中国股票市场大小非减持背景下非流通股股东对流通股股东的利益侵占行为研究

发布时间：2018-02-01 01:24

本文关键词： 大小非减持流通股股东非流通股股东利益侵占行为　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：为了消除股权二元结构问题，完善股票市场运行机制，，2005年中国股票市场开始进行了一场针对股权分置问题的改革。股权分置改革是中国证券市场发展历程的必然选择，对中国股票市场持续、快速、健康发展具有深远的积极意义。但是，从中国股票市场的实际运行情况来看，自2005年开始实施的股权分置改革不仅没有使中国股票市场变得更加有效，反而使中国股票市场的异常行为和“金融异常现象”更加突出和显著。虽然目前我国资本市场已基本完成股权分置改革，但是股改真正意义上的全部完成还很远。因此，在中国股票市场大小非减持背景下从理论和实证方面系统深入地研究非流通股股东对流通股股东的利益侵占行为，对于揭示中国股票市场在大小非减持背景下的行为机理、解释中国股票市场在大小非减持过程中出现的“金融异常现象”、进而提高政府对股票市场的调控和监管效率、保障中国股票市场持续、稳定、健康发展具有非常重要的理论和现实意义。本文的主要研究工作主要体现在以下几个方面： ①在对中国股票市场建立背景、发展历程及股权分置改革大小非减持过程进行全面考察的基础上，从非流通股股东和流通股股东资本利得收益和持股成本角度考虑建立数学模型，从理论方面研究中国股票市场大小非减持背景下非流通股股东对流通股股东的利益侵占行为机理，研究结果表明：在大小非减持过程中，原非流通股股东的资本利得收益将增加，原流通股股东的资本利得收益将减少，原非流通股股东增加的资本利得收益刚好等于原流通股股东减少的资本利得收益；原非流通股股东对原流通股股东的利益侵占量与原非流通股股东的持股数量和原流通股股东的持股成本正相关，与股权分置改革对价支付率负相关。 ②本文在借鉴现有相关研究成果的基础上，采用股市相关数据，并利用描述性统计分析，事件研究法，从实证方面研究大小非减持背景下非流通股股东对流通股股东的利益侵占行为。实证结果表明：中国股票市场上市公司股改方案普遍存在对价支付率低于合理对价水平的现象；不管是从总量来看，还是从大小非分类来看，深市大小非的减持力度均要高于沪市，且减持过程中存在违规减持行为；限售股减持对我国股票市场产生了显著的负面影响，这种对股市的负面影响不仅表现在短期，更表现在长期；限售股减持过程存在明显的股价操纵现象，存在原非流通股股东对流通股股东的利益侵占行为；限售股减持容易造成股市的下跌，在熊市时，尤为显著。 ③基于上述理论模型和实证研究结果，结合中国股票市场建立背景、发展历程和股权分置改革实际情况，对中国股票市场大小非减持过程中存在的“金融异常现象”做出合理的分析和解释。
[Abstract]:In order to eliminate the dual structure of equity, improve the operating mechanism of the stock market. In 2005, China's stock market began to carry out a reform aimed at the issue of split share structure, which is the inevitable choice of the development of China's stock market. The healthy development has far-reaching positive significance. However, from the actual operation of China's stock market, the implementation of the split share structure reform since 2005 has not made the Chinese stock market more effective. On the contrary, it makes the abnormal behavior of Chinese stock market and "financial abnormal phenomenon" more prominent and remarkable, although China's capital market has basically completed the reform of split share structure at present. But the full completion of the stock reform in its true sense is far from complete. Under the background of non-reduction of stock market in China, the paper systematically and deeply studies the behavior of non-tradable shareholders' interest encroachment on tradable shareholders from the theoretical and empirical aspects. To reveal the behavior mechanism of Chinese stock market under the background of large and small non-reduction, explain the "financial abnormal phenomenon" in the process of large and small non-reduction of Chinese stock market. Therefore, it is of great theoretical and practical significance to improve the efficiency of government regulation and supervision of the stock market and to ensure the sustained, stable and healthy development of the Chinese stock market. The main research work of this paper is embodied in the following aspects: 1 on the basis of a comprehensive investigation of the background, development course and non-reduction process of the stock market in China. The mathematical model is established from the perspective of capital gains and cost of non-tradable shareholders and tradable shareholders. This paper studies the behavior mechanism of non-tradable shareholders' interest encroachment on tradable shareholders under the background of non-reduction in Chinese stock market in theory. The results show that: in the process of non-reduction. The capital gains of the original non-tradable shareholders will increase, and the capital gains of the former circulating shareholders will decrease. The capital gains of the original non-tradable shareholders are exactly equal to the capital gains of the original circulating shareholders; The amount of interest encroachment of original non-tradable shareholders is positively related to the number of original non-tradable shareholders and the cost of the original non-tradable shareholders, and negatively related to the consideration payment rate of the split share structure reform. 2 based on the existing research results, this paper uses the relevant data of stock market, and use descriptive statistical analysis, event research method. This paper studies the behavior of non-tradable shareholders' interest encroachment on tradable shareholders under the background of large and small non-reduction. The empirical results show that:. There is a phenomenon that the consideration payment rate is lower than the reasonable consideration level in the stock reform scheme of listed companies in China's stock market. Whether from the total amount or from the size of non-classification, the Shenzhen market size and non-holding strength are higher than the Shanghai stock market, and there is illegal reduction in the process of reduction; The reduction of restricted shares has a significant negative impact on our stock market, which is not only in the short term, but also in the long term; There are obvious stock price manipulation phenomena in the process of the reduction of restricted shares, and the original non-tradable shareholders' behavior of encroaching on the interests of the shareholders of tradable shares; The reduction of restricted shares is easy to cause the stock market to fall, especially in the bear market. 3 based on the above theoretical model and empirical research results, combined with the background of the establishment of the Chinese stock market, the history of development and the actual situation of the split share structure reform. This paper makes a reasonable analysis and explanation of the "financial anomaly" in the process of non-reduction of stock market size in China.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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