【摘要】：通過(guò)構(gòu)建單個(gè)股東和多個(gè)股東侵占模型,分析大股東減持問(wèn)題,發(fā)現(xiàn)影響大股東減持的因素包括大股東持股比例、大股東屬性、外部法律保護(hù)程度、減持價(jià)格、投資收益率分離度及股權(quán)制衡程度;再通過(guò)實(shí)證檢驗(yàn),發(fā)現(xiàn)大股東持股比例及股東屬性對(duì)大股東減持產(chǎn)生顯著的正向影響,股權(quán)制衡程度對(duì)大股東減持產(chǎn)生負(fù)向影響,而外部法律保護(hù)程度、減持價(jià)格及投資收益分離度與大股東減持的關(guān)系則并不顯著。
[Abstract]:By constructing the model of single shareholder and multiple shareholders embezzlement, this paper analyzes the problem of reducing the holdings of large shareholders, and finds that the factors that affect the reduction of large shareholders include the proportion of large shareholders, the attributes of large shareholders, the degree of external legal protection, and the price of reduction. The degree of separation of investment rate of return and the degree of equity balance; Then through the empirical test, it is found that the proportion of large shareholders and the attributes of shareholders have a significant positive impact on the reduction of large shareholders, the degree of equity checks and balances has a negative impact on the reduction of large shareholders, while the degree of external legal protection, The relationship between the price of reduction and the separation of investment income and the reduction of holdings of large shareholders is not significant.
【作者單位】： 重慶大學(xué)經(jīng)濟(jì)與工商管理學(xué)院;
【基金】：中央高�；究蒲袠I(yè)務(wù)一般項(xiàng)目(CDJXS11021113),中央高校基本科研業(yè)務(wù)重大自主項(xiàng)目(CDJSK1001)
【分類(lèi)號(hào)】：F224;F832.51
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本文編號(hào)：2487952