史玉柱对中国民生银行股票的交易行为研究

发布时间：2018-09-11 15:35

【摘要】：2012年,中国银行股遭遇国际机构高调唱空,一度跌入低谷。面对持续低迷的银行股,史玉柱却激流勇进,在二级市场上逆势增持,孤军奋战的他最终随着民生银行股价的大涨而一战成名。一时间,资本市场对史玉柱在民生银行股票交易行为的关注度骤增。回顾史玉柱投资民生银行股票过程,总结其交易行为的动机、时机与效应,能够揭示史玉柱对民生银行股票的交易行为这一个体案例带给资本市场投资者、中国民营经济与证券市场监管层面的启示。看好银行业的发展前景、熟悉民生银行,是史玉柱选择民生银行股票的初始动力。而其之所以坚定地支持民生银行股票,则是由于民生银行作为中国民营银行的先行者,具备打通产业链的核心竞争力与超强的风险控制能力。史玉柱在投资民生银行股票的过程中,既有大规模的增持活动,也发生过大规模减持的行为。其发生增持或者减持行为的时点,往往根据其动机的不同而不同。本文通过研究发现,其减持行为中最主要的动机是满足融资需求,获取现金以应对财务困境。而向市场传递股价低估等的正向引导信号、维护民生银行股价稳定则是其增持行为发生的直接动机。史玉柱对民生银行股票的频繁大额增持,反映出其坚定看好民生银行这一国内唯一的民营控股银行的态度。作为中国金融体制改革的试验田,民生银行的成功,使得中国民营银行发展成为可能,但目前我国民营银行发展还面临诸多挑战,发展民营银行,不仅需要勇气,更需要科学的发展规划与政策支持。史玉柱的股票交易行为中,还存在利用内幕信息操纵股价的可能。而由于我国现行证券法律法规的漏洞,使得类似行为得不到有效控制,面对这一现象,一方面在加强中小投资者与市场强势投资者教育的同时,中小投资者也应当从中吸取投资经验,更加理性地对待证券市场；另一方面,证券监管过程中的法律制度建设也亟待完善,应从完善立法制度、明确监管主体的地位职责、加大执法力度、规范信息披露等方面入手,在证券监管的过程中力求做到“言必信、信必行、行必果”。
[Abstract]:In 2012, Chinese bank stocks were hit by international institutions high-profile short, once fell into a trough. In the face of a continuing downturn in bank stocks, Shi Yuzhu bravely entered the secondary market against the trend to increase holdings, alone with Minsheng Bank shares eventually rose and become famous in the war. For a time, the capital market to Shi Yuzhu in the Minsheng Bank stock trading attention increased sharply. Looking back on Shi Yuzhu's stock process of investing in Minsheng Bank, summarizing the motives, timing and effects of his trading behavior, it can reveal the individual case of Shi Yuzhu's trading behavior of Minsheng Bank stock to the investors in the capital market. The enlightenment of Chinese private economy and securities market supervision. Good prospects for the development of banking, familiar with Minsheng Bank, Shi Yuzhu's choice of Minsheng Bank stock initial motivation. The reason why Minsheng Bank firmly supports Minsheng Bank stock is that Minsheng Bank, as a pioneer of China's private banks, has the core competitiveness and super risk control ability to break through the industrial chain. Shi Yuzhu in the process of investing in the stock of Minsheng Bank, both a large-scale increase activities, but also a large-scale reduction of the behavior. The timing of increasing or reducing holdings is often different according to their motivations. In this paper, it is found that the main motivation of the reduction is to meet the financing needs and obtain cash to deal with financial distress. The direct motive of the increase is to transmit the positive signal of undervaluation to the market and to maintain the stability of the stock price of Minsheng Bank. Shi Yuzhu's frequent and large increase in Minsheng Bank's shares reflects his firm belief in Minsheng Bank, the only privately owned bank in China. As the experimental field of China's financial system reform, the success of Minsheng Bank makes it possible for China's private banks to develop. However, at present, the development of private banks in China is still facing many challenges. It takes courage not only to develop private banks, but also to develop them. It needs more scientific development planning and policy support. Shi Yuzhu's stock trading behavior, there is also use of insider information to manipulate the stock price. However, because of the loopholes in the current securities laws and regulations in our country, similar behaviors cannot be effectively controlled. In the face of this phenomenon, on the one hand, while strengthening the education of small and medium-sized investors and market strong investors, On the other hand, the construction of legal system in the process of securities supervision should be improved urgently. Strengthen law enforcement, standardize information disclosure and other aspects, in the process of securities supervision, strive to achieve the "word must believe, believe must act, conduct must result".
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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