股权分置改革对大股东增持行为影响

Impact of Reform of Share Distribution on Holdings of Major Shareholders

本文以在2008年8月27日至2010年12月31日间发生大股东增持股份的公司为样本,研究了大股东增持行为的市场反应及其影响因素。结论表明,控股股东增持行为的确能带来短期的累计超额回报,具有一定的支持效应,但长期市场业绩反而较差;控股股东的增持行为并不受股改进程、所持股份比例的影响。

Using 216 cases of the increase in shareh olding of the large shareholder during pre and post of the stock split in Chinese stock market, I find that in a short term, there is significantly positive market reaction on the increase in shareholding of the large shareholder, but in the long run, there is no significant market reaction. At the same time, the market reaction in the increase in shareholding is free from the process of the stock-split and the ratio ofcontrolled shareholders.