大股东增减持行为对公司价值影响的实证研究

发布时间：2018-05-06 21:30

本文选题：大股东 + 增持行为　；参考：《哈尔滨工业大学》2012年硕士论文

【摘要】：中国股票市场在股改基本完成之后开始进入全流通时代。由于限售股份的上市流通，，公司大股东自身价值最大化的考量标准也随着发生了变化，由此导致其相关行为也发生了重大改变，如证券流通市场上大股东股份增减持行为的频率显著增加。在大股东的增减持股份行为发生的过程中，会带来各种问题。这些问题会影响我国当前资本市场的稳定发展和交易的公平性。因此，深入研究大股东增减持的行为状况以及大股东增减持行为如何影响公司价值的机理是十分必要的。本文主要研究目是通过文献综述与理论解释，总结出有关大股东增减持行为在不同股东性质和股权集中度下的不同经济后果；通过实证研究，验证了大股东增减持行为是会影响公司价值的，并且在不同情况下影响程度也是不同的。在得到实证研究的结果后，针对大股东影响公司价值的实际情况，从投资者、管理层和监管部门等角度提出政策和建议。本文对大股东增减持行为分别进行理论分析和实证分析。在理论分析中，阐述了大股东行为对公司价值影响的两个效应，从大股东行为效应的基础理论角度，再借助信号传递理论和行业效应理论解释大股东增持行为对公司价值的作用机理，借助委托代理理论和公司治理理论解释大股东减持行为对公司价值的作用机理。在实证分析中，分别运用分组回归法和分层回归法。对2008年到2010年满足条件的664个样本进行处理的结果是：国有性质下的大股东增持行为与公司价值无关而非国有性质下的大股东增持行为与公司价值显著正相关；并且在实证中还得到了不同性质下的资产负债率和独立董事比例分别与公司价值有不同结论的相关性，对这一结果进行分析，可以看出不同性质下的增持行为对公司价值影响的不同结果。大股东减持行为与公司价值显著正相关并且大股东的持股比例抑制这种正向影响。最后结合实证分析结论，提出政策建议，并指出研究的不足和未来的方向。
[Abstract]:The Chinese stock market began to enter the full circulation era after the stock reform was basically completed. Due to the circulation of the limited shares, the standards of the maximum value of the large shareholders' own value also changed, which led to the significant changes in their related behavior, such as the frequency of the stock increase and reduction of the stock in the stock market. There will be a significant increase. There will be a variety of problems in the process of increasing and reducing the stock holding behavior of the large shareholders. These problems will affect the stable development of the current capital market and the fairness of the transaction. Therefore, it is very necessary to study the behavior of the large shareholders to increase and reduce the stock market and how the large shareholders will affect the company's value. The main purpose of this paper is to summarize the different economic consequences of the large shareholders' holding behavior under the nature of different shareholders and the degree of ownership concentration through literature review and theoretical explanation. Through empirical research, it is proved that the behavior of large shareholders will affect the value of the company, and the degree of influence in different circumstances is also different. After getting the results of the empirical study, we put forward policies and suggestions from the perspectives of investors, management and regulatory departments in view of the actual situation of the major shareholders affecting the value of the company.
In the theoretical analysis, this paper expounds the two effects of the large shareholder's behavior on the value of the company. From the basic theory of the large shareholder's behavior effect, it explains the effect of the large shareholder's holding on the value of the company by means of the theory of signal transmission and the theory of industry effect. Mechanism, with the aid of principal-agent theory and corporate governance theory to explain the mechanism of the action of the large shareholders' reduction to the value of the company. In the empirical analysis, the group regression method and the stratified regression method are used respectively. The results of the 664 samples to meet the conditions from 2008 to 2010 are: the increase of the large shareholders under the state owned property and the company There is a significant positive correlation between the increasing holding behavior of large shareholders and the value of the company under the nature of independent value and non state ownership, and the correlation between the ratio of assets and liabilities and the proportion of independent directors to different conclusions of the company value under different properties is also obtained. There is a significant positive correlation between the large shareholder's reduction behavior and the company's value, and the proportion of the shareholders' shareholding restraining this positive effect. Finally, the paper puts forward the policy suggestions, and points out the shortage of the research and the future direction.

【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】