【摘要】：隨著股權(quán)分置改革的完成以及大部分非流通股的解禁,我國(guó)證券市場(chǎng)全面進(jìn)入股票全流通時(shí)代,上市公司股東不再劃分為流通股股東和非流通股股東,新的股東關(guān)系將取而代之。在全流通時(shí)代,上市公司大股東持有的股份可以在二級(jí)市場(chǎng)上自由流通,為了滿足自身利益最大化的要求,大股東會(huì)通過(guò)操縱股價(jià),在二級(jí)市場(chǎng)上減持股份,侵害中小股東利益。具體地操作過(guò)程是：通過(guò)業(yè)績(jī)操縱,盡可能地在低位進(jìn)行定向增發(fā),以較低的成本增加持股比例,穩(wěn)固控制權(quán)地位；通過(guò)正向盈余管理,虛增利潤(rùn),抬高股價(jià),以達(dá)到高位減持,獲取利益的目的。目前,定向增發(fā)高折價(jià)和正向盈余管理為全流通時(shí)代的大股東減持股票提供了完備的條件,本文的創(chuàng)新之處就在于將結(jié)合了定向增發(fā)和盈余管理的減持行為作為大股東侵害中小股東利益的一種新途徑來(lái)進(jìn)行研究分析,從而提出合理引導(dǎo)和嚴(yán)格監(jiān)管的政策性建議,包括優(yōu)化結(jié)構(gòu),完善股權(quán)制衡機(jī)制,嚴(yán)格信息披露,弱化大股東信息優(yōu)勢(shì),建立健全的大股東減持制度等措施,以便更好地規(guī)范大股東的行為,保護(hù)中小股東的利益,完善和持續(xù)發(fā)展整個(gè)資本市場(chǎng)。 本文的實(shí)證研究主要涉及兩個(gè)方面：一方面,對(duì)大股東減持所帶來(lái)的市場(chǎng)效應(yīng)進(jìn)行實(shí)證分析。通過(guò)分析限售股解禁、減持對(duì)整體證券市場(chǎng)的效應(yīng)可知,其影響雖然不是十分顯著,但總體趨勢(shì)是負(fù)面的；通過(guò)事件研究法分析大股東減持對(duì)證券市場(chǎng)個(gè)股的效應(yīng)可知,在減持事件公告日之前大股東能夠獲得超額收益,在減持之后則不會(huì)再有。這樣的結(jié)果表明雖然在股權(quán)分置改革之后監(jiān)管機(jī)構(gòu)加強(qiáng)了對(duì)上市公司的監(jiān)管,但在二級(jí)市場(chǎng)的減持過(guò)程中大股東仍然能夠侵害中小股東的利益,大股東利益侵害的方式已經(jīng)逐步從上市公司向證券市場(chǎng)轉(zhuǎn)移,從單一的上市公司獲利轉(zhuǎn)為對(duì)上市公司和證券市場(chǎng)的雙重控制。另一方面,對(duì)大股東減持侵害行為的具體操作模式進(jìn)行分析,主要是通過(guò)回歸模型分析定向增發(fā)(降低成本)與減持套利的相關(guān)關(guān)系以及盈余管理(提高收益)與減持套利的相關(guān)關(guān)系,詳細(xì)地描述了大股東利益侵害的新途徑。在全流通時(shí)代,大股東的利益直接與二級(jí)市場(chǎng)的股票價(jià)格相關(guān)聯(lián),大股東獲得利益的方式也直接轉(zhuǎn)變?yōu)橥ㄟ^(guò)大量減持來(lái)賺取股票價(jià)差。因此,在目前的形勢(shì)下,大股東的侵害行為更多地表現(xiàn)為低買(mǎi)高賣(mài),這樣既能夠獲得利益又能夠保持大股東本身的控制權(quán)。大股東為了獲取利益,往往會(huì)傾向于制定高折價(jià)的定向增發(fā)低價(jià)增持公司股份,同時(shí)進(jìn)行正向盈余管理在二級(jí)市場(chǎng)上高價(jià)減持套利。 本文總共分為五個(gè)部分,依次如下：第一部分是緒論,論述了論文的選題背景與意義,對(duì)解禁、減持、股權(quán)結(jié)構(gòu)、盈余管理、定向增發(fā)等方面進(jìn)行了文獻(xiàn)回顧,明確了本論文的研究框架、主要貢獻(xiàn)與不足。第二部分是大股東減持行為概述,對(duì)限售股解禁與減持的概念做了初步界定,對(duì)股票全流通前后大股東利益實(shí)現(xiàn)方式的改變進(jìn)行了簡(jiǎn)要介紹,對(duì)證券市場(chǎng)的一般情況進(jìn)行了描述性分析并通過(guò)經(jīng)典案例描繪了上市公司大股東在全流通時(shí)代進(jìn)行定向增發(fā)和減持的整個(gè)過(guò)程。第三部分是研究設(shè)計(jì)及方法選擇,結(jié)合我國(guó)資本市場(chǎng)特殊的背景環(huán)境,進(jìn)行理論分析,明確問(wèn)題,提出假設(shè),選擇方法,設(shè)計(jì)變量,選擇樣本,收集數(shù)據(jù)。第四部分是實(shí)證分析及研究結(jié)果,利用Eviews6.0統(tǒng)計(jì)軟件,針對(duì)第三部分提出的相關(guān)理論假設(shè),構(gòu)造模型,進(jìn)行實(shí)證處理,并且對(duì)實(shí)證結(jié)果從理論意義和現(xiàn)實(shí)意義兩方面進(jìn)行解釋說(shuō)明。第五部分是結(jié)論、政策建議及研究展望,闡述了本論文的研究結(jié)論,提出多項(xiàng)政策性建議,并且指出了未來(lái)可能的研究方向。
[Abstract]:With the completion of the share-sharing reform and the release of most of the non-tradable shares, the stock market of our country fully enters the time of full-circulation of the stock, and the shareholders of the listed company are no longer divided into the shareholders of the non-tradable shares and the non-tradable shares, and the new shareholders' relationship will be replaced. In the time of full circulation, the shares held by the large shareholders of the listed company can be freely circulated in the secondary market, and in order to meet the requirements of the maximization of their own interests, the large shareholders' meeting can reduce the share in the secondary market and encroach on the interests of the small and medium-sized shareholders by manipulating the stock price. The operation process is as follows: through the performance manipulation, as far as possible, the low-order placement is carried out, the shareholding ratio is increased at a lower cost, and the control position is stabilized; and through the positive-current-surplus management, the profit is increased, and the stock price is increased, so as to achieve the purpose of high-position reduction and benefit acquisition. At present, the high-trade-in and forward-surplus management of the directional additional shares provide a complete set of conditions for the reduction of the shares of the large shareholders in the whole circulation age, The innovation of this paper is to carry on the research and analysis as a new way to protect the interests of small and medium-sized shareholders as a new way for the large shareholders to infringe on the interests of small and medium-sized shareholders, so as to put forward the policy suggestions of reasonable guidance and strict supervision, including the structure of the structure, In order to better regulate the behavior of large shareholders, protect the interests of small and medium-sized shareholders, perfect and continuously develop the whole capital market. The empirical study of this paper mainly involves two aspects: on the one hand, the market effect brought by the reduction of the large shareholders is analyzed. In this paper, through analyzing the effect of the limit on the stock market, the effect of the reduction on the whole stock market shows that the effect is not very significant, but the overall trend is negative; the effect of the large shareholder's reduction on the stock market share can be analyzed through the event research method. It is well known that large shareholders are able to obtain excess returns prior to the date of the reduction of the event, and will not, after the reduction, There are. The results show that, while the regulator has strengthened the supervision of the listed company after the equity division reform, the large shareholders still can infringe the interests of the small and medium-sized shareholders during the reduction of the secondary market, and the mode of the infringement of the interests of the large shareholders has been gradually transferred from the listed company to the securities market The shift from the single listed company to the dual control of the listed company and the securities market On the other hand, on the other hand, the specific operation mode of the large shareholder's reduction of the infringement behavior is analyzed, mainly through the regression model to analyze the related relationship between the directional additional issue (cost reduction) and the reduction of the arbitrage, and the correlation between the surplus management (the increase of income) and the reduction of the reduction arbitrage. It is a new way to describe the interests of the large shareholders in detail. In the period of full circulation, the interests of the large shareholders are directly related to the stock price of the secondary market, and the manner in which the large shareholders gain the benefit is also directly transformed into the stock price by a large amount of reduction. As a result, in the present situation, the infringement behavior of the large shareholders is more manifested as the low-buying and high-selling, so that both the benefits and the control of the large shareholders can be maintained Right. In order to gain the benefit, the large shareholders tend to develop high-trade-in and low-price increases and hold the company's shares at the same time, at the same time, carry on the positive surplus management in the second-tier market, the high-price reduction sleeve This paper is divided into five parts, which are as follows: the first part is the introduction, the background and significance of the thesis are discussed, the literature review is made on the aspects such as the release, the reduction, the ownership structure, the surplus management, the directional additional issue and so on, and the research of this paper is made clear. The main contribution of the framework The second part is an overview of the reduction behavior of the big shareholders, and the concept of the restriction and reduction of the stock-selling unit is primarily defined, and the change of the interests of the big shareholders before and after the full circulation of the stock is simplified. In this paper, the general situation of the stock market is analyzed in a descriptive way, and through the classic case, the large shareholders of the listed company are given the whole circulation time for the orientation and the reduction. The third part is the study design and method choice, in combination with the special background environment of our capital market, carry on the theoretical analysis, make clear the question, put forward the hypothesis, choose the method, design the variable, select the sample, collect The fourth part is the empirical analysis and the research results, and using the Eviews6.0 statistical software, the relevant theoretical hypothesis, the construction model and the empirical processing of the third part are carried out, and the empirical results are solved from both theoretical and practical significance. The fifth part is the conclusion, the policy suggestion and the prospect of the research, and expounds the research conclusion of this paper, puts forward several policy suggestions, and points out the possible research in the future.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王曉惠;我國(guó)創(chuàng)業(yè)板大股東減持的市場(chǎng)反應(yīng)及其對(duì)公司績(jī)效的影響研究[D];華東師范大學(xué);2013年

，

本文編號(hào)：2425447