【摘要】：股權(quán)分置改革從2005年開始實行,它打破了長期以來上市公司流通股與非流通股相分割的局面。股權(quán)分置改革后,我國上市公司原有的非流通股獲得在二級市場上流通的權(quán)利。隨著股票市場進入全流通時代,上市公司股東以自身利益最大化為目標的獲利機制明顯發(fā)生轉(zhuǎn)變。他們從關(guān)注公司凈資產(chǎn)轉(zhuǎn)向更加關(guān)注二級市場股票價格的變化。大股東會利用自身的各種優(yōu)勢,包括財務優(yōu)勢、信息優(yōu)勢等,盡量地抬高股價,獲取投機收益。在全流通時代,大股東在二級市場上實現(xiàn)利益的最終方式是減持股份。 本文以2009年1月1日至2011年6月30日,大股東在二級市場上減持股份的公司為研究對象,采用事件研究法和多元線性回歸模型,分析大股東減持的深層次原因及減持行為對股票市場的影響。研究結(jié)果表明,大股東減持比例與公司經(jīng)營業(yè)績和盈利能力等公司經(jīng)營特征并沒有直接的相關(guān)關(guān)系,而與股權(quán)制衡度負相關(guān),說明大股東在減持股份時考慮的是減持是否會威脅其控制權(quán)地位。此外,當大盤處于高位,市凈率較低的成長型公司的股價更容易被高估,下跌的風險更大,大股東更容易通過減持公司股票將所獲得的資本利得“落袋為安”,規(guī)避風險。在大股東減持股份之前的一定時期內(nèi),上市公司存在著顯著為正的超額報酬,而在股份減持完成后,正的超額報酬逐漸消失。這表明大股東減持行為在短期內(nèi)呈現(xiàn)出負的市場反應。通過研究上市公司減持效應的相關(guān)影響因素發(fā)現(xiàn),從事件期的累積超額報酬來看,市場對于成長型、信息透明度低、大股東減持比例高的公司更為擔憂,股票反應比較強烈,減持效應更明顯。最后本文從內(nèi)部治理和外部監(jiān)管兩方面對上市公司監(jiān)管層提出了對大股東市場交易行為監(jiān)管的政策建議。
[Abstract]:The reform of non-tradable shares has been carried out since 2005, which breaks the long separation of tradable shares and non-tradable shares of listed companies. After the reform of split share structure, the original non-tradable shares of listed companies in our country have the right to circulate in the secondary market. With the stock market entering the era of full circulation, the profit mechanism of shareholders in listed companies with the goal of maximizing their own interests has changed obviously. They moved from focusing on the company's net worth to paying more attention to changes in stock prices on the secondary market. Large shareholders will use their own advantages, including financial advantages, information advantages and so on, as far as possible to raise the stock price, to gain speculative gains. In the age of full circulation, the ultimate way for major shareholders to realize their interests in the secondary market is to reduce their share holdings. In this paper, from January 1, 2009 to June 30, 2011, the major shareholders in the secondary market in the reduction of shares as the research object, using the event study method and multiple linear regression model. This paper analyzes the deep reasons of the reduction of large shareholders and the influence of the behavior on the stock market. The results show that there is no direct correlation between the proportion of major shareholder reduction and the operating characteristics of the company, such as operating performance and profitability, but a negative correlation with the degree of equity balance. Major shareholders in reducing their shares consider whether the reduction will threaten their position of control. In addition, when the market is high, growth companies with low price-to-book ratios are more likely to be overvalued, riskier to fall, and larger shareholders are more likely to "pocket" their capital gains and avoid risk by reducing their holdings. In a certain period before major shareholders reduce their shares, listed companies have significantly positive excess returns, but after the completion of the stock reduction, the positive excess returns gradually disappear. This shows that the reduction of large shareholders in the short term shows a negative market reaction. Through the study of the related factors affecting the reduction effect of listed companies, it is found that the market is more worried about the growth type, low information transparency and high proportion of large shareholders' reduction, and the stock reaction is stronger from the cumulative excess returns in the event period. The reduction effect is more obvious. Finally, this paper puts forward some policy suggestions on the supervision of large shareholders' market transactions from two aspects of internal governance and external supervision.
【學位授予單位】：南京理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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