【作者】 陈其安； 张红真；

【Author】 CHEN Qi-an;ZHANG Hong-zhen;School of Economics and Business Administration,Chongqing University;

【机构】 重庆大学经济与工商管理学院；

【摘要】 在借鉴现有相关研究成果的基础上,采用事件研究法,建立市场模型估计市场异常收益率,实证研究限售股减持对我国股票市场的影响。实证结果表明:限售股减持对我国股票市场产生了显著的负面影响,这种对股票市场的负面影响不仅表现在短期,更表现在长期;限售股减持过程存在明显的股价操纵现象和原非流通股股东对流通股股东的利益侵占行为;限售股减持容易导致股票市场价格下跌,在熊市时,尤为显著。更多还原

【Abstract】 On the basis of existing research,the event study and market model are optimized in this paper to estimate market abnormal returns,with the aim of determining the influence of reduction of original non-tradable shares on Chinese stock market.The results show that:reduction of original non-tradable had an significantly negative effect on Chinese stock market,which not only appears in short-term,but also in long-term;there is obvious signs of stock price manipulation during the reduction,existing phenomenon of non-tradable shareholders expropriating tradable shareholders’ interest;the reduction of original non-tradable shares lead to a drop in the stock market,especially in a bear market.更多还原