地区市场化进程与大股东减持差异

The Marketization Process of China's Provinces and the Differences in the Reduction of Major Shareholders

本文基于外部治理视角,利用2007-2010年间沪深股市568家上市公司的2246个大股东减持样本,实证分析了地区市场化进程与大股东减持差异的关系。研究发现,"外部治理说"得到了相应的验证,即在市场化进程越高的地区,大股东减持的力度也越低,而在市场化进程越低的地区,大股东减持的力度则越高。进一步研究发现,市场中介组织的发育和法律制度环境的发展程度与大股东减持间也存在显著的负相关关系。

From the perspective of external management,the article uses 2246 reduction event samples in 568 listed companies in SZSE and SSE during 2007-2010,and empirically analyzes the relationship between the marketization process of China's provinces and the differences in the reduction of major shareholders.The study finds that 'external governance theory' has been verified,that is,in regions with higher marketization level,the degree of reduction of major shareholders is lower;while in regions with lower marketization level,the degree of reduction of major shareholders is higher.Further studies find that the development degrees of market intermediary organizations and the legal system environment have significantly negative correlation with the reduction of major shareholders.