【作者】 陈丹；

【导师】 张雪南；

【作者基本信息】 西南财经大学 ， 会计硕士（专业学位）， 2022， 硕士

【摘要】 2015年,我国股票市场遭受了沉重的损失,在当年7月,曾经达到巅峰的股票价格暴跌,绝大多数公司股价都出现了大幅下跌,给投资者的信心带来了极大的打击。为避免股票价格持续下滑,稳定投资者的信心,防范系统性风险的进一步扩散,政府推出了诸多激励政策,其中便包括兜底式增持。兜底式增持是指上市公司大股东、董事、实际控制人对员工的损失进行保障的员工股权投资,逐渐成为上市公司青睐的新型股权激励机制。然而,在我国上市公司的实际运用中,兜底式增持并未取得应有的效果,存在较多隐患,尚待进一步探究。关于兜底式增持的研究尚缺乏系统性、规范化的文献,目前有关资料多以社会舆论和新闻报道为主。基于该种研究背景,本文旨在通过对我国股票市场中实施兜底式增持存在的问题进行深入的探讨,从而为其提供一定的理论依据,并在此基础上进一步完善我国证券市场的相关理论。首先,文章对现有的相关文献进行整理与归纳,然后介绍了国内关于兜底式增持的相关理论,包括:有效市场假说、市场择时理论等四大理论。选择的案例公司是海兰信,本文通过对该公司三次兜底式增持的详细研究,分析了其实际控制人实施兜底式增持的动机,并利用事件研究法,具体研究了海兰信的兜底式行为对公司的短期影响,然后利用公司的股价和部分财务数据,对海兰信公司的实施兜底式增持后长期影响进行深入分析。研究结果表明,海兰信实施兜底式增持能有效提升股价;但是从短期和长期市场效应来看,上市公司实施兜底式增持的确能够防止公司股价继续下跌,然而持续时间短,若公司业绩表现不理想,长期效应并不明显;兜底式增持是股灾后出现的新生事物,对各利益主体均有正反两面影响。因此本文分别站在上市公司、公司员工、市场投资者和监管部门的角度,提出切实可行的研究建议:对于上市公司,应合理利用兜底式增持,落实兜底方案;对于公司员工,应识别增持条件,警惕履行风险;对于投资者,应谨慎对待兜底式增持,不盲目跟风;最后对于监管部门,应加强立法,进行及时的监督指导。更多还原

【Abstract】 Our country suffered a serious stock calamity in 2015,the stock price that reached the peak in the first half of the year plunged sharply in July,and the stock price of most listed companies fell off the cliff,which caused great impact on investors’ confidence.In order to avoid a sustained decline in stock prices,stabilize investors’ confidence and prevent further spread of systemic risk,the government has introduced a series of incentives,including undercover holdings.As a conditional ESOP,cash-back ESOP combined with the cash-back commitment of major shareholders has gradually become a new type of equity incentive mechanism favored by listed companies.However,in the practice of listed companies,the increase of undercover does not achieve the desired results,there are more hidden dangers,still need to be further explored.There is still a lack of systematic and standardized literature on the study of underweight holding.At present,the relevant materials are mainly public opinions and news reports.Based on this research background,this paper aims to provide a theoretical basis for the problems in the implementation of undercover increase in the stock market,and further improve the stock market theory.First of all,this paper collates and summarizes the existing literature,and then introduces the relevant domestic theories on undercover increase in holdings,including: efficient market hypothesis,information asymmetry theory,market timing theory,incentive compatibility theory.The selected case company is HIGHLANDER.This paper analyzes the motives of HIGHLANDER ’s holding increase through the detailed study of the company’s three holding increase,and uses the event research method to study the short-term impact of HIGHLANDER ’s holding increase on the company.The results show that the implementation of a bottom-saving HIGHLANDER can effectively enhance the stock price;However,from the perspective of short-term and long-term market effects,the implementation of bottom-saving increase can indeed improve the stock price,but the duration is short.If the company’s performance is not ideal,the long-term effects are not obvious.Bottom-saving increase in holding is a new thing after the stock market crash,which has positive and negative effects on all interest subjects.Therefore,from the perspective of listed companies,company employees,market investors and regulatory authorities,this paper puts forward feasible research suggestions: For listed companies,we should make reasonable use of the bottomsaving mode to increase holdings and implement bottom-saving schemes;For the employees of the company,it is necessary to identify the conditions for increasing holdings and be alert to the performance risks;For investors,should be cautious about the bottom of the increase,not blindly follow the trend;Finally,for the supervision department,should strengthen legislation,timely supervision and guidance.更多还原