上市公司大小非减持影响因素的实证分析

Empirical Study on Factors Affecting the Floating of Non-tradable Shares of Listed Companies

本文以2006年6月—2009年12月的大小非减持事件为研究对象,从控制权市场、处置效应、信息优势的角度,检验了影响大小非减持比例的因素。实证研究发现:①大非的减持比例显著低于小非,但控制权市场并不显著影响减持比例;②处置效应是影响大小非减持比例的主要原因,在市场单边下跌的过程中,处置效应的作用体现得更加明显,这表明大小非的减持行为更多地受到市场情绪的影响;③当上市公司披露业绩低于分析师预期时,在业绩披露前期大非减持比例高,这揭示了大非作为内部人具有一定的信息优势。

This article studies the floating of non-tradable shares during the period from June 2006 to December 2009 from the angle of the market for corporate control,the disposition effect and information superiority.The empirical study found that： ①The floating of non-tradable shares with large size is significantly lower than that with small size,but the market for corporate control does not significantly affect the proportion of floating;②Disposition effect is the main reason to affect the size of the floating of non-tradable shares,and in the process of market＇s side down,the influences become more pronounced,suggesting that the floating of non-tradable shares is greatly affected by the market sentiment;③In case that the disclosed performance of listed companies is lower than which analysts expected,the floating of non-tradable shares with large size is high before the disclosure,which implies that non-tradable shares with large size acting as insiders have some information superiority.