發(fā)布時(shí)間：2018-04-30 09:15

  本文選題：大股東減持 + 動(dòng)因　； 參考：《浙江工商大學(xué)》2017年碩士論文

【摘要】：隨著股權(quán)分置改革的結(jié)束,我國資本市場(chǎng)開始進(jìn)入全流通時(shí)代。大股東會(huì)傾向于利用所擁有的財(cái)務(wù)優(yōu)勢(shì)、信息優(yōu)勢(shì)等抬高股價(jià),然后通過二級(jí)市場(chǎng)減持股票獲益。面對(duì)高額現(xiàn)金收益,大股東開始不斷的減持,這種行為對(duì)我國股市的正常發(fā)展產(chǎn)生了不利的影響,因此大股東減持行為需要更加嚴(yán)格的規(guī)范。2015年市場(chǎng)行情波動(dòng)劇烈,樂視網(wǎng)的表現(xiàn)相當(dāng)矚目,其控股股東賈躍亭突破常規(guī)的減持計(jì)劃引起了資本市場(chǎng)廣泛的關(guān)注。因此,本文以樂視網(wǎng)大股東減持案例作為研究對(duì)象,在借鑒前人有關(guān)減持的研究成果的基礎(chǔ)上,運(yùn)用與大股東支持行為相關(guān)的理論來解釋樂視網(wǎng)的減持"反哺"行為,探究大股東減持"反哺"的動(dòng)因,并用事件研究法分析減持"反哺"所引起的市場(chǎng)反應(yīng)。本文基于支持行為的視角研究大股東的減持"反哺"行為,能夠豐富大股東行為理論的研究。另外,樂視網(wǎng)大股東減持"反哺"行為較為新穎,影響廣大,被多家上市公司改良或效仿,通過對(duì)該案例的研究能夠?yàn)橘Y本市場(chǎng)提供參考。本文的研究發(fā)現(xiàn),樂視網(wǎng)大股東減持"反哺"的動(dòng)因有三:(1)樂視網(wǎng)處于戰(zhàn)略轉(zhuǎn)型發(fā)展的關(guān)鍵時(shí)期,其大股東減持是為給樂視網(wǎng)提供"樂視生態(tài)"建設(shè)所需資金;(2)為了優(yōu)化樂視網(wǎng)過度集中的股權(quán)結(jié)構(gòu),引入戰(zhàn)略投資者;(3)受市場(chǎng)行情影響,樂視網(wǎng)高估的股價(jià)也是促使大股東減持的動(dòng)因。另外,本文用大股東支持行為理論分析了樂視網(wǎng)大股東的減持"反哺"行為,認(rèn)為該行為緩解了樂視網(wǎng)的資金需求并為樂視網(wǎng)引入的戰(zhàn)略投資者,是大股東對(duì)上市公司的支持的新形式。然后,本文采用事件研究法,對(duì)樂視網(wǎng)大股東減持"反哺"的市場(chǎng)反應(yīng)做了研究發(fā)現(xiàn),盡管樂視網(wǎng)大股東減持行為是一種支持行為,但是其減持行為仍然會(huì)在短期內(nèi)給市場(chǎng)帶來負(fù)面效應(yīng)。最后,基于本文的研究結(jié)論,對(duì)上市公司和監(jiān)管機(jī)構(gòu)提供了建議。
[Abstract]:With the end of the split share structure reform, China's capital market began to enter the era of full circulation. Large shareholders tend to take advantage of their financial and information advantages to drive up stock prices, and then gain from reducing their holdings in the secondary market. In the face of high cash returns, major shareholders began to reduce their holdings, which has had a negative impact on the normal development of the stock market in China. Therefore, the behavior of major shareholders in reducing their holdings needs more stringent regulations. The market market fluctuated sharply in 2015. Letv's performance has been remarkable, with its controlling shareholder Jia Yueting breaking through a conventional plan to reduce its holdings that has attracted widespread attention in the capital markets. Therefore, this paper takes the case of large shareholder reduction of Letv net as the research object, on the basis of referring to the previous research results on the reduction of large shareholders, using the theory related to the support behavior of large shareholders to explain the "back feeding" behavior of the reduction of Letv net. This paper probes into the motivation of the reduction of "back-feeding" by large shareholders, and analyzes the market reaction caused by the reduction of "back-feeding" with the method of event study. Based on the supporting behavior, this paper studies the behavior of reducing large shareholders'"feedback", which can enrich the study of behavior theory of large shareholders. In addition, the behavior of "back feeding" by large shareholders of Letv net is relatively novel and has a wide influence, which has been improved or imitated by many listed companies. The study on this case can provide a reference for the capital market. In this paper, we find that the motivation of the reduction of "back feeding" by the major shareholders of Letv net is three: one) Letv is in the critical period of strategic transformation and development. Its major shareholders reduce their holdings to provide Letv with the funds needed for the construction of the "Letv Ecology".) in order to optimize the excessive concentration of the stock ownership structure of Letv, a strategic investor is introduced into the stock market, which is influenced by the market situation. Letv net overvalued share price also is the motive that impels big shareholder to reduce hold. In addition, based on the theory of large shareholder support behavior, this paper analyzes the "back feeding" behavior of Letv net's major shareholders, and concludes that this behavior alleviates the demand for capital of Letv and the strategic investors introduced to Letv. It is a new form of support for listed companies by major shareholders. Then, using the method of event research, this paper studies the market reaction of "back feeding" of the major shareholders of Letv net, and finds out that the behavior of the major shareholder of Letv net is a kind of supporting behavior. But its reduction behavior still will bring the negative effect to the market in the short term. Finally, based on the conclusions of this paper, the recommendations to listed companies and regulators are provided.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F49

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