大股东持股动态对公司成长性的影响

发布时间：2018-01-01 19:42

本文关键词：大股东持股动态对公司成长性的影响　出处：《商业研究》2012年12期 　论文类型：期刊论文

更多相关文章： 大股东 增减持 股权结构 成长性

【摘要】：大股东增减持股票行为带来股权结构的改变,股价的大幅波动促使大股东频繁增减持股票,从而使持股结构出现动态特征。从静态股权结构入手,结合增减持行为所产生的双重效应,分析公司的成长性将产生何种变化。对A股市场上一个阶段所发生大股东增减持的上市公司的股权结构、增减持股份比例、公司成长性进行实证分析,发现动态持股的影响特征:公司成长性与第一大股东持股比例负相关,但与前十大股东持股比例正相关,体现股权相互制衡与股权控制之间存在优化平衡关系;大股东增持股票有利于公司成长,减持不利公司成长。因此,应形成有利于大股东增持、不利于大股东减持的制度与政策环境,以确保公司长期稳定的发展。
[Abstract]:Large shareholders to increase or decrease the stock behavior brought about change in the shareholding structure of the stock price volatility to shareholders frequent changes in stock, so that the shareholding structure dynamic characteristics. Starting from the static ownership structure, combined with double effect to increase or decrease the behavior of the resulting analysis, the company's growth will produce what kind of change. The ownership structure of large shareholder changes to the listed companies on a A stock market stage, increase the proportion of shares, the company's growth for empirical analysis, found that the influence of dynamic characteristics of ownership: the company growth and the proportion of the first shareholder are negatively correlated, but positively correlated with the proportion of top ten shareholders, the existence of optimal balance between equity reflects checks and balances and stock control; shareholder equity holdings conducive to the growth of the company, to reduce the adverse growth. Therefore, should be conducive to the formation of the holdings of major shareholders, is not conducive to large shareholders The reduction of the system and policy environment to ensure the long-term stability of the development of the company.

【作者单位】：合肥工业大学管理学院;
【分类号】：F276.6;F832.51;F224
【正文快照】： 股权分置改革完成后,中国股市进入全流通时代,公司市值成为公司经营的主要目标,大股东在提升公司市值的同时,也使其他股东财富增加,双方互利共赢。然而,由于各类投资者所掌握的公司价值信息不同,对公司管理、经营业绩的影响不同,在市场价格不断变化的过程中,许多公司的大股东

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