡因素的影响；而中小股东减持动因主要来自于低业绩和高估值。
[Abstract]:The capital market restructuring caused by the reform of split share structure has a profound impact on the market micro-individual behavior changes. In the process of non-reduction, different types of shareholders consider different factors, such as the intensity of reduction, the choice of time and so on. Because the formation of the optimal ownership structure is a dynamic process, different shareholders increase or reduce their shares in the process; In the highly concentrated equity market, shareholders' behavior of increasing or reducing their holdings has a direct impact on the ownership structure, so the non-reduction is essentially a dynamic choice of the optimal ownership structure. From the perspective of optimal equity structure and micro-individual utility theory, this paper uses the method of combining normative analysis and empirical research to distinguish the types of shareholders to study the non-reduction motivation. This paper summarizes the main research results of the main theories about the optimal equity structure and the non-reduction, and the relationship between supply and demand in the stock market. The related theories of controlling shareholder and private income and non-controlling shareholder and behavioral finance are analyzed and reviewed. Secondly, based on Parigi and Huang Zhizhong and other models and research methods. According to the actual situation of China's stock market, this paper constructs a theoretical model and deduces the hypothesis of different types of shareholders' reduction motivation. Through the empirical analysis of Shenzhen Stock Exchange data from 2006 to 2011 and the case study of HTC shares and Huitong Energy in Shanghai Stock Exchange, the applicability and rationality of the model hypothesis are verified. According to the behavior characteristics and non-reduction motivation of different types of shareholders, this paper focuses on optimizing the corporate governance structure of listed companies, innovating supervision methods and strengthening information disclosure. To establish a sound legal protection system for investors in three aspects of the corresponding policy recommendations. The results show that three types of shareholders have different reasons to reduce their holdings: the controlling shareholder's reduction comes from low performance, high price, strong risk and the effect of reducing tunneling cost; Under the condition of equity balance, the reduction of non-controlling majority shareholders will be affected by weak checks and balances in addition to the consideration of low performance and high price factors. And medium and small shareholder reduce the motive mainly comes from low achievement and high valuation.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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