本文選題：限售股 + 減持�。� 參考：《南京理工大學(xué)》2017年碩士論文

【摘要】：由于轉(zhuǎn)型期的特點(diǎn),中國(guó)A股市場(chǎng)上市公司的股份被歷史性地分為可流通和不可流通兩類(lèi)性質(zhì)。2005年實(shí)施的股權(quán)分置改革使非流通股份獲得了流通權(quán),中國(guó)股市逐步迎來(lái)了全流通時(shí)代。限售股獲得流通權(quán)之后,大股東減持行為成為值得關(guān)注的問(wèn)題。上市企業(yè)股東減持本來(lái)是無(wú)可厚非的經(jīng)濟(jì)行為,但如果大股東減持過(guò)于頻繁且規(guī)模過(guò)大則可能對(duì)市場(chǎng)造成不利沖擊,危害其他投資者的利益。為了減輕大股東減持對(duì)證券市場(chǎng)的負(fù)面影響,近年來(lái),中國(guó)證監(jiān)會(huì)多次出臺(tái)相關(guān)規(guī)定對(duì)股東減持比例和披露時(shí)間進(jìn)行限制。這些規(guī)定在看似"救市"的同時(shí),也引發(fā)很多爭(zhēng)議。如何讓政策制定更加精準(zhǔn),避免"一刀切"的弊端,對(duì)上市公司限售股的減持行為進(jìn)行細(xì)致深入的分析很有必要。本文選取在2010年11月1日至2015年7月1日期間發(fā)生過(guò)減持行為的限售股股東作為研究對(duì)象,主要為首發(fā)限售股,對(duì)主板、中小板和創(chuàng)業(yè)板市場(chǎng)同時(shí)進(jìn)行研究。選取減持比例作為被解釋變量,對(duì)樣本數(shù)據(jù)進(jìn)行分板塊分析。本文按照是否為第一次減持對(duì)各板塊樣本數(shù)據(jù)進(jìn)行分組,橫向比較與縱向比較相結(jié)合,探討不同板塊不同類(lèi)型限售股減持所受影響的異同。研究結(jié)果表明,除減持前持股比例、股東性質(zhì)、股權(quán)集中度、股權(quán)制衡度外,其他解釋變量對(duì)減持比例的影響方向三板塊各不相同。中小板和創(chuàng)業(yè)板樣本數(shù)據(jù)回歸結(jié)果基本一致,并且與主板存在差異。中小企業(yè)股東更偏好于鎖定眼前收益,普遍存在對(duì)公司未來(lái)發(fā)展缺乏信心的表現(xiàn)。其中,反映股權(quán)結(jié)構(gòu)的變量股權(quán)集中度和股權(quán)制衡度對(duì)減持比例有同方向的影響,而兩者在數(shù)量計(jì)算上存在著此消彼長(zhǎng)的關(guān)系,說(shuō)明上市公司需要尋求一個(gè)最優(yōu)股權(quán)結(jié)構(gòu),股權(quán)集中度高的同時(shí)又能對(duì)第一大股東形成有效制衡的模式,才能真正改善減持行為。由此可見(jiàn),不同類(lèi)型的限售股股東減持行為確實(shí)存在差異,加之各板塊上市公司自身的特點(diǎn),不同類(lèi)型限售股股東的差異化需求必須得到關(guān)注。證券監(jiān)管部門(mén)不宜對(duì)所有限售股減持采取"一刀切"的限制方式,而應(yīng)有針對(duì)性地制定減持規(guī)定和相關(guān)監(jiān)管要求,盡可能地滿足不同類(lèi)型上市公司的流動(dòng)性需求,以期能夠有效控制減持節(jié)奏,取得更好的政策效果,促進(jìn)證券市場(chǎng)健康、穩(wěn)定發(fā)展。
[Abstract]:Due to the characteristics of the transition period, the shares of listed companies in China's A-share market have been divided into two types: tradable and non-tradable.China's stock market has gradually ushered in an era of full circulation.After the limited-selling stock obtains the circulation right, the major shareholder reduces the behavior to become the question which should pay attention to.The reduction of shareholders' holdings in listed enterprises is originally an economic behavior that can not be criticized, but if the large shareholders reduce their holdings too frequently and the scale is too large, it may have a negative impact on the market and harm the interests of other investors.In order to mitigate the negative impact of large shareholder reduction on the securities market, in recent years, the CSRC has issued a number of related regulations to limit the proportion of shareholders to reduce their holdings and the disclosure time.These rules appear to "rescue the market", but also triggered a lot of controversy.How to make the policy more accurate, avoid the "one-size-fits-all" drawback, it is necessary to analyze the behavior of the listed companies to reduce the holding of restricted shares.This paper selects the shareholders of restricted stock who have been reducing their holdings between November 1, 2010 and July 1, 2015 as the research object, mainly for the initial restricted stock, and studies the main board, small and medium-sized board and gem market simultaneously.The reduction ratio is selected as the explanatory variable, and the sample data is analyzed by plate analysis.In this paper, according to whether it is the first time to reduce the holding, the sample data of each plate are grouped, the horizontal comparison and the longitudinal comparison are combined to discuss the similarities and differences of different plates and different types of restricted stock reduction.The results show that, except for the proportion of stock holding before reduction, the nature of shareholders, the degree of ownership concentration and the degree of equity balance, the influence direction of other explanatory variables on the proportion of reduction is different.The regression results of sample data of small and medium board and growth enterprise board are basically consistent, and there are differences with the main board.Small and medium-sized shareholders prefer to lock in immediate income and generally lack confidence in the future development of the company.Among them, the variable equity concentration degree and equity balance degree, which reflect the ownership structure, have the same influence on the reduction ratio, and there is a relationship between the two in the quantity calculation, which indicates that the listed company needs to seek an optimal equity structure.Only when the ownership concentration is high and the largest shareholder can be effectively balanced, can the behavior of reduction be really improved.It can be seen that different types of restricted stock shareholders' reduction behavior is indeed different, in addition to the characteristics of listed companies, different types of restricted share shareholders' different needs must be paid attention to.Instead of adopting a "one-size-fits-all" restriction on the reduction of all restricted shares, the securities regulatory authorities should formulate relevant regulations and relevant regulatory requirements to meet the liquidity needs of different types of listed companies as far as possible.In order to effectively control the pace of reduction, achieve better policy results, promote the healthy and stable development of the securities market.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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