上市公司限售股减持行为研究

发布时间：2018-04-16 09:23

本文选题：限售股 + 减持　；参考：《南京理工大学》2017年硕士论文

【摘要】：由于转型期的特点,中国A股市场上市公司的股份被历史性地分为可流通和不可流通两类性质。2005年实施的股权分置改革使非流通股份获得了流通权,中国股市逐步迎来了全流通时代。限售股获得流通权之后,大股东减持行为成为值得关注的问题。上市企业股东减持本来是无可厚非的经济行为,但如果大股东减持过于频繁且规模过大则可能对市场造成不利冲击,危害其他投资者的利益。为了减轻大股东减持对证券市场的负面影响,近年来,中国证监会多次出台相关规定对股东减持比例和披露时间进行限制。这些规定在看似"救市"的同时,也引发很多争议。如何让政策制定更加精准,避免"一刀切"的弊端,对上市公司限售股的减持行为进行细致深入的分析很有必要。本文选取在2010年11月1日至2015年7月1日期间发生过减持行为的限售股股东作为研究对象,主要为首发限售股,对主板、中小板和创业板市场同时进行研究。选取减持比例作为被解释变量,对样本数据进行分板块分析。本文按照是否为第一次减持对各板块样本数据进行分组,横向比较与纵向比较相结合,探讨不同板块不同类型限售股减持所受影响的异同。研究结果表明,除减持前持股比例、股东性质、股权集中度、股权制衡度外,其他解释变量对减持比例的影响方向三板块各不相同。中小板和创业板样本数据回归结果基本一致,并且与主板存在差异。中小企业股东更偏好于锁定眼前收益,普遍存在对公司未来发展缺乏信心的表现。其中,反映股权结构的变量股权集中度和股权制衡度对减持比例有同方向的影响,而两者在数量计算上存在着此消彼长的关系,说明上市公司需要寻求一个最优股权结构,股权集中度高的同时又能对第一大股东形成有效制衡的模式,才能真正改善减持行为。由此可见,不同类型的限售股股东减持行为确实存在差异,加之各板块上市公司自身的特点,不同类型限售股股东的差异化需求必须得到关注。证券监管部门不宜对所有限售股减持采取"一刀切"的限制方式,而应有针对性地制定减持规定和相关监管要求,尽可能地满足不同类型上市公司的流动性需求,以期能够有效控制减持节奏,取得更好的政策效果,促进证券市场健康、稳定发展。
[Abstract]:Due to the characteristics of the transition period, the shares of listed companies in China's A-share market have been divided into two types: tradable and non-tradable.China's stock market has gradually ushered in an era of full circulation.After the limited-selling stock obtains the circulation right, the major shareholder reduces the behavior to become the question which should pay attention to.The reduction of shareholders' holdings in listed enterprises is originally an economic behavior that can not be criticized, but if the large shareholders reduce their holdings too frequently and the scale is too large, it may have a negative impact on the market and harm the interests of other investors.In order to mitigate the negative impact of large shareholder reduction on the securities market, in recent years, the CSRC has issued a number of related regulations to limit the proportion of shareholders to reduce their holdings and the disclosure time.These rules appear to "rescue the market", but also triggered a lot of controversy.How to make the policy more accurate, avoid the "one-size-fits-all" drawback, it is necessary to analyze the behavior of the listed companies to reduce the holding of restricted shares.This paper selects the shareholders of restricted stock who have been reducing their holdings between November 1, 2010 and July 1, 2015 as the research object, mainly for the initial restricted stock, and studies the main board, small and medium-sized board and gem market simultaneously.The reduction ratio is selected as the explanatory variable, and the sample data is analyzed by plate analysis.In this paper, according to whether it is the first time to reduce the holding, the sample data of each plate are grouped, the horizontal comparison and the longitudinal comparison are combined to discuss the similarities and differences of different plates and different types of restricted stock reduction.The results show that, except for the proportion of stock holding before reduction, the nature of shareholders, the degree of ownership concentration and the degree of equity balance, the influence direction of other explanatory variables on the proportion of reduction is different.The regression results of sample data of small and medium board and growth enterprise board are basically consistent, and there are differences with the main board.Small and medium-sized shareholders prefer to lock in immediate income and generally lack confidence in the future development of the company.Among them, the variable equity concentration degree and equity balance degree, which reflect the ownership structure, have the same influence on the reduction ratio, and there is a relationship between the two in the quantity calculation, which indicates that the listed company needs to seek an optimal equity structure.Only when the ownership concentration is high and the largest shareholder can be effectively balanced, can the behavior of reduction be really improved.It can be seen that different types of restricted stock shareholders' reduction behavior is indeed different, in addition to the characteristics of listed companies, different types of restricted share shareholders' different needs must be paid attention to.Instead of adopting a "one-size-fits-all" restriction on the reduction of all restricted shares, the securities regulatory authorities should formulate relevant regulations and relevant regulatory requirements to meet the liquidity needs of different types of listed companies as far as possible.In order to effectively control the pace of reduction, achieve better policy results, promote the healthy and stable development of the securities market.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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