【摘要】：為解決股權(quán)分置所引發(fā)的一系列問題,2005年4月29日,中國證監(jiān)會頒布了《關(guān)于上市公司股權(quán)分置改革試點有關(guān)問題的通知》,至此拉開了股權(quán)分置改革的序幕。隨著上市公司股權(quán)分置改革地逐步完成以及限售股地陸續(xù)解禁,上市公司的股東紛紛拋售解禁股,以獲得資本增值的收益。大股東減持行為必然會對證券市場以及上市公司的經(jīng)營績效和持續(xù)發(fā)展產(chǎn)生不同程度的影響。對于我國這樣的新興經(jīng)濟(jì)體而言,公司成長性對上市公司的持續(xù)發(fā)展尤為關(guān)鍵。因此,我們有必要針對大股東減持對上市公司成長性的影響展開研究。 本文共包括五個部分：第一部分,以股權(quán)分置改革開篇,講述了大股東減持的背景及研究的意義,并從減持動因、套利手段、時機(jī)選擇、產(chǎn)生的效應(yīng)四個方面對現(xiàn)有的大股東減持的文獻(xiàn)資料進(jìn)行了分類總結(jié),并介紹了本文所采用的研究方法、研究思路及創(chuàng)新；第二部分,基于已有的大股東減持的文獻(xiàn)資料,對大股東的范圍進(jìn)行了界定,從股權(quán)集中度、股權(quán)制衡、股權(quán)性質(zhì)三個方面對國內(nèi)外有關(guān)股權(quán)結(jié)構(gòu)與公司成長性的研究進(jìn)行了歸納總結(jié),并對有關(guān)基于生命周期的股權(quán)結(jié)構(gòu)與公司成長性研究的文獻(xiàn)資料進(jìn)行專門的闡述,以作為本文研究的基礎(chǔ)；第三部分,論述了不同的股權(quán)結(jié)構(gòu)對公司成長性的影響機(jī)制,并按照生命周期階段,對處于成長期和成熟期的上市公司,其大股東減持行為對公司成長性的影響提出了假設(shè)；第四部分,介紹了選取的樣本及其來源,構(gòu)建了上市公司成長性評價體系,并運用因子分析法計算得出了上市公司減持前后的成長性得分,然后建立了大股東減持與公司成長性的多元回歸模型,通過描述性統(tǒng)計、相關(guān)性分析、回歸分析對研究假設(shè)進(jìn)行驗證；第五部分,對本文的研究成果進(jìn)行了總結(jié),指出其中存在的不足,并對進(jìn)一步的研究方向進(jìn)行了展望。
[Abstract]:In order to solve a series of problems caused by split share structure, on April 29, 2005, China Securities Regulatory Commission issued the notice on the problems of the pilot reform of the split share structure of listed companies, which opened the prelude to the reform of split share structure. With the gradual completion of the reform of the split share structure of listed companies and the lifting of the restrictions on the sale of shares, the shareholders of the listed companies have sold off the shares one after another in order to obtain the gains of capital appreciation. The behavior of large shareholder reduction will inevitably affect the operation performance and sustainable development of the stock market and listed companies to varying degrees. For emerging economies such as China, corporate growth is particularly critical to the sustainable development of listed companies. Therefore, it is necessary to study the impact of major shareholder reduction on the growth of listed companies. This paper consists of five parts: the first part begins with the reform of split share structure, narrates the background and significance of the research on the reduction of large shareholders, and chooses the right time from the reasons of reduction, the means of arbitrage, and the timing. The effect of the four aspects of the existing major shareholder reduction literature data are classified and summarized, and introduced the research methods adopted in this paper, research ideas and innovations; part two, based on the existing large shareholder reduction literature, This paper defines the scope of major shareholders, summarizes the research on ownership structure and company growth from three aspects of ownership concentration, equity balance and equity nature. And the literature on the research of ownership structure and company growth based on life cycle is described in order to be the basis of this paper. The third part discusses the influence mechanism of different ownership structure on company growth. According to the stage of life cycle, the paper puts forward the hypothesis of the influence of the behavior of large shareholder reduction on the growth of the listed companies in the growth and maturity period. Part four, introduces the selected samples and their sources. The growth evaluation system of listed companies is constructed, and the growth score of listed companies before and after reduction is calculated by using factor analysis method. Then, the multivariate regression model of large shareholder reduction and corporate growth is established, and the descriptive statistics are used. Correlation analysis and regression analysis verify the research hypotheses. The fifth part summarizes the research results of this paper points out the shortcomings and looks forward to the future research direction.
【學(xué)位授予單位】：北京郵電大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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