上市公司不同类型股东的大小非减持动因探究——基于最优股权结构模型的研究  

The Research of Reduction Motivation of Different Shareholders:Based on the Optimal Ownership Structure

作　　者：曹国华[1] 杜晶[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《南方金融》2011年第10期55-59,共5页South China Finance

基　　金：中央高校基本科研业务一般项目<基于大小非减持背景下的上市公司治理效应研究>(项目编号:CDJXS11021113);中央高校基本科研业务重大自主项目<基于期权博弈视觉的大小非减持研究>(项目编号:CDJSK1001)的阶段性成果

摘　　要：本文基于最优股权结构的理论模型,研究控股股东、非控股大股东、中小股东和散户三类不同股东的大小非减持动因,并通过深圳证券市场的数据进行实证分析,研究结果表明:低业绩、高价位、强风险和降低掏空成本的动机影响控股股东的减持;非控股大股东减持时不会考虑降低掏空成本但会受到弱股权制衡因素的影响;中小股东和散户减持的动机主要来自于低业绩和高估值。Based on optimal ownership structure model,the paper studies the reduction motivation of three different shareholders among controlling shareholders,substantial shareholders but not controllers as well as small and medium shareholders along with retail investors.In addition,the paper verifies the forenamed theory using the empirical test from the real data of the Shenzhen stock exchange,and the result is consistent with the expectation theory.It draws the conclusions that the low corporate performance,high valuations,the strong invest risk and the motivation to reduce the tunneling cost affect the reduction of controlling shareholders,and substantial shareholders but not controllers.While the reduction motivation of small and medium shareholders are more related with corporate performance and high valuations.

关 键 词：证券市场 公司治理 减持动因 最优股权结构 

分 类 号：F832.51[经济管理—金融学] F224