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我国A股市场首发限售股解禁与减持情况概述

论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-08-10编辑:yangcheng点击率:3220

论文字数:2147论文编号:org201308101145562031语种:英语 English地区:中国价格:免费论文

关键词:A stock market经济股市

摘要:同是限售股,“大小限”的问题比“大小非”更大,研究大小非解禁对市场产生影响的程度和机制,无论对于监管层,还是对于投资者,都具有重要的意义。

目前市场上存在的限售股分为股改限售股(股改前发行上市的“大小非”)、首发和增发限售股(股改后发行上市的“大小限”)以及增发限售股三类。其中第三类规模小、对市场的影响有限。持有“大小非”的股东,在支付了相应的对价之后,就陆续获得了流通权。

Currently exist on the market of restricted shares into stock reform restricted shares (shares change before the issuance and listing of the "size of the non"), the first and the issuance of restricted shares (after the share reform issuance and listing of the "size limit") and the issuance of restricted shares three . The third class of small-scale, limited impact on the market. Hold "size of the" shareholders, in consideration of payment of the corresponding after a succession gained circulation. If these stocks centralized circulation. Have a great impact on the market. But as time goes on, the total amount is less and less, "size of the" problem is ultimately fully resolved. The "size limit" is different, it is listed after the share reform companies formed when issuing shares, as this part of the stock is not publicly issued in accordance with existing regulations have restrictions on the time and number (usually 75% of the total share capital or so), shareholders and low cost (mostly lower than the net asset value), the impact of its listing, nothing less than "the size of non." And that "size limit" does not need to pay the price listed, and with the continued issuance of new shares, the total amount will not decrease. So in a sense it can be said, the same restricted shares, "size limit" problem than the "size of the" larger the size of non-lifting of the degree of impact on the market and mechanisms, both for regulators, or for investment , and both have important significance.

    According to statistics: in 2009 the share reform of restricted shares lifted the market value of 1.73 trillion yuan, while the first restricted shares lifted the market value of 2.1 trillion yuan, to 2010 the share reform restricted shares lifted the market value 408 million yuan, while the first restricted shares lifted the market value of 364 million yuan. Seen from the above, the share reform after starting the formation of the "size limit", ie the increment is non-tradable shares tradable share reform Restricted stock nine times. Share Reform stock "size of the non" is gradually resolved, and the issue of new shares after the share reform incremental forming "size limit" but endlessly expanding.

本文希望从大小限解禁对市场影响的理论逻辑出发,通过对历史数据的统计分析以及回归分析的方法对其进行验证。同时,考虑到非流通股解禁对市场的影响既有来自于发生实际减持层面的,也有来自于心里层面的非理性因素.

    This article hopes to size restrictions lifted from the theoretical impact on the market logic of departure, through statistical analysis of historical data and regression analysis to validate. At the same time, taking into account the non-tradable shares lifted the market impact both from an actual reduction in the level, but also from the aspect of irrational factors in mind, therefore, investigated the case lifted shares of the actual holdings and influence, and to identify less holding motives and predict future reduction of pressure, can help us to correctly understand lifted through the reduction of non-tradable bring real impact, thus eliminating possible irrational psychology. Based on the above analysis clearly restricted shares lifted with the relationship between stock returns and to analyze restricted shares lifted the stock market for th论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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