“三类股东”对新三板股价崩盘影响的实证研究——基于隧道效应

An Empirical Study of the Impact of "Three Types of Shareholders" on the Stock Price Crash of NEEQ——Based on Tunneling Effect

2018年新三板市场大规模爆发'三类股东'标的产品到期风险,导致市场崩盘后陷入僵局。本文以新三板交易活跃股为样本,从研究'三类股东'对新三板市场股价崩盘的影响方面切入,设置双重指标分层检验'三类股东'在新三板市场的隧道效应。研究探索出新三板市场的确存在控股股东隧道效应,但是控股股东是否属于三类股东对隧道效应没有特殊影响。基于结论提出后续建议和研究展望。

In 2018,the NEEQ broke out the risk of expiration of products of'three types of shareholders',which led to a stalemate after the crash.Recently the state officially put the science and technology innovation board into actions to solve the financing problem of high-tech enterprises,which made it crucial to find the inflection point of qualitative change from quantitative change.This paper takes the active stocks of the NEEQ as a sample,and studies the impact of the'three types of shareholders'on the stock price crash of the NEEQ,and sets up a dual indicator to test the tunnel effect of'three types of shareholders'in the NEEQ.The study explores that the NEEQ does have a controlling shareholder tunneling effect,but whether the controlling shareholder belongs to the three types of shareholders has no particular impact on the tunneling effect.Based on the conclusions,follow-up suggestions and research prospects are proposed.