發(fā)布時(shí)間：2018-05-03 08:32

  本文選題：上市公司 + 增持　； 參考：《沈陽(yáng)工業(yè)大學(xué)》2012年碩士論文

【摘要】：從中國(guó)股權(quán)分置改革實(shí)施以來，多數(shù)非流通股轉(zhuǎn)變成流通股，準(zhǔn)許上市企業(yè)大股東及高管持有的非流通股進(jìn)入二級(jí)市場(chǎng)中流通交易。這使得對(duì)大股東和高管在二級(jí)市場(chǎng)上買賣股票行為的相關(guān)研究具備更多意義。根據(jù)國(guó)外相關(guān)文獻(xiàn)可知，上市公司往往可以利用其信息優(yōu)勢(shì)在二級(jí)市場(chǎng)上進(jìn)行買賣，從而獲取超出預(yù)期的收益。因此，企業(yè)大股東在二級(jí)市場(chǎng)上的交易行為，，能帶來一些參考作用，一定程度上引導(dǎo)廣大投資者的投資決策。近些年來，中國(guó)學(xué)者逐漸開始注意研究增持行為，可大多研究集中在上市公司的財(cái)務(wù)績(jī)效和主要股東增持行為的關(guān)系，以及大股東增持和公司的股權(quán)結(jié)構(gòu)的相關(guān)問題，針對(duì)增持行為帶來何種市場(chǎng)效應(yīng)的研究卻寥寥無幾。隨著股權(quán)分置改革的展開，非流通股轉(zhuǎn)變成流通股，限售股變?yōu)槟苡诙��?jí)市場(chǎng)交易的流通股，增持股票行為逐漸成為證券市場(chǎng)中的普遍現(xiàn)象。再來看國(guó)內(nèi)學(xué)者的研究，大多集中于研究大股東增持行為，對(duì)于上市公司增持股票行為的研究卻處于起步階段。 本文集中對(duì)上市公司增持行為對(duì)二級(jí)市場(chǎng)的短期影響進(jìn)行研究。2008年，受世界金融危機(jī)的影響，中國(guó)股票市場(chǎng)出現(xiàn)大幅下跌，在此期間出現(xiàn)了大股東增持的熱潮。多數(shù)對(duì)大股東增持行為的研究也是隨之出現(xiàn)在這個(gè)特殊的時(shí)期。然而隨著市場(chǎng)逐步恢復(fù)走出低迷，大股東的增持行為卻沒有停止。本文通過對(duì)2008-2011年期間上市公司增持股票事件產(chǎn)生的市場(chǎng)反應(yīng)進(jìn)行實(shí)證研究。首先通過事件研究的方法，檢驗(yàn)上市公司增持行為產(chǎn)生的短期市場(chǎng)效應(yīng)。結(jié)果表明，上市公司增持行為能使該公司的股價(jià)產(chǎn)生正的異常波動(dòng)，從而為投資者帶來顯著的正超額收益；然后通過建立線性回歸模型來分析增持股份多少對(duì)累計(jì)超常收益率的影響，結(jié)果表明上市公司公告增持股份越多，其股價(jià)的累計(jì)超�；貓�(bào)率越高。本文最后根據(jù)研究結(jié)論對(duì)上市公司增持股票行為相關(guān)監(jiān)管制度提出若干理論建議。
[Abstract]:Since the implementation of the split share structure reform in China, most non-tradable shares have been converted into tradable shares, allowing non-tradable shares held by major shareholders and executives of listed enterprises to enter the secondary market for circulation. This makes it more meaningful to study the behavior of large shareholders and executives buying and selling stocks in the secondary market. According to the relevant foreign literature, listed companies can often use their information advantages to buy and sell in the secondary market, so as to obtain more than expected income. Therefore, the trading behavior of the major shareholders in the secondary market can bring some reference functions, to a certain extent, guide the investors to make investment decisions. In recent years, Chinese scholars have gradually begun to pay attention to the behavior of increasing holdings. Most of the studies focus on the relationship between the financial performance of listed companies and the behavior of major shareholders, as well as the problems related to the increase of large shareholders' holdings and the ownership structure of the company. Little research has been done on the market effects of increasing holdings. With the development of the reform of split share structure, non-tradable shares are transformed into tradable shares, and restricted shares become tradable shares which can be traded in the secondary market. The behavior of increasing stock holdings has gradually become a common phenomenon in the securities market. The research of domestic scholars mostly focuses on the behavior of large shareholders increasing, but the research on the behavior of listed companies is still in its infancy. This paper focuses on the short-term impact of the listed companies' increasing holdings on the secondary market. In 2008, due to the impact of the world financial crisis, the stock market in China fell sharply, and during this period there was a boom of increasing the holdings of large shareholders. Most of the research on the behavior of large shareholders increase also appears in this special period. However, as the market gradually recovered from the downturn, the behavior of major shareholders has not stopped. This paper makes an empirical study on the market reaction of listed companies increasing their stock holdings during 2008-2011. Firstly, the short-term market effect of listed companies' increasing holdings is tested by the method of event study. The results show that the behavior of increasing the holdings of the listed companies can make the stock price of the listed company fluctuate in a positive way, thus bringing about a significant positive excess return for the investors. Then a linear regression model is established to analyze the effect of increasing the shares on the cumulative abnormal return. The results show that the more shares the listed companies announce, the higher the cumulative extraordinary return on the stock price. Finally, according to the conclusion of the research, the paper puts forward some theoretical suggestions on the supervision system of the listed companies' increasing stock holdings.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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