本文關(guān)鍵詞： 大小非減持 流通股股東 非流通股股東 利益侵占行為　出處：《重慶大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：為了消除股權(quán)二元結(jié)構(gòu)問題，完善股票市場運行機制，，2005年中國股票市場開始進行了一場針對股權(quán)分置問題的改革。股權(quán)分置改革是中國證券市場發(fā)展歷程的必然選擇，對中國股票市場持續(xù)、快速、健康發(fā)展具有深遠的積極意義。但是，從中國股票市場的實際運行情況來看，自2005年開始實施的股權(quán)分置改革不僅沒有使中國股票市場變得更加有效，反而使中國股票市場的異常行為和“金融異�，F(xiàn)象”更加突出和顯著。雖然目前我國資本市場已基本完成股權(quán)分置改革，但是股改真正意義上的全部完成還很遠。因此，在中國股票市場大小非減持背景下從理論和實證方面系統(tǒng)深入地研究非流通股股東對流通股股東的利益侵占行為，對于揭示中國股票市場在大小非減持背景下的行為機理、解釋中國股票市場在大小非減持過程中出現(xiàn)的“金融異�，F(xiàn)象”、進而提高政府對股票市場的調(diào)控和監(jiān)管效率、保障中國股票市場持續(xù)、穩(wěn)定、健康發(fā)展具有非常重要的理論和現(xiàn)實意義。 本文的主要研究工作主要體現(xiàn)在以下幾個方面： ①在對中國股票市場建立背景、發(fā)展歷程及股權(quán)分置改革大小非減持過程進行全面考察的基礎(chǔ)上，從非流通股股東和流通股股東資本利得收益和持股成本角度考慮建立數(shù)學(xué)模型，從理論方面研究中國股票市場大小非減持背景下非流通股股東對流通股股東的利益侵占行為機理，研究結(jié)果表明：在大小非減持過程中，原非流通股股東的資本利得收益將增加，原流通股股東的資本利得收益將減少，原非流通股股東增加的資本利得收益剛好等于原流通股股東減少的資本利得收益；原非流通股股東對原流通股股東的利益侵占量與原非流通股股東的持股數(shù)量和原流通股股東的持股成本正相關(guān)，與股權(quán)分置改革對價支付率負相關(guān)。 ②本文在借鑒現(xiàn)有相關(guān)研究成果的基礎(chǔ)上，采用股市相關(guān)數(shù)據(jù)，并利用描述性統(tǒng)計分析，事件研究法，從實證方面研究大小非減持背景下非流通股股東對流通股股東的利益侵占行為。實證結(jié)果表明：中國股票市場上市公司股改方案普遍存在對價支付率低于合理對價水平的現(xiàn)象；不管是從總量來看，還是從大小非分類來看，深市大小非的減持力度均要高于滬市，且減持過程中存在違規(guī)減持行為；限售股減持對我國股票市場產(chǎn)生了顯著的負面影響，這種對股市的負面影響不僅表現(xiàn)在短期，更表現(xiàn)在長期；限售股減持過程存在明顯的股價操縱現(xiàn)象，存在原非流通股股東對流通股股東的利益侵占行為；限售股減持容易造成股市的下跌，在熊市時，尤為顯著。 ③基于上述理論模型和實證研究結(jié)果，結(jié)合中國股票市場建立背景、發(fā)展歷程和股權(quán)分置改革實際情況，對中國股票市場大小非減持過程中存在的“金融異常現(xiàn)象”做出合理的分析和解釋。
[Abstract]:In order to eliminate the dual structure of equity, improve the operating mechanism of the stock market. In 2005, China's stock market began to carry out a reform aimed at the issue of split share structure, which is the inevitable choice of the development of China's stock market. The healthy development has far-reaching positive significance. However, from the actual operation of China's stock market, the implementation of the split share structure reform since 2005 has not made the Chinese stock market more effective. On the contrary, it makes the abnormal behavior of Chinese stock market and "financial abnormal phenomenon" more prominent and remarkable, although China's capital market has basically completed the reform of split share structure at present. But the full completion of the stock reform in its true sense is far from complete. Under the background of non-reduction of stock market in China, the paper systematically and deeply studies the behavior of non-tradable shareholders' interest encroachment on tradable shareholders from the theoretical and empirical aspects. To reveal the behavior mechanism of Chinese stock market under the background of large and small non-reduction, explain the "financial abnormal phenomenon" in the process of large and small non-reduction of Chinese stock market. Therefore, it is of great theoretical and practical significance to improve the efficiency of government regulation and supervision of the stock market and to ensure the sustained, stable and healthy development of the Chinese stock market. The main research work of this paper is embodied in the following aspects: 1 on the basis of a comprehensive investigation of the background, development course and non-reduction process of the stock market in China. The mathematical model is established from the perspective of capital gains and cost of non-tradable shareholders and tradable shareholders. This paper studies the behavior mechanism of non-tradable shareholders' interest encroachment on tradable shareholders under the background of non-reduction in Chinese stock market in theory. The results show that: in the process of non-reduction. The capital gains of the original non-tradable shareholders will increase, and the capital gains of the former circulating shareholders will decrease. The capital gains of the original non-tradable shareholders are exactly equal to the capital gains of the original circulating shareholders; The amount of interest encroachment of original non-tradable shareholders is positively related to the number of original non-tradable shareholders and the cost of the original non-tradable shareholders, and negatively related to the consideration payment rate of the split share structure reform. 2 based on the existing research results, this paper uses the relevant data of stock market, and use descriptive statistical analysis, event research method. This paper studies the behavior of non-tradable shareholders' interest encroachment on tradable shareholders under the background of large and small non-reduction. The empirical results show that:. There is a phenomenon that the consideration payment rate is lower than the reasonable consideration level in the stock reform scheme of listed companies in China's stock market. Whether from the total amount or from the size of non-classification, the Shenzhen market size and non-holding strength are higher than the Shanghai stock market, and there is illegal reduction in the process of reduction; The reduction of restricted shares has a significant negative impact on our stock market, which is not only in the short term, but also in the long term; There are obvious stock price manipulation phenomena in the process of the reduction of restricted shares, and the original non-tradable shareholders' behavior of encroaching on the interests of the shareholders of tradable shares; The reduction of restricted shares is easy to cause the stock market to fall, especially in the bear market. 3 based on the above theoretical model and empirical research results, combined with the background of the establishment of the Chinese stock market, the history of development and the actual situation of the split share structure reform. This paper makes a reasonable analysis and explanation of the "financial anomaly" in the process of non-reduction of stock market size in China.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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本文編號：1480532