首发限售股原股东的减持行为及动因研究  

A Study on the Reduction and Motivation of Original Shareholders Holding IPO's Restricted Shares

作　　者：张程睿[1] 王华[2] 梁斯宁 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006 [2]广东财经大学会计学院,广东广州510320

出　　处：《经济管理》2016年第6期111-124,共14页Business and Management Journal ( BMJ )

基　　金：中国博士后科学基金项目"国有垄断企业高管薪酬契约的有效性及其优化研究"(2014M560665);国家自然科学基金项目"中国上市公司真实活动盈余管理行为研究"(71172198)

摘　　要：不同于国内文献聚焦的股改限售股,本文以首发限售股解禁后原股东的减持事件为样本,实证分析不同类别的原股东的减持行为、市场影响及其减持动因。研究表明,原股东存在剥夺外部投资者利益的择机减持行为,且当减持发生于控股股东、非控股大股东,以及民营控制公司时尤为如此。控股股东减持的主要原因源于公司业绩走低或所处地区法治水平较低,当控股股东持股比例降低时,会增加国有控股公司原股东逐利套现减持的可能性;非控股大股东的减持与公司市值高估、股权集中度较高、限售股解禁规模大有关,体现了其规避风险与择机套利的特性,并且在民营控股的公司中表现得更加显著;而原中小股东仅在受法律保护较低时才选择减持。根据不同类别原股东的减持动因,实行分类监管,提高违法成本,促进信息透明度,有助于抑制全流通时代原股东的恶意减持与内幕交易。With the end of the reform of non-tradable shares in China,restricted shares from the reform is reduced year by year,however the EPO＇s restricted shares increased significantly.After the IPO＇s restricted shares are released from its lock-up period,the original shareholders selling and reducing the released shares is very common,and it appears that the inside large shareholders deprive the outside small and medium shareholders＇ interests by malicious reduction of shares.However,the current domestic literature on the restricted stock is still focused on the one from non-tradable shares reform.After the reform of non-tradable shares has ended,the reduction behavior character and motivations of the IPO＇s original shareholders deserve special attention in the new era of market supervision and investor protection.Therefore,this paper takes the reduction events of the original shareholders after the IPO＇s restricted shares＇ lock-up period ending from 2009 to 2012 as samples,groups the original shareholders according to their influence power to the company and the property of controlling shareholder＇s ownership,and comparatively and empirically analyze the reduction behavior,market impacts and selling motivations of different types of original shareholders.The results show;（1） From 2009 to 2012,with the release scale of IPO＇s restricted shares increasing,the number of companies which shares are reduced by the original shareholders rises.However,That the controlling shareholder and the original shareholders of the state controlled enterprises reduce shares becomes gradually cautiously.In order to avoid regulations,the reduction behavior of the original shareholders arises new trend,from heavy reduction at a time to small amount but time after time.（2） The stock price fluctuates unusually around the reduction announcement,and we find that the original shareholders has vicious reduction behavior after the IPO＇s restricted shares released.They time sales successfully and make abnormal profit from th

关 键 词：首发限售股 原股东减持 内幕交易 减持动因 

分 类 号：F830.9[经济管理—金融学]