中国上市公司第一大股东变更的实证研究

An Empirical Study on the Changes of the First Shareholder of China's Listed Companies

本文利用实际数据研究1999年至2001年中国上市公司第一大股东变更的发展趋势,分析第一大股东变更对促进非流通股份的流通、改进上市公司绩效以及降低第一大股东持股比例的效应。本文证明中国上市公司第一大股东变更逐年增长,这种增长增加了非流通股份的流通性,有限地降低了第一大股东持股比例,但没有带来上市公司绩效的提高。另外,国家股股权变更和法人股股权变更、横向变更与投资型变更及实业型变更、ST公司股权变更与总体变更公司的效应之间存在一定差异。

Using the relevant data, this paper studies the changing trend of the first shareholder of China's listed companies in the period of 1999-2001 and analyzes the effect of the changes on the promotion of the circulation of non-current shares, on the improvement of the listed companies' performance and on the reduction of the first shareholder's shareholding proportion. The study shows that in China, the changing of the first shareholder has been increasing year after year, and this changing has promoted the circulation of the non-current shares and, to a certain extent, reduced the first shareholder's shareholding rate, but not improved the listed companies' performance. Besides, there exists some divergence between the effects brought about by the changes taking place in state stock equity and legal person's stock equity, in horizon and in investment mode, in ST stock equity and in the company as a whole.