我国上市公司限售股解禁对股价的影响

发布时间：2018-08-24 21:31

【摘要】：近年来定向增发项目增多和IPO速度的审批通过的加快,使得大量即将或已经解禁的限售股获取了在市场交易的权利,上市公司流通股份的增加影响了我国证券市场的平衡状态,造成了股价持续异动,打乱了投资者对证券市场中股票价值的评估。我国上市公司限售股解禁事件的发生对散户投资者、对职业的机构投资者、甚至对持股股东们都有着重要影响,这不但影响着每位投资者的收益盈亏,还对我国整个资本市场的稳定成长带来影响。本文汲取了前人的研究结果,对我国目前二级市场出现的限售解禁问题进行了相关的探究。首先针对限售股的过往进行详细的描述,然后通过各种方式获取解禁后的各种数据,得出上市公司股份的解禁会对股市供求方面产生影响。最后通过定性和定量研究方法以及事件研究法来分析解禁事件本身的影响,明确了解禁事件的确存在的负面效应。经过对非流通股解禁对股市方面造成的后果进行探究,发现在股票市场的稳定发展中需要国家有针对性的法律法规,其中重点包括对限售股解禁后减持方面的监督管理问题,处理好了减持问题,才能更好的处理好影响股价其他的问题。还要想办法增加市场资金供给,增加存量资金,避免减持套现而导致市场的萎缩,同时可以培育新的市场需求,增加市场的资金吸纳能力。我国依旧处于解禁潮,从解禁的市值来看,2017年的超过3万亿解禁值已经远超过去任何一年,股数方面也较往年增多。数据显示减持情况不容忽视,因此需要改革现有股票发行机制和其他项目的审批力度;最后,还需要完善针对投资者引导工作的相关政策法规,对资本市场进行规范和投资者行为做好引导工作。
[Abstract]:In recent years, with the increase of the number of directional issuance projects and the acceleration of the approval and approval of IPO, a large number of restricted shares that are about to be or have been lifted have acquired the right to trade in the market, and the increase of circulating shares of listed companies has affected the balance of the securities market in our country. Caused the stock price to move continuously, disturbed the investor to the stock market valuation. The release of restricted shares of listed companies in China has an important impact on retail investors, professional institutional investors and even shareholders, which not only affects the profit and loss of each investor. It also has an impact on the steady growth of China's entire capital market. Based on the previous research results, this paper probes into the issue of the restriction and lifting of the ban on the secondary market in China. Firstly, this paper describes the history of restricted shares in detail, and then obtains various data after lifting the ban in various ways, and concludes that the lifting of the ban on the shares of listed companies will have an impact on the supply and demand aspects of the stock market. Finally, through qualitative and quantitative research methods as well as event research methods to analyze the impact of the lifting incident itself, it is clear that the negative effect of the lifting incident does exist. After exploring the consequences of the release of non-tradable shares on the stock market, it is found that in the stable development of the stock market, there is a need for targeted national laws and regulations, which focus on the supervision and management of the reduction of holdings after the lifting of the restriction on the sale of shares. Deal with the issue of reduction, can better deal with other issues affecting the stock price. It is also necessary to find ways to increase the supply of market funds, increase the stock capital, avoid the reduction of cash holdings and cause the market to shrink, at the same time, it can foster new market demand and increase the capital absorption capacity of the market. China is still in a wave of lifting bans, with more than $3 trillion in 2017 far more than any other year in terms of market capitalisation and more shares than in previous years. The data show that the reduction of holdings should not be ignored, so we need to reform the existing stock issuance mechanism and the examination and approval of other projects. Finally, we also need to improve the relevant policies and regulations aimed at investor guidance work. We should standardize the capital market and guide the behavior of investors.
【学位授予单位】：河北金融学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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