-
摘要股权分置改革从2005年开始实行，它打破了长期以来上市公司流通股与非流通股相分割的局面。股权分置改革后，我国上市公司原有的非流通股获得在二级市场上流通的权利。随着股票市场进入全流通时代，上市公司股东以自身利益最大化为目标的获利机制明显发生转变。他们从关注公司净资产转向更加关注二级市场股票价格的变化。大股东会利用自身的各种优势，包括财务优势、信息优势等，尽量地抬高股价，获取投机收益。在全流通时代，大股东在二级市场上实现利益的最终方式是减持股份。本文从大股东减持的时机选择、减持市场反应和减持后股价变动影响三个方面进行深入的分析和研究。26375
- 上一篇：股权激励与内部控制缺陷相关性研究
- 下一篇：半强制分红政策下的再融资决策研究
关键词： 大股东 减持 减持时机 市场反应
毕业论文外文摘要
Title The timing,market reaction and influence factors of
the reduction of major shareholders in the A stock market
Abstract
The equity pision reform stared from 2005 broke the steady situation of listed companies' holding of tradable shares and non-tradable shares. Because of the reform, listed companies had the right to trade their non-tradable shares in the secondary stock market. With the stock market into full circulation time, to maximize their own profit, shareholders shifted the profit mechanism significantly. While the large shareholder seeking for the profits, they began to focus on the shares' price in the secondary stock market from companies' equity. So, they made use of accounting advantages or information advantages to raise the shares' price in the secondary stock market. Finally, they made profits through reducing holding-shares. In the accomplished studies, scholars mainly take the share reform and the unlocking of the restricted share as the study object. This paper takes the share reduction after the unlocking of the restricted share as the study object to analyze and study the share reduction from the three aspects of share reduction time, market effect and the reasons of the share price falling after the reduction.
Keywords： Large shareholders Share reduction Reduction time Market effect
目 次
1 绪论 1
1.1研究背景及意义1
1.2研究思路1
1.3论文框架2
2股权分置改革后大股东减持行为概述3
2.1制度背景3
2.2大股东减持行为现状3
3大股东减持时机的实证分析5
3.1样本及模型说明5
3.2全样本实证结果6
3.3分年样本实证结果8
3.4小结9
4大股东减持市场反应实证分析11
4.1事件研究法模型11
4.2全样本实证结果12
4.3分样本实证结果14
4.3.1按年份样本结果15
4.3.2按持股比例分样本结果16
4.4小结17
5大股东减持造成股价变动影响因素分析19
5.1样本及模型说明19
5.2实证结果及分析19
5.3小结22
6.对策建议23
结论24
致谢25
参考文献26
1 绪论
1.1研究背景及意义
从2005年开始，我国开始进行股权分置改革，它打破了公司流通股与非流通股长期以来分离的局势。非流通股股东需通过向流通股股东支付股改所需的费用之后，才获取了其拥有的非流通股在二级市场上的流通权。