控股股东增持:宣告动因背后的私人动因

发布时间：2018-07-16 14:16

【摘要】：本文研究了上市公司控股股东增持股份的宣告动因和潜在动因。通过财务分析我们发现公告给出的增持理由并不成立。把再融资需求和上市公司的增持行为联系起来,我们发现前期股价表现不佳的公司,其再融资需求与增持行为存在显著的正相关性;进一步的研究发现股价表现不佳的公司的股份增持大部分发生在再融资之前。研究结果说明,控股股东增持动因并非是公开宣称的看好公司未来前景或股价低估,规避再融资失败经常是控股股东增持的真实动因。本文研究丰富了我们对控股股东增持动因的认识,为监管部门规范控股股东增持行为提供了依据。
[Abstract]:This paper studies the announcement motivation and potential motivation of controlling shareholders increasing their shares in listed companies. Through financial analysis, we find that the reasons given by the announcement do not hold true. By linking the refinancing demand with the behavior of the listed companies, we find that there is a significant positive correlation between the refinancing demand and the behavior of increasing the holdings of the companies whose stock prices are not performing well in the earlier period. Further research has found that underperforming companies increase most of their holdings before refinancing. The research results show that the controlling shareholder's increasing motivation is not the publicly declared bullish future prospect or undervalued stock price, and the real motivation of controlling shareholder's increasing holding is to avoid refinancing failure. This study enriches our understanding of the motivation of controlling shareholders' increasing holdings, and provides a basis for regulatory authorities to regulate the behavior of controlling shareholders' increasing holdings.
【作者单位】：广西财经学院金融与保险学院;
【基金】：上海财经大学研究生创新基金项目(CXJJ-2012-373) 《广西高等学校数理金融高水平创新团队及卓越学者计划》资助(桂教人[2014]49号)
【分类号】：F832.51

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