| 金融危机下大股东大宗交易行为的实证分析 |
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| 引用本文： | 彭莉,李友良,田兵. 金融危机下大股东大宗交易行为的实证分析[J]. 长沙理工大学学报(社会科学版), 2009, 24(4): 31-35 |
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| 作者姓名： | 彭莉 李友良 田兵 |
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| 作者单位： | 长沙理工大学,经济与管理学院,湖南,长沙,410067;华中科技大学,管理学院,湖北,武汉,430074;长沙理工大学,经济与管理学院,湖南,长沙,410067;中信建投证券,湖南,长沙,410000 |
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| 摘 要： | 通过对2006-2008年的138个大股东大宗增、减持公告数据进行实证分析,发现:大股东大宗交易行为能缓解金融危机下投资者羊群行为和过度反应,改善系统性和结构性市场定价效率;股权分置改革后,股权制衡度较高公司的控股股东倾向于增持,说明控制权竞争现象逐渐显现,这有益于外部治理机制改善;外部大股东没有起到被国外实证结果验证的惩罚低效管理的作用.应对大股东,尤其是外部大股东交易行为加强监管,保护中小股东利益.
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| 关 键 词： | 大股东 大宗交易 市场定价效率 公司治理 |
An Empirical Analysis on the Block Transfers by Large Shareholders Under the Circumstances of Financial Crisis in China |
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| PENG Li,TING Bing,LI You-liang. An Empirical Analysis on the Block Transfers by Large Shareholders Under the Circumstances of Financial Crisis in China[J]. Journal of Changsha University of Science & Technology, 2009, 24(4): 31-35 |
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| Authors: | PENG Li TING Bing LI You-liang |
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| Affiliation: | PENG Li1,2,TING Bing3,LI You-liang3(1.Economics , Management School,Changsha University of Science & Technology,Changsha,Hunan 410000,China,2.Management School,Huazhong University of Science & Technology,Wuhan,Hubei 430074,3.China Securities Co.,Ltd,China) |
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| Abstract: | Through the investigation of block transfers by using the data of 138 large shareholders from 2006 to 2008 in China,we find that market trend adversely affects block purchase,while corporate performance affects it positively.It benefits the marketing efficiency.Block increases by the largest shareholder occur more frequently in companies with lower ownership concentration.It reinforces corporate governance.External large shareholders do not help regulate the poor performance as a failure in testing the empi... |
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| Keywords: | Large Shareholders Block Transfers Marketing Efficiency Corporate Governance |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
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