创业板上市公司大股东限售股减持行为影响因素的研究.pdfVIP

Abstract Chinas GEM market reached the peak in 2013, and constantly refreshed the highest index. At the same time, the GEM market ushered in the largest restricted shares and reductions of major shareholders in 2013. This paper studied the reducing behaviors of the major shareholder of GEM listed companies to investigate the factors behind the reduction of shareholders. In research methods, this paper based on empirical research and supplemented by normative research. Firstly, this paper studied the relevant literature review of the reduction of the shareholders and summary of the theory. As a theoretical basis, the reducing behavior of the major shareholders was influenced by the performance of the company, ownership structure, market conditions, three high and other factors. Subsequently this paper used descriptive statistics, regression analysis and other empirical research to validate the model. This paper studied all the reducing behaviors of the major shareholder of the GEM listed companies by introducing the nature of the shareholders and industry differences and other factors. The empirical results show that the reduction behavior of the shareholders was significantly negatively correlated with the corporate performance, ownership concentration and the cumulative abnormal return. Based on the study results ，this paper provided suggestions in respect of law and supervision ．Particularly ，formulate tighter restriction on big shareholders ，and strengthen the supervision over independent director ．. Key word ：GEM，Restricted stock，Reduction，Major shareholders II