非流通股解禁过程中大股东行为特征研究

A study of behavior characteristics of majority shareholders in the course of full-circulation of A-shares

文章借鉴Ohlson模型思想,构建了考虑资产转移与公司股票价格定量关系的非流通股解禁过程中大股东最大化利益的效用模型。通过模型分析得出:在非流通股解禁过程中,大股东为了其利益最大化,会通过二级市场买卖公司股票的同时伴随着"掏空"和"支持"上市公司的行为,以获取最大化的资本利得;影响大股东"掏空"和"支持"上市公司的因素包括公司价值与股价的偏离程度、大股东持股比例、预期股份限售期后市场状况以及公司的预期权益报酬率。

Based on the Ohlson model,this paper designs a utility model for acquiring the maximum benefit of majority shareholders in the course of full-circulation of A-shares,considering the quantitative relation between the firm＇s assets transfer and share price.Based on the model,the following conclusions are drawn： in order to acquire the maximum benefit in the course of full-circulation of A-shares,the majority shareholders will steal assets of firm before they buy shares,and after the promised period,they will support the firm before they sell shares.The factors impacting the ＂stealing＂ and ＂supporting＂ behaviors of the majority shareholders include the differentiation degree between the share price and its value,the percentage of shares hold by majority shareholders,the market conditions after the promised nontradable time and the expected ROE of the firm.