大股东股权动态变化原因研究  

Research about Ownership Dynamics with Large Shareholders

作　　者：刘文军[1] 

机构地区：[1]厦门大学财务管理与会计研究院

出　　处：《经济与管理研究》2014年第5期23-32,共10页Research on Economics and Management

摘　　要：本文检验了1994～1999年在沪深两市上市的公司,在上市后5年内由于增发或配股导致大股东股权动态变化的原因.研究发现,增发或配股导致的大股东股权稀释行为并不是与公司增长机会相关;股权稀释后未来3年平均总资产收益率提高0.94%,公司市场业绩下降9.4%;股权稀释与整个市场业绩正相关.同时,在股权稀释前政府倾向于提供补助,上市公司向母公司进行更多的关联出售,而股权稀释后上市公司则向母公司进行更多的关联购买行为.本文研究发现,中国上市公司大股东股权动态变化并不是出于融资需要,而是由于市场择机和代理问题.This paper tests the reasons for ownership dynamics with large shareholders because of SEO in five years after the firms that listed in Shanghai and Shenzhen were public in 1994 to 1999. It has been found that ownership dynamics with large shareholders is not associated with high growth opportunities ,the average return on total assets will increase only 0.94% and overall market performance will drop 9.4% in future three years afier equity dilution, and equity dilution is positively related to the whole market performance. At the same time,the government is more likely to provide government subsidies, and there are related purchases from the parem firms to listed firms before equity dilution,but there are related purchases from listed firms to the parem firms after equity dilution. These findings show that Chinese listed firms＇ ownership dynamics with large shareholders is not for equity financing demand but for market timing and agency problem.

关 键 词：股权动态变化 融资需要 市场择机 代理问题 

分 类 号：F275.5[经济管理—企业管理]