基于股东侵占模型的大股东减持行为研究
发布时间：2019-05-29 12:57
【摘要】：通过构建单个股东和多个股东侵占模型,分析大股东减持问题,发现影响大股东减持的因素包括大股东持股比例、大股东属性、外部法律保护程度、减持价格、投资收益率分离度及股权制衡程度;再通过实证检验,发现大股东持股比例及股东属性对大股东减持产生显著的正向影响,股权制衡程度对大股东减持产生负向影响,而外部法律保护程度、减持价格及投资收益分离度与大股东减持的关系则并不显著。
[Abstract]:By constructing the model of single shareholder and multiple shareholders embezzlement, this paper analyzes the problem of reducing the holdings of large shareholders, and finds that the factors that affect the reduction of large shareholders include the proportion of large shareholders, the attributes of large shareholders, the degree of external legal protection, and the price of reduction. The degree of separation of investment rate of return and the degree of equity balance; Then through the empirical test, it is found that the proportion of large shareholders and the attributes of shareholders have a significant positive impact on the reduction of large shareholders, the degree of equity checks and balances has a negative impact on the reduction of large shareholders, while the degree of external legal protection, The relationship between the price of reduction and the separation of investment income and the reduction of holdings of large shareholders is not significant.
【作者单位】： 重庆大学经济与工商管理学院;
【基金】：中央高校基本科研业务一般项目(CDJXS11021113),中央高校基本科研业务重大自主项目(CDJSK1001)
【分类号】：F224;F832.51
，
本文编号：2487952
[Abstract]:By constructing the model of single shareholder and multiple shareholders embezzlement, this paper analyzes the problem of reducing the holdings of large shareholders, and finds that the factors that affect the reduction of large shareholders include the proportion of large shareholders, the attributes of large shareholders, the degree of external legal protection, and the price of reduction. The degree of separation of investment rate of return and the degree of equity balance; Then through the empirical test, it is found that the proportion of large shareholders and the attributes of shareholders have a significant positive impact on the reduction of large shareholders, the degree of equity checks and balances has a negative impact on the reduction of large shareholders, while the degree of external legal protection, The relationship between the price of reduction and the separation of investment income and the reduction of holdings of large shareholders is not significant.
【作者单位】： 重庆大学经济与工商管理学院;
【基金】：中央高校基本科研业务一般项目(CDJXS11021113),中央高校基本科研业务重大自主项目(CDJSK1001)
【分类号】：F224;F832.51
，
本文编号：2487952
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