创业板限售股解禁对股票收益率的影响研究
发布时间：2019-03-13 21:30
【摘要】：限售股是指在一定时间内或一定条件下暂时禁止在二级市场出售的股份。目前我国证券市场上存在多种形式的限售股,如股改限售股、首发限售股和增发限售股等。限售股在锁定期结束之后解禁并可以自由流通。理论上,限售股的解禁有可能引发原股东的大规模减持套现行为,从而破坏市场的供给平衡、影响股票的估值和投资者的持股信心。我国创业板因为具有高成长性、高市盈率和创投机构集中持股等特征,加上开板时间较短、市场环境不成熟,在面对大规模的限售股解禁时更有可能受到影响。考察限售股解禁事件对创业板股票收益率的影响,并分析其反应的方式和程度,对证券市场的各参与方都具有重要的现实意义。本文研究了在2013年的创业板市场上,首发原股东限售股解禁对股票收益率造成的影响。首先介绍了解禁股的概念和分类、创业板的主要特征,并对2013年创业板市场的限售股解禁情况做了描述性统计。在回顾文献之后,采用事件研究法,对限售股解禁的影响做了实证检验,并结合相关理论,对实证的结果做了分析和总结。最后参照国外成熟证券市场应对限售股解禁的经验办法,为应对创业板限售股解禁带来的问题提出了一些政策建议。目的是让投资者更加理性的面对限售股解禁,避免股价因为限售股的解禁而发生剧烈波动,同时也有推动资本市场的资源优化配置,使我国证券市场更加成熟和有效。
[Abstract]:Restricted shares refers to shares that are temporarily prohibited from being sold in the secondary market within a certain time or under certain conditions. At present, there are many kinds of restricted shares in the stock market of our country, such as the change of the stock to the limited sale, the initial sale of the limited stock and the increase of the limited sale of the stock and so on. Restricted shares at the end of the lock period after the ban and free circulation. In theory, the lifting of the restriction may lead to a large-scale reduction of cash holdings of the original shareholders, thereby disrupting the supply balance of the market, affecting the valuation of stocks and investors' confidence in holding shares. The gem of our country has the characteristics of high growth, high price-to-earnings ratio and concentrated shareholding of venture capital institutions. In addition, the market environment is not mature and the opening time is relatively short, so it is more likely to be affected in the face of large-scale restrictions on the sale of stocks. It is of great practical significance for all the participants in the stock market to investigate the effect of the event of the release of restricted shares on the return rate of gem stock and analyze the way and degree of its reaction. In this paper, we study the effect of the restriction of initial shareholders on the return of stock on the gem market in 2013. Firstly, this paper introduces the concept and classification of the restricted shares and the main characteristics of the gem, and makes descriptive statistics on the release of the restricted shares in the gem market in 2013. After reviewing the literature, this paper uses the event study method to make an empirical test on the impact of the lifting of the ban on the sale of shares, and analyzes and summarizes the results of the empirical study in combination with the relevant theories. Finally, referring to the experience of foreign mature stock market, this paper puts forward some policy suggestions to deal with the problems caused by the lifting of the restriction on gem. The purpose of this paper is to make investors face the restriction of stock sale more rationally, to avoid the sharp fluctuation of stock price due to the release of restricted stock, and to promote the optimal allocation of resources in the capital market to make the stock market of our country more mature and effective.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
[Abstract]:Restricted shares refers to shares that are temporarily prohibited from being sold in the secondary market within a certain time or under certain conditions. At present, there are many kinds of restricted shares in the stock market of our country, such as the change of the stock to the limited sale, the initial sale of the limited stock and the increase of the limited sale of the stock and so on. Restricted shares at the end of the lock period after the ban and free circulation. In theory, the lifting of the restriction may lead to a large-scale reduction of cash holdings of the original shareholders, thereby disrupting the supply balance of the market, affecting the valuation of stocks and investors' confidence in holding shares. The gem of our country has the characteristics of high growth, high price-to-earnings ratio and concentrated shareholding of venture capital institutions. In addition, the market environment is not mature and the opening time is relatively short, so it is more likely to be affected in the face of large-scale restrictions on the sale of stocks. It is of great practical significance for all the participants in the stock market to investigate the effect of the event of the release of restricted shares on the return rate of gem stock and analyze the way and degree of its reaction. In this paper, we study the effect of the restriction of initial shareholders on the return of stock on the gem market in 2013. Firstly, this paper introduces the concept and classification of the restricted shares and the main characteristics of the gem, and makes descriptive statistics on the release of the restricted shares in the gem market in 2013. After reviewing the literature, this paper uses the event study method to make an empirical test on the impact of the lifting of the ban on the sale of shares, and analyzes and summarizes the results of the empirical study in combination with the relevant theories. Finally, referring to the experience of foreign mature stock market, this paper puts forward some policy suggestions to deal with the problems caused by the lifting of the restriction on gem. The purpose of this paper is to make investors face the restriction of stock sale more rationally, to avoid the sharp fluctuation of stock price due to the release of restricted stock, and to promote the optimal allocation of resources in the capital market to make the stock market of our country more mature and effective.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
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