基于股东侵占模型的大股东减持行为研究

Large Scale Limited Tradable Stock Based on Shareholders Occupation Model

通过构建单个股东和多个股东侵占模型,分析大股东减持问题,发现影响大股东减持的因素包括大股东持股比例、大股东属性、外部法律保护程度、减持价格、投资收益率分离度及股权制衡程度;再通过实证检验,发现大股东持股比例及股东属性对大股东减持产生显著的正向影响,股权制衡程度对大股东减持产生负向影响,而外部法律保护程度、减持价格及投资收益分离度与大股东减持的关系则并不显著。

This article analyzes the large scale limited tradable stock issues.By building single and multiple shareholders occupation models,we found that the factors influenced the large scale limited tradable stock include such elements as the proportion of large shareholders,the characteristics of major shareholders,the degree of external legal protection,the prices of reduction and the separating degree of investment returns and the degree of stock equity balance.Through the empirical testing,we also found that the proportion of large shareholders and the characteristics of major shareholders have a positive effect on the large scale limited tradable stock,while the degree of stock equity balance has a negative effect on the above stock,and other factors' influence remains uncertain.