【摘要】：中國(guó)證券市場(chǎng)發(fā)生了一系列制度性變革后,大股東在二級(jí)市場(chǎng)上的交易越來越普遍。他們的交易行為能否提高市場(chǎng)的定價(jià)效率、使公司股票價(jià)格反應(yīng)更多關(guān)于企業(yè)未來成長(zhǎng)性的信息?通過對(duì)2006年下半年至2009年底中國(guó)證券市場(chǎng)上發(fā)生的大股東交易事件為樣本的實(shí)證研究發(fā)現(xiàn),(1)大股東交易行為與公司股票定價(jià)錯(cuò)誤有關(guān),價(jià)值高估時(shí)大股東凈買入率低,價(jià)值低估時(shí)凈買入率則高;(2)大股東凈買入率與企業(yè)成長(zhǎng)性顯著正相關(guān),當(dāng)企業(yè)未來發(fā)展前景很好時(shí),大股東的買入行為顯著多于賣出行為。上述研究結(jié)果表明,大股東參與市場(chǎng)交易能促使股票價(jià)格向內(nèi)在價(jià)值回歸,使價(jià)格反映出更多關(guān)于企業(yè)未賴成長(zhǎng)性的信息。
[Abstract]:After a series of institutional changes in China's securities market, the transactions of major shareholders in the secondary market are becoming more and more common. Can their trading behavior improve the pricing efficiency of the market and enable the company's stock price to reflect more information about the future growth of the enterprise? Through the empirical research on the large shareholder trading events in the Chinese stock market from the second half of 2006 to the end of 2009, it is found that (1) the trading behavior of the large shareholders is related to the mispricing of the company's stock, and the net buying rate of the large shareholders is low when the value is overvalued. When the value is undervalued, the net buying rate is higher; (2) the net buying rate of large shareholders is significantly positively related to the growth of enterprises. When the future development prospects of enterprises are good, the buying behavior of large shareholders is significantly higher than that of selling. The results show that the participation of large shareholders in the market can promote the return of stock price to intrinsic value and make the price reflect more information about enterprise growth.
【作者單位】： 武漢紡織大學(xué)經(jīng)濟(jì)管理學(xué)院;武漢大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【分類號(hào)】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 張偉強(qiáng);王s，

本文編號(hào)：2402273