我国股市大小非减持影响因素的实证分析  

An Empirical Study on Influential Factors of Reduction by Large and Small-scale Non-tradable Shareholders

作　　者：许可[1] 郭炜[2] 

机构地区：[1]武汉理工大学经济学院,湖北武汉430070 [2]华中科技大学管理学院,湖北武汉430074

出　　处：《武汉理工大学学报（信息与管理工程版）》2011年第1期140-144,共5页Journal of Wuhan University of Technology：Information & Management Engineering

基　　金：教育部人文社科基金资助项目(09YJC790102);湖北省社会科学基金资助项目(2009018)

摘　　要：对影响我国股票市场大小非减持的因素进行了分析,将各类因素大致分为4类,即市场因素、股东性质、上市公司的基本面和限售股的解禁情况。以2006年6月19日至2009年2月13日之间所有公告减持的上市公司为样本,利用多元回归分析了各因素对减持的影响。实证结果显示,股东性质对大小非减持的影响最大,其次为市场类因素,限售股解禁的情况对减持也具有显著的影响,上市公司的基本面影响最弱。Factors that possibly affect reduction behaviors by large and small-scale non-tradable shareholders were summarized.And those factors were classified into four groups：market factors,class of shareholders,fundamentals of listed companies and scales of non-tradable shares.Then those factors were regressed while sampling listed companies with announcement of lifting non-tradable shares from 19,Jun.2006 to 13,Feb.2009.The results show that class of shareholders affects their reduction behaviors most,market factors is in second place,and scales of non-tradable shares also have significant impact on reduction,but fundamentals of listed companies affect reduction least.

关 键 词：非流通股 股票减持 多元回归 

分 类 号：F830.91[经济管理—金融学]