【摘要】：限售股是指在一定時間內(nèi)或一定條件下暫時禁止在二級市場出售的股份。目前我國證券市場上存在多種形式的限售股,如股改限售股、首發(fā)限售股和增發(fā)限售股等。限售股在鎖定期結(jié)束之后解禁并可以自由流通。理論上,限售股的解禁有可能引發(fā)原股東的大規(guī)模減持套現(xiàn)行為,從而破壞市場的供給平衡、影響股票的估值和投資者的持股信心。我國創(chuàng)業(yè)板因為具有高成長性、高市盈率和創(chuàng)投機構(gòu)集中持股等特征,加上開板時間較短、市場環(huán)境不成熟,在面對大規(guī)模的限售股解禁時更有可能受到影響。考察限售股解禁事件對創(chuàng)業(yè)板股票收益率的影響,并分析其反應(yīng)的方式和程度,對證券市場的各參與方都具有重要的現(xiàn)實意義。本文研究了在2013年的創(chuàng)業(yè)板市場上,首發(fā)原股東限售股解禁對股票收益率造成的影響。首先介紹了解禁股的概念和分類、創(chuàng)業(yè)板的主要特征,并對2013年創(chuàng)業(yè)板市場的限售股解禁情況做了描述性統(tǒng)計。在回顧文獻(xiàn)之后,采用事件研究法,對限售股解禁的影響做了實證檢驗,并結(jié)合相關(guān)理論,對實證的結(jié)果做了分析和總結(jié)。最后參照國外成熟證券市場應(yīng)對限售股解禁的經(jīng)驗辦法,為應(yīng)對創(chuàng)業(yè)板限售股解禁帶來的問題提出了一些政策建議。目的是讓投資者更加理性的面對限售股解禁,避免股價因為限售股的解禁而發(fā)生劇烈波動,同時也有推動資本市場的資源優(yōu)化配置,使我國證券市場更加成熟和有效。
[Abstract]:Restricted shares refers to shares that are temporarily prohibited from being sold in the secondary market within a certain time or under certain conditions. At present, there are many kinds of restricted shares in the stock market of our country, such as the change of the stock to the limited sale, the initial sale of the limited stock and the increase of the limited sale of the stock and so on. Restricted shares at the end of the lock period after the ban and free circulation. In theory, the lifting of the restriction may lead to a large-scale reduction of cash holdings of the original shareholders, thereby disrupting the supply balance of the market, affecting the valuation of stocks and investors' confidence in holding shares. The gem of our country has the characteristics of high growth, high price-to-earnings ratio and concentrated shareholding of venture capital institutions. In addition, the market environment is not mature and the opening time is relatively short, so it is more likely to be affected in the face of large-scale restrictions on the sale of stocks. It is of great practical significance for all the participants in the stock market to investigate the effect of the event of the release of restricted shares on the return rate of gem stock and analyze the way and degree of its reaction. In this paper, we study the effect of the restriction of initial shareholders on the return of stock on the gem market in 2013. Firstly, this paper introduces the concept and classification of the restricted shares and the main characteristics of the gem, and makes descriptive statistics on the release of the restricted shares in the gem market in 2013. After reviewing the literature, this paper uses the event study method to make an empirical test on the impact of the lifting of the ban on the sale of shares, and analyzes and summarizes the results of the empirical study in combination with the relevant theories. Finally, referring to the experience of foreign mature stock market, this paper puts forward some policy suggestions to deal with the problems caused by the lifting of the restriction on gem. The purpose of this paper is to make investors face the restriction of stock sale more rationally, to avoid the sharp fluctuation of stock price due to the release of restricted stock, and to promote the optimal allocation of resources in the capital market to make the stock market of our country more mature and effective.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 武東;張青;湯銀才;;基于穩(wěn)定分布的股票收益率的特征分析[J];統(tǒng)計與決策;2006年19期

2 劉忠江;;股票收益率與通貨膨脹率關(guān)系——對中國1992-2007年的實證研究[J];求索;2008年03期

3 楊小燕;王建穩(wěn);;股票收益率的行業(yè)效應(yīng)分析[J];北方工業(yè)大學(xué)學(xué)報;2008年03期

4 黃雯霞;劉曉棟;;我國股票收益率與通貨膨脹率相關(guān)性研究[J];東方企業(yè)文化;2011年04期

5 王璐;胡曉麗;;股票收益率與通貨膨脹率之謎:1992-2011[J];統(tǒng)計與管理;2012年05期

6 周蓮子;;通貨膨脹與股票收益率關(guān)系及流動性過度釋放的“效應(yīng)分解”——基于中國1996-2012年的實證研究[J];金融經(jīng)濟(jì);2012年22期

7 趙祥功 ,陳文杰 ,張小蒂;公司規(guī)模對股票收益率的影響分析[J];浙江金融;2002年04期

8 陳俊芳,劉鳳元,王志明;鋁業(yè)上市公司股票收益率模型及投資價值分析[J];技術(shù)經(jīng)濟(jì)與管理研究;2003年06期

9 甘霖敏,楊p，

本文編號：2439726