大股东持股变动对中国上市公司成长性影响研究

发布时间：2018-04-26 12:31

本文选题：大股东 + 增减持　；参考：《合肥工业大学》2013年硕士论文

【摘要】：股权分置改革后，中国股市进入全流通时代，，许多大股东开始在二级市场频繁增减持股票。而各类投资者掌握的企业价值信息不同，对公司经营业绩的影响不同，也导致在市场变动过程中，大股东可以凭借其信息优势和控制权优势等在二级市场套利。而交易规则对大股东的约束过于宽松，也使得大股东在二级套利现象不可避免，侵害了中小股东的利益。更为严重的是，一旦大股东卖出股票后，这些股票就会被许多毫无经营管理经验、只能“搭便车”的散户投资者持有，这不仅影响到一般投资者的短期市场利益和投资积极性，还影响到了公司长期成长。因此对大股东市场行为进行研究，既关系到对中小投资者利益的保障，又关系到公司长期成长，这将成为公司治理研究的一个重要方向。本文以2006年至2011年发生大股东增减持的上市公司为样本，分别从动态的增减持行为和静态的持股比例方面考察大股东对公司成长性的影响，并结合相关理论对其解释。研究框架包括五部分：第一部分介绍了选题的背景、研究意义和研究目的，以及文章的主要结构，并指出了研究的方法和创新之处。第二部分介绍了国内外学者对大股东增减持股份和持股比例对成长性影响的相关研究。第三部分主要讨论了大股东持股比例以及增减持股份对公司成长性影响的内在机理，重点对公司治理理论、委托代理理论以及影响成长性的因素进行了分析，为后面的研究打下理论基础。第四部分实证研究了大股东增减持以及持股比例对成长性的影响，结论显示大股东减持不利于公司成长性提高，适当的股权制衡有利于提升公司成长性，国有股比例越高的公司成长性越差。第五部分结合我国实际情况和实证研究结论，给出了有助于提升公司成长性并且减少大股东利益侵害问题的对策建议。
[Abstract]:After the reform of split share structure, the Chinese stock market entered the era of full circulation, and many major shareholders began to increase and decrease their holdings frequently in the secondary market. Different kinds of investors hold different information of enterprise value, which has different influence on the company's operating performance, which also leads to arbitrage of large shareholders in the secondary market by virtue of their advantages of information and control in the course of market change. However, the restrictions of trading rules on large shareholders are too loose, which makes the phenomenon of arbitrage of large shareholders in the second level inevitable and infringes the interests of small and medium shareholders. What is more serious is that once the major shareholders have sold the shares, these stocks will be held by many retail investors who have no business management experience and can only "hitchhike". This will not only affect the short-term market interests and investment enthusiasm of retail investors. It also affects the company's long-term growth. Therefore, the research on the market behavior of large shareholders is not only related to the protection of the interests of small and medium-sized investors, but also to the long-term growth of the company, which will become an important direction of corporate governance research. Based on the sample of listed companies with large shareholders increasing or decreasing their holdings from 2006 to 2011, this paper examines the influence of large shareholders on the growth of the company from dynamic increase and decrease behavior and static shareholding ratio, and explains it with relevant theories. The research framework consists of five parts: the first part introduces the background, significance and purpose of the research, as well as the main structure of the article, and points out the research methods and innovations. The second part introduces the domestic and foreign scholars' research on the influence of the increase and decrease of the majority shareholder's share and the proportion of the shareholding on the growth. The third part mainly discusses the internal mechanism of the influence of the proportion of large shareholders' shareholding and the increase or decrease of holding shares on the growth of the company, focusing on the theory of corporate governance, the principal-agent theory and the factors affecting the growth. Lay a theoretical foundation for the following research. The fourth part empirically studies the influence of the increase and decrease of large shareholders' holding and the proportion of stock holding on the growth. The conclusion shows that the reduction of large shareholders' holding is not conducive to the improvement of the growth of the company, and the proper equity balance is conducive to the promotion of the growth of the company. The higher the proportion of state-owned shares, the worse the growth. The fifth part combines the actual situation of our country and the empirical research conclusion, has given the countermeasure suggestion which helps to promote the company growth and reduces the big shareholder interest encroachment.
【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】：F275;F832.51

【参考文献】