增持、减持和回购：基于市场动态平衡的制度设计

Stock Holdings,Reductions and Repurchases:A System Design Based on the Dynamic Equilibrium of the Market

增持、减持和回购既可改变市场存量资源的配置并导致股价波动,也涉及到市场交易的公平和市场的动态平衡。本文分析了增持、减持和回购三种交易行为的动机及其对市场动态平衡的影响;运用定性和定量分析相结合的方法,分别对增持、减持和回购的市场影响进行了深入探讨。在此基础上,本文对我国现行增持、减持和回购制度的现状和缺陷进行了梳理和评价,并据此提出了完善制度的政策建议。本文的研究结论为我国促进资本市场的动态平衡发展和公平交易提供了基础。

Stock holdings, reductions and repurchases not only change the distribution of market shares and cause the volatility of the stock price, but also relate to the fairness of market transactions and the dynamic equilibrium of the market. This article analyzes the motivations of the three transactions （ holdings, reductions and repurchases） and their effect on the dynamic equilibrium of the market. Through the combination of qualitative and quantitative analysis, this paper discusses the impact of stock holdings, reductions and repurchases in depth. Based on the analysis, this article evaluates the current system of stock holdings, reductions and repurchases as well as its defects, and then proposes policy suggestions to improve the system. The conclusion of this study provides a foundation to promote the dynamic equilibrium and fair transactions in our capital market.