【摘要】：2012年,中國銀行股遭遇國際機構(gòu)高調(diào)唱空,一度跌入低谷。面對持續(xù)低迷的銀行股,史玉柱卻激流勇進,在二級市場上逆勢增持,孤軍奮戰(zhàn)的他最終隨著民生銀行股價的大漲而一戰(zhàn)成名。一時間,資本市場對史玉柱在民生銀行股票交易行為的關(guān)注度驟增。回顧史玉柱投資民生銀行股票過程,總結(jié)其交易行為的動機、時機與效應(yīng),能夠揭示史玉柱對民生銀行股票的交易行為這一個體案例帶給資本市場投資者、中國民營經(jīng)濟與證券市場監(jiān)管層面的啟示。 看好銀行業(yè)的發(fā)展前景、熟悉民生銀行,是史玉柱選擇民生銀行股票的初始動力。而其之所以堅定地支持民生銀行股票,則是由于民生銀行作為中國民營銀行的先行者,具備打通產(chǎn)業(yè)鏈的核心競爭力與超強的風(fēng)險控制能力。 史玉柱在投資民生銀行股票的過程中,既有大規(guī)模的增持活動,也發(fā)生過大規(guī)模減持的行為。其發(fā)生增持或者減持行為的時點,往往根據(jù)其動機的不同而不同。本文通過研究發(fā)現(xiàn),其減持行為中最主要的動機是滿足融資需求,獲取現(xiàn)金以應(yīng)對財務(wù)困境。而向市場傳遞股價低估等的正向引導(dǎo)信號、維護民生銀行股價穩(wěn)定則是其增持行為發(fā)生的直接動機。 史玉柱對民生銀行股票的頻繁大額增持,反映出其堅定看好民生銀行這一國內(nèi)唯一的民營控股銀行的態(tài)度。作為中國金融體制改革的試驗田,民生銀行的成功,使得中國民營銀行發(fā)展成為可能,但目前我國民營銀行發(fā)展還面臨諸多挑戰(zhàn),發(fā)展民營銀行,不僅需要勇氣,更需要科學(xué)的發(fā)展規(guī)劃與政策支持。 史玉柱的股票交易行為中,還存在利用內(nèi)幕信息操縱股價的可能。而由于我國現(xiàn)行證券法律法規(guī)的漏洞,使得類似行為得不到有效控制,面對這一現(xiàn)象,一方面在加強中小投資者與市場強勢投資者教育的同時,中小投資者也應(yīng)當(dāng)從中吸取投資經(jīng)驗,更加理性地對待證券市場；另一方面,證券監(jiān)管過程中的法律制度建設(shè)也亟待完善,應(yīng)從完善立法制度、明確監(jiān)管主體的地位職責(zé)、加大執(zhí)法力度、規(guī)范信息披露等方面入手,在證券監(jiān)管的過程中力求做到“言必信、信必行、行必果”。
[Abstract]:In 2012, Chinese bank stocks were hit by international institutions high-profile short, once fell into a trough. In the face of a continuing downturn in bank stocks, Shi Yuzhu bravely entered the secondary market against the trend to increase holdings, alone with Minsheng Bank shares eventually rose and become famous in the war. For a time, the capital market to Shi Yuzhu in the Minsheng Bank stock trading attention increased sharply. Looking back on Shi Yuzhu's stock process of investing in Minsheng Bank, summarizing the motives, timing and effects of his trading behavior, it can reveal the individual case of Shi Yuzhu's trading behavior of Minsheng Bank stock to the investors in the capital market. The enlightenment of Chinese private economy and securities market supervision. Good prospects for the development of banking, familiar with Minsheng Bank, Shi Yuzhu's choice of Minsheng Bank stock initial motivation. The reason why Minsheng Bank firmly supports Minsheng Bank stock is that Minsheng Bank, as a pioneer of China's private banks, has the core competitiveness and super risk control ability to break through the industrial chain. Shi Yuzhu in the process of investing in the stock of Minsheng Bank, both a large-scale increase activities, but also a large-scale reduction of the behavior. The timing of increasing or reducing holdings is often different according to their motivations. In this paper, it is found that the main motivation of the reduction is to meet the financing needs and obtain cash to deal with financial distress. The direct motive of the increase is to transmit the positive signal of undervaluation to the market and to maintain the stability of the stock price of Minsheng Bank. Shi Yuzhu's frequent and large increase in Minsheng Bank's shares reflects his firm belief in Minsheng Bank, the only privately owned bank in China. As the experimental field of China's financial system reform, the success of Minsheng Bank makes it possible for China's private banks to develop. However, at present, the development of private banks in China is still facing many challenges. It takes courage not only to develop private banks, but also to develop them. It needs more scientific development planning and policy support. Shi Yuzhu's stock trading behavior, there is also use of insider information to manipulate the stock price. However, because of the loopholes in the current securities laws and regulations in our country, similar behaviors cannot be effectively controlled. In the face of this phenomenon, on the one hand, while strengthening the education of small and medium-sized investors and market strong investors, On the other hand, the construction of legal system in the process of securities supervision should be improved urgently. Strengthen law enforcement, standardize information disclosure and other aspects, in the process of securities supervision, strive to achieve the "word must believe, believe must act, conduct must result".
【學(xué)位授予單位】：鄭州大學(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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