本文關(guān)鍵詞： 重要股東 增減持行為 市場(chǎng)趨勢(shì) 持股成本 財(cái)務(wù)指標(biāo)　出處：《合肥工業(yè)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：股權(quán)分置改革是我國(guó)資本市場(chǎng)上發(fā)生過(guò)的最重要的一次改革，它從根本上改變了我國(guó)內(nèi)地證券市場(chǎng)上存在的“不同股、不同權(quán)、不同價(jià)”現(xiàn)象，自此中國(guó)股市進(jìn)入了全流通時(shí)代。股權(quán)分置改革使我國(guó)證券市場(chǎng)更加趨于公正公平，并在很大程度上保護(hù)了中小股東的利益，也使市場(chǎng)上基本的估值體系更加具有準(zhǔn)確性。但越來(lái)越多的股改及IPO限售股隨著解禁浪潮而逐漸流進(jìn)二級(jí)證券交易上市，其流通市值開(kāi)始大幅增加，這就導(dǎo)致了重要股東的市場(chǎng)行為越來(lái)越頻繁，開(kāi)始頻繁的增減持股票，這種行為嚴(yán)重破壞了證券市場(chǎng)的穩(wěn)定性，也損害了證券市場(chǎng)上中小股東的利益。因此只有通過(guò)實(shí)證研究分析重要股東增減持行為的動(dòng)機(jī)，進(jìn)一步弄清重要股東增減持行為的影響因素，才能找到問(wèn)題的根源所在，提出行之有效的建議，從而達(dá)到最終解決問(wèn)題的目的。 目前國(guó)內(nèi)外學(xué)者們對(duì)股東市場(chǎng)行為的動(dòng)因及影響因素的研究較多，但針對(duì)重要股東增減持行為的動(dòng)機(jī)與影響因素的研究卻比較少。本文的思路是以理論及實(shí)證分析為主線(xiàn)，主要針對(duì)重要股東增減持行為的影響因素、動(dòng)機(jī)、市場(chǎng)行為之間的內(nèi)在機(jī)理加以探討，并進(jìn)行多方面的驗(yàn)證，其研究結(jié)果不僅具有現(xiàn)實(shí)意義，還具有一定的理論意義。文章的理論分析主要是探討重要股東增減持行為的動(dòng)機(jī)問(wèn)題，確立了重要股東增減持股票的主要?jiǎng)訖C(jī)，并加以分類(lèi)，，從而引申出各動(dòng)機(jī)相對(duì)應(yīng)的具體影響因素；實(shí)證分析主要是以2006年1月—2012年12月發(fā)生重要股東增減持股票的公司為樣本，實(shí)證論證了重要股東增減持行為與市場(chǎng)趨勢(shì)、持股成本及財(cái)務(wù)指標(biāo)（發(fā)展能力、長(zhǎng)期償債能力、短期償債能力、風(fēng)險(xiǎn)水平、獲利能力、現(xiàn)金流量能力、盈利能力、營(yíng)運(yùn)能力）之間存在的相關(guān)關(guān)系。最后結(jié)合理論與實(shí)證分析，從而提出規(guī)范重要股東市場(chǎng)行為、確保市場(chǎng)穩(wěn)定發(fā)展的對(duì)策建議。
[Abstract]:The reform of split share structure is the most important one in the capital market of our country. It has fundamentally changed the phenomenon of "different shares, different rights and different prices" existing in the securities market of mainland China. Since then, China's stock market has entered an era of full circulation. The split share structure reform has made our securities market more just and fair, and to a large extent has protected the interests of minority shareholders. It also makes the basic valuation system in the market more accurate. But more and more share reforms and IPO restricted share sales have gradually flowed into secondary securities trading and listing along with the wave of lifting the ban, and its circulation, market value, has begun to increase substantially. This led to more and more frequent market behavior of major shareholders, and began to increase and decrease their stock holdings frequently. This behavior seriously undermined the stability of the securities market. It also damages the interests of minority shareholders in the securities market. Therefore, only by analyzing the motivation of increasing and decreasing the holding behavior of important shareholders through empirical research, can we find out the root of the problem. Put forward effective suggestions, so as to achieve the ultimate goal of solving the problem. At present, many scholars at home and abroad have studied the motivation and influencing factors of shareholders' market behavior, but there are few researches on the motivation and influencing factors of important shareholders' increasing and decreasing holding behavior. The main idea of this paper is to take theoretical and empirical analysis as the main line. This paper mainly discusses the influence factors, motivation, and the internal mechanism between the market behavior and the increase and decrease of the important shareholders' holding behavior, and verifies it in many aspects. The results of the research are not only of practical significance, but also of practical significance. The theoretical analysis of this paper is mainly to discuss the motivation of increasing and decreasing the holding behavior of important shareholders, and to establish the main motivation of increasing and decreasing the stock holdings of important shareholders, and to classify it. The empirical analysis is mainly based on the sample of companies with significant shareholders increasing or decreasing their stock holdings from January 2006 to December 2012, and demonstrates the behavior and market trend of the increase and decrease of significant shareholders. Ownership costs and financial indicators (development capacity, long-term solvency, short-term solvency, risk level, profitability, cash flow capacity, profitability, Finally, combining the theoretical and empirical analysis, the author puts forward some countermeasures and suggestions to regulate the market behavior of important shareholders and ensure the stable development of the market.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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