资产注入、流动性溢价与市场环境

Assets Injection,Mobility Premium and Market Environments

从理论和实证两方面探讨了大股东实施资产注入的主要动因。研究发现市场环境对大股东的资产注入行为具有重要影响:股权分置下大股东实施资产注入的增值收益有限,积极性较低,而股权分置改革环境下大股东可利用市值放大效应获得巨大的增值收益,实施资产注入的积极性大大提高。模型分析表明,获取流动性溢价和持股市值增加是大股东注入资产的主要动因之一,实证分析也显示大股东通过实施资产注入获得了较高的超额收益和较大幅度的流动性溢价。

This paper find that market environments have a significant impact on the assets injection of major shareholders. Before the reform of non-tradable shares, if major shareholders inject assets into listed companies, the return is quite small and their enthusiasm is limited. However, since major shareholders can get excess returns through magnifying effect of market value after the reform, the have greater incentive to increase the amount of assets injection. The model analysis shows that getting liquidity premium and increase in market value of shareholding is one of shareholders＇ motives for injecting assets. The empirical analysis also discloses that major shareholders obtain excess returns and large-scale liquidity premium through assets injection.