重要股东增减持行为的动机与影响因素研究

发布时间：2018-02-26 20:16

本文关键词： 重要股东增减持行为市场趋势持股成本财务指标　出处：《合肥工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：股权分置改革是我国资本市场上发生过的最重要的一次改革，它从根本上改变了我国内地证券市场上存在的“不同股、不同权、不同价”现象，自此中国股市进入了全流通时代。股权分置改革使我国证券市场更加趋于公正公平，并在很大程度上保护了中小股东的利益，也使市场上基本的估值体系更加具有准确性。但越来越多的股改及IPO限售股随着解禁浪潮而逐渐流进二级证券交易上市，其流通市值开始大幅增加，这就导致了重要股东的市场行为越来越频繁，开始频繁的增减持股票，这种行为严重破坏了证券市场的稳定性，也损害了证券市场上中小股东的利益。因此只有通过实证研究分析重要股东增减持行为的动机，进一步弄清重要股东增减持行为的影响因素，才能找到问题的根源所在，提出行之有效的建议，从而达到最终解决问题的目的。目前国内外学者们对股东市场行为的动因及影响因素的研究较多，但针对重要股东增减持行为的动机与影响因素的研究却比较少。本文的思路是以理论及实证分析为主线，主要针对重要股东增减持行为的影响因素、动机、市场行为之间的内在机理加以探讨，并进行多方面的验证，其研究结果不仅具有现实意义，还具有一定的理论意义。文章的理论分析主要是探讨重要股东增减持行为的动机问题，确立了重要股东增减持股票的主要动机，并加以分类，，从而引申出各动机相对应的具体影响因素；实证分析主要是以2006年1月—2012年12月发生重要股东增减持股票的公司为样本，实证论证了重要股东增减持行为与市场趋势、持股成本及财务指标（发展能力、长期偿债能力、短期偿债能力、风险水平、获利能力、现金流量能力、盈利能力、营运能力）之间存在的相关关系。最后结合理论与实证分析，从而提出规范重要股东市场行为、确保市场稳定发展的对策建议。
[Abstract]:The reform of split share structure is the most important one in the capital market of our country. It has fundamentally changed the phenomenon of "different shares, different rights and different prices" existing in the securities market of mainland China. Since then, China's stock market has entered an era of full circulation. The split share structure reform has made our securities market more just and fair, and to a large extent has protected the interests of minority shareholders. It also makes the basic valuation system in the market more accurate. But more and more share reforms and IPO restricted share sales have gradually flowed into secondary securities trading and listing along with the wave of lifting the ban, and its circulation, market value, has begun to increase substantially. This led to more and more frequent market behavior of major shareholders, and began to increase and decrease their stock holdings frequently. This behavior seriously undermined the stability of the securities market. It also damages the interests of minority shareholders in the securities market. Therefore, only by analyzing the motivation of increasing and decreasing the holding behavior of important shareholders through empirical research, can we find out the root of the problem. Put forward effective suggestions, so as to achieve the ultimate goal of solving the problem. At present, many scholars at home and abroad have studied the motivation and influencing factors of shareholders' market behavior, but there are few researches on the motivation and influencing factors of important shareholders' increasing and decreasing holding behavior. The main idea of this paper is to take theoretical and empirical analysis as the main line. This paper mainly discusses the influence factors, motivation, and the internal mechanism between the market behavior and the increase and decrease of the important shareholders' holding behavior, and verifies it in many aspects. The results of the research are not only of practical significance, but also of practical significance. The theoretical analysis of this paper is mainly to discuss the motivation of increasing and decreasing the holding behavior of important shareholders, and to establish the main motivation of increasing and decreasing the stock holdings of important shareholders, and to classify it. The empirical analysis is mainly based on the sample of companies with significant shareholders increasing or decreasing their stock holdings from January 2006 to December 2012, and demonstrates the behavior and market trend of the increase and decrease of significant shareholders. Ownership costs and financial indicators (development capacity, long-term solvency, short-term solvency, risk level, profitability, cash flow capacity, profitability, Finally, combining the theoretical and empirical analysis, the author puts forward some countermeasures and suggestions to regulate the market behavior of important shareholders and ensure the stable development of the market.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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