大股东减持与可持续增长的理论与实证研究

发布时间：2018-10-10 17:31

【摘要】：为解决股权分置所引发的一系列问题,2005年4月29日,中国证监会颁布了《关于上市公司股权分置改革试点有关问题的通知》,至此拉开了股权分置改革的序幕。随着上市公司股权分置改革地逐步完成以及限售股地陆续解禁,上市公司的股东纷纷抛售解禁股,以获得资本增值的收益。大股东减持行为必然会对证券市场以及上市公司的经营绩效和持续发展产生不同程度的影响。对于我国这样的新兴经济体而言,公司成长性对上市公司的持续发展尤为关键。因此,我们有必要针对大股东减持对上市公司成长性的影响展开研究。本文共包括五个部分：第一部分,以股权分置改革开篇,讲述了大股东减持的背景及研究的意义,并从减持动因、套利手段、时机选择、产生的效应四个方面对现有的大股东减持的文献资料进行了分类总结,并介绍了本文所采用的研究方法、研究思路及创新；第二部分,基于已有的大股东减持的文献资料,对大股东的范围进行了界定,从股权集中度、股权制衡、股权性质三个方面对国内外有关股权结构与公司成长性的研究进行了归纳总结,并对有关基于生命周期的股权结构与公司成长性研究的文献资料进行专门的阐述,以作为本文研究的基础；第三部分,论述了不同的股权结构对公司成长性的影响机制,并按照生命周期阶段,对处于成长期和成熟期的上市公司,其大股东减持行为对公司成长性的影响提出了假设；第四部分,介绍了选取的样本及其来源,构建了上市公司成长性评价体系,并运用因子分析法计算得出了上市公司减持前后的成长性得分,然后建立了大股东减持与公司成长性的多元回归模型,通过描述性统计、相关性分析、回归分析对研究假设进行验证；第五部分,对本文的研究成果进行了总结,指出其中存在的不足,并对进一步的研究方向进行了展望。
[Abstract]:In order to solve a series of problems caused by split share structure, on April 29, 2005, China Securities Regulatory Commission issued the notice on the problems of the pilot reform of the split share structure of listed companies, which opened the prelude to the reform of split share structure. With the gradual completion of the reform of the split share structure of listed companies and the lifting of the restrictions on the sale of shares, the shareholders of the listed companies have sold off the shares one after another in order to obtain the gains of capital appreciation. The behavior of large shareholder reduction will inevitably affect the operation performance and sustainable development of the stock market and listed companies to varying degrees. For emerging economies such as China, corporate growth is particularly critical to the sustainable development of listed companies. Therefore, it is necessary to study the impact of major shareholder reduction on the growth of listed companies. This paper consists of five parts: the first part begins with the reform of split share structure, narrates the background and significance of the research on the reduction of large shareholders, and chooses the right time from the reasons of reduction, the means of arbitrage, and the timing. The effect of the four aspects of the existing major shareholder reduction literature data are classified and summarized, and introduced the research methods adopted in this paper, research ideas and innovations; part two, based on the existing large shareholder reduction literature, This paper defines the scope of major shareholders, summarizes the research on ownership structure and company growth from three aspects of ownership concentration, equity balance and equity nature. And the literature on the research of ownership structure and company growth based on life cycle is described in order to be the basis of this paper. The third part discusses the influence mechanism of different ownership structure on company growth. According to the stage of life cycle, the paper puts forward the hypothesis of the influence of the behavior of large shareholder reduction on the growth of the listed companies in the growth and maturity period. Part four, introduces the selected samples and their sources. The growth evaluation system of listed companies is constructed, and the growth score of listed companies before and after reduction is calculated by using factor analysis method. Then, the multivariate regression model of large shareholder reduction and corporate growth is established, and the descriptive statistics are used. Correlation analysis and regression analysis verify the research hypotheses. The fifth part summarizes the research results of this paper points out the shortcomings and looks forward to the future research direction.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】