乐视网大股东减持“反哺”行为研究

发布时间：2018-04-30 09:15

本文选题：大股东减持 + 动因　；参考：《浙江工商大学》2017年硕士论文

【摘要】：随着股权分置改革的结束,我国资本市场开始进入全流通时代。大股东会倾向于利用所拥有的财务优势、信息优势等抬高股价,然后通过二级市场减持股票获益。面对高额现金收益,大股东开始不断的减持,这种行为对我国股市的正常发展产生了不利的影响,因此大股东减持行为需要更加严格的规范。2015年市场行情波动剧烈,乐视网的表现相当瞩目,其控股股东贾跃亭突破常规的减持计划引起了资本市场广泛的关注。因此,本文以乐视网大股东减持案例作为研究对象,在借鉴前人有关减持的研究成果的基础上,运用与大股东支持行为相关的理论来解释乐视网的减持"反哺"行为,探究大股东减持"反哺"的动因,并用事件研究法分析减持"反哺"所引起的市场反应。本文基于支持行为的视角研究大股东的减持"反哺"行为,能够丰富大股东行为理论的研究。另外,乐视网大股东减持"反哺"行为较为新颖,影响广大,被多家上市公司改良或效仿,通过对该案例的研究能够为资本市场提供参考。本文的研究发现,乐视网大股东减持"反哺"的动因有三:(1)乐视网处于战略转型发展的关键时期,其大股东减持是为给乐视网提供"乐视生态"建设所需资金;(2)为了优化乐视网过度集中的股权结构,引入战略投资者;(3)受市场行情影响,乐视网高估的股价也是促使大股东减持的动因。另外,本文用大股东支持行为理论分析了乐视网大股东的减持"反哺"行为,认为该行为缓解了乐视网的资金需求并为乐视网引入的战略投资者,是大股东对上市公司的支持的新形式。然后,本文采用事件研究法,对乐视网大股东减持"反哺"的市场反应做了研究发现,尽管乐视网大股东减持行为是一种支持行为,但是其减持行为仍然会在短期内给市场带来负面效应。最后,基于本文的研究结论,对上市公司和监管机构提供了建议。
[Abstract]:With the end of the split share structure reform, China's capital market began to enter the era of full circulation. Large shareholders tend to take advantage of their financial and information advantages to drive up stock prices, and then gain from reducing their holdings in the secondary market. In the face of high cash returns, major shareholders began to reduce their holdings, which has had a negative impact on the normal development of the stock market in China. Therefore, the behavior of major shareholders in reducing their holdings needs more stringent regulations. The market market fluctuated sharply in 2015. Letv's performance has been remarkable, with its controlling shareholder Jia Yueting breaking through a conventional plan to reduce its holdings that has attracted widespread attention in the capital markets. Therefore, this paper takes the case of large shareholder reduction of Letv net as the research object, on the basis of referring to the previous research results on the reduction of large shareholders, using the theory related to the support behavior of large shareholders to explain the "back feeding" behavior of the reduction of Letv net. This paper probes into the motivation of the reduction of "back-feeding" by large shareholders, and analyzes the market reaction caused by the reduction of "back-feeding" with the method of event study. Based on the supporting behavior, this paper studies the behavior of reducing large shareholders'"feedback", which can enrich the study of behavior theory of large shareholders. In addition, the behavior of "back feeding" by large shareholders of Letv net is relatively novel and has a wide influence, which has been improved or imitated by many listed companies. The study on this case can provide a reference for the capital market. In this paper, we find that the motivation of the reduction of "back feeding" by the major shareholders of Letv net is three: one) Letv is in the critical period of strategic transformation and development. Its major shareholders reduce their holdings to provide Letv with the funds needed for the construction of the "Letv Ecology".) in order to optimize the excessive concentration of the stock ownership structure of Letv, a strategic investor is introduced into the stock market, which is influenced by the market situation. Letv net overvalued share price also is the motive that impels big shareholder to reduce hold. In addition, based on the theory of large shareholder support behavior, this paper analyzes the "back feeding" behavior of Letv net's major shareholders, and concludes that this behavior alleviates the demand for capital of Letv and the strategic investors introduced to Letv. It is a new form of support for listed companies by major shareholders. Then, using the method of event research, this paper studies the market reaction of "back feeding" of the major shareholders of Letv net, and finds out that the behavior of the major shareholder of Letv net is a kind of supporting behavior. But its reduction behavior still will bring the negative effect to the market in the short term. Finally, based on the conclusions of this paper, the recommendations to listed companies and regulators are provided.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F49

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