摘要
非流通股解禁和减持问题是当前市场关注的焦点。以截至2008年2月29日的减持数据为基础,对大股东减持的各种动因进行分析的结果显示,我国大股东凭借对公司估值和业绩前景的优势信息进行选择性的减持,高估值且业绩前景差的公司更可能成为减持的对象;与国外不同的是,A股市场的高波动风险是推动大股东减持的另一重要动因。进一步区分减持力度发现,估值与业绩前景动因对强度减持更具解释力,而高波动风险是引发轻度减持的主要动因。从大股东层级来看,控股股东的减持传达了估值偏高、业绩前景不佳的更明确信号。上述发现对投资者决策和监管政策制定具有重要启示作用。
This study investigates the large A-shareholders＇ selling behavior using the disclosed trading data before February 29, 2008. We find that large shareholders make use of private information about company＇s fundamental value and future performance in their selling decision. The companies which have higher valuation, worse prospect and larger price fluctuation risk will be sold more aggressively by large shareholders. By analyzing the selling quantity, we find that large sales are mainly made due to valuation and performance reasons, while small sales are provoked mainly by high price fluctuation risk. In terms of the insider identity, sales by controlling shareholders convey negative signals more definitely than sales by other large shareholders. The results can not only improve our understanding about large shareholders＇ trading behavior, but also have important implications for regulation and investor decision.
出处
《浙江大学学报（人文社会科学版）》
CSSCI
北大核心
2010年第2期164-173,共10页
Journal of Zhejiang University:Humanities and Social Sciences
基金
中国博士后科学基金资助项目(20080431333)
教育部人文社会科学研究青年基金资助项目(08JC790093)
关键词
减持
股权分置改革
内部人交易
insider sales
share structure reform
insider trading
