上市公司大股东减持效应研究——来自A股的经验证据

发布时间：2018-01-13 23:23

本文关键词：上市公司大股东减持效应研究——来自A股的经验证据　出处：《浙江金融》2014年01期 　论文类型：期刊论文

【摘要】：自20世纪80年代以来,大股东的交易行为研究越来越得到学者的重视。2006年以来的大小非解禁和减持为我们研究中国资本市场大股东行为的变迁及后果提供了难得的契机,第一大股东的减持是近年来大股东减持的显著特征,控股股东更倾向于不转让控制权而通过逐渐降低持股比例获得私利,这是我国上市公司股权结构的独特制度背景造成的,因此,本文将对大小非解禁后大股东通过减持是否可以获利,获利水平如何,不同性质的股东在减持收益方面是否存在显著差异等问题进行研究,最终得出相关经验证据和建议。
[Abstract]:Since 1980s. The research on the transaction behavior of large shareholders has been paid more and more attention by scholars. Since 2006, the non-lifting and reduction of large or small shareholders has provided us with a rare opportunity to study the changes and consequences of the behavior of large shareholders in China's capital market. The reduction of the first largest shareholder is a significant feature of the reduction of large shareholders in recent years, the controlling shareholder is more inclined not to transfer control rights, but to gradually reduce the proportion of shares to obtain private benefits. This is caused by the unique institutional background of the stock ownership structure of listed companies in China. Therefore, this paper will focus on whether large and small shareholders can make profits by reducing their holdings and how to make profits. This paper studies whether there are significant differences between different shareholders in the aspect of profit reduction, and finally obtains relevant empirical evidence and suggestions.
【作者单位】：中国人民银行杭州中心支行;
【分类号】：F832.51;F271;F224
【正文快照】： 2005年股权分置改革后,我国证券市场不再存在流通股股东和非流通股股东的划分,取而代之的是新的股东类别差异。这一变革直接促使全流通时代股东行为发生了变化,控股股东追求自身利益最大化的行为模式也随之改变,从股权分置改革前的单一从公司内部转移收益,发展为在外部市场获

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