华东师范大学(哲学社会科学版) ›› 2011, Vol. 43 ›› Issue (3): 121-128.

• 证券投资问题 • 上一篇    下一篇

全流通条件下中国上市公司大股东行为：一个数理分析框架

蓝发钦 吴敏晓   

  1. 华东师范大学国际金融与风险管理研究中心，上海，200241
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2011-05-15 发布日期:2011-07-29
  • 通讯作者: 蓝发钦 吴敏晓

Analysis of Large Shareholder’s Behavior of Listed Company under The Condition of Full Circulation

LAN Fa-Qin & WU Min-xiao   

  1. Research Center for International Financial and Risk Management, East China Normal University, Shanghai 200241, China
  • Received:1900-01-01 Revised:1900-01-01 Online:2011-05-15 Published:2011-07-29
  • Contact: LAN Fa-Qin & WU Min-xiao

RichHTML

19

摘要： 以市净率股票估值理论为基础，在综合考虑大股东的“隧道行为”、“支撑行为”以及二级市场交易行为后建立了大股东收益函数，并在此基础上详细分析了全流通条件下大股东的行为变化，得出的结论是：全流通后大股东将会谋求通过二级市场交易获取资本利得收益；大股东的持股比例、上市公司的盈利能力以及成长性、股票价格偏离其真实价值的大小、监管部门的监管程度以及大股东未来增持或减持股份的比例大小将对大股东的“隧道行为”、“支撑行为”以及市场交易行为产生影响。

关键词: 大股东, 收益函数, 资本利得

Abstract: Based on stock evaluation model of PBV, large shareholder’s profit function is established through a comprehensive consideration of large shareholder’s tunneling behavior, propping behavior and trade behavior in the secondary stock market. And then a detailed analysis of the changes in large shareholder’s behavior under the condition of full circulation is made. It is considered that large shareholder will seek capital gains income through the trade in secondary stock market after full circulation. The large shareholder’s tunneling behavior, propping behavior and trade behavior in the secondary stock market will be affected by its shareholding proportion, the profitability and growth of listed companies, the degree of deviation between the stock price and the real value of it, the degree of supervision and the share proportion which large shareholder will purchase or sell in the future.

Key words: large shareholder, profit function, capital gain