上市公司大股东增持与公司业绩的实证研究

大股东增持股份是其向市场发出的公司价值信息,有利于增强投资者的持股信心,同时因委托代理关系的加强而应有利于公司经营业绩的提升。本文以中国A股市场发生大股东增持行为的上市公司为研究对象,对大股东发布增持公告前后上市公司主要业绩指标进行实证研究,发现我国上市公司大股东增持后公司业绩不仅没有显著性提升,反而损害了股东利益,其主要原因应该是大股东增持仅为一种短期市场行为。

An Empirical Analysis of Large Shareholders Overweight and Listed Companies Performance

The behavior that large shareholders of the listed companies increase their shareholdings is a kind of valuable information about corporation value which increases their investors’ confidence and meanwhile promotes the company’s performance because of the strengthened principal-agent relationship.This paper takes listed companies in China’s A stock market whose shareholders have increased their share as research object,and analyzes the main performance indicators of these listed companies before and after their large shareholders overweight.It is found that the large shareholders’ increasing share hurts the interests of the shareholders badly instead of promoting the listed company performance.The main reason of it is that the large shareholders overweight is only a short-term market activity.