摘要股权分置问题长期制约着证券市场的发展，随着市场不断的成熟，越来越多的问题开始显现。因此，股权分置改革工作在2005年正式启动，它打破了流通股和非流通股之间的屏障，使得中国股票市场逐步进入全流通时期。然而，大股东的收益模式发生了改变，为了使自身的利益最大化，他们利用自身各种优势从二级市场中获得投机收益。由此产生的大量减持行为使得股票的价格产生波动，股票市场受到了剧烈的冲击。82691

本文在这样的背景下，以年1月1日至6月30日进行过减持的公司作为研究对象，通过建立多元线性回归模型，深度剖析了大股东减持的动机，挖掘其背后的影响因素。研究结果表明，前十大股东持股比例与减持比例正相关，公司的股权结构越集中，大股东在减持时不必担心控制权的丢失，其减持比例越大，而股权制衡度与大股东减持比例的关系并不显著。公司的财务绩效情况是大股东的减持时的重要影响因素，当公司的每股收益越高时，其前景越好，大股东减持的动机越小。而当大盘处于高位时，公司的估值过高，股价下跌的风险很大，大股东会倾向于在此时减持来避免这样的风险。

毕业论文关键词  上市公司，大股东，减持，影响因素

毕 业 论 文 外 文 摘 要

Title   Research on Influencing Factors of Reduction Behavior of Large Shareholders: Evidence from Chinese Listed Company         

Abstract The issue of non-tradable shares is the obstacle on the long-term development of stock market。 with the maturing of the capital market, more and more problems began to emerge。 The shareholder structure reform has been carried out since 2005, it broke the barrier of tradable between the circulation stock and the non-circulation stock, it makes China's stock market enter into the entire circulation time gradually。 However, with the change of the major shareholder revenue model, to maximize their benefits, they use their own advantages to get a variety of speculative gains from the secondary market。 The major shareholders’ reduction of holding stocks make the market price unstable, it has a dramatic impact on the stock market。

Under such circumstances, the research uses multivariable linear regression model to analyze the factors affecting the holdings of major shareholders’ reduction of holding stocks in the stock market form January 1st, 2014 to June 30th, 2015。 The results show that, the holding proportion of the top ten shareholders is positively related to the ratio of reduction, when company's ownership structure is concentrated, the large shareholders have no worry about the loss of control, the large shareholder will tend to reduce holding shares, and the equity restriction is not directly correlated with the proportion of reduction。 Company's financial performance is an important factor effecting the proportion of reduction。 And when the market is at a high level, the company's stock price is more likely to be overvalued, the stock price is more likely to fall, the large shareholder will tend to reduce shares to avoid such risks。

Keywords  Listed Company, Large Shareholder, Reduction, Influencing Factor

目   次

1   绪论  1

1。1  研究背景及意义  1

1。2  研究方法  1

1。3  研究思路  2

1。4  研究框架  2

  2   理论借鉴和文献综述  3

2。1  理论借鉴  3

2。2  文献综述  3

3   大股东减持行为的制度背景和现状分析 5

3。1  制度背景  5

3。2  现状分析  6