基于托宾Q理论的大股东减持行为研究

随着全流通进程的加快，限售股解禁和大股东减持行为是当前资本市场关注的焦点问题。在对大股东减持的动机和截止到2009年7月31日的减持数据进行分析的基础上，通过实证研究得出了公司的托宾Q值、公司托宾Q值与本行业平均Q值之比，对大股东的减持数量具有显著的正向影响；公司托宾Q值与沪深A股市场的平均Q值之比越大，大股东的减持数量越大；限售股解禁数量和大股东持股比例对大股东的减持数量具有显著的正向影响；净资产收益率、限售股股东持股成本对大股东的减持数量的影响不显著等结论。

Reduction Behavior of Major Shareholders Based on Tobin's Q Theory

With the acceleration of the complete circulation course, the focus problem in capital market is that the restricted shares lift and the major shareholders reduce. This paper, based on the analysis of motivation of the major shareholders＇ reduction and the reduction data by July 31,2009, draws the conclusions that the company＇s Tobin＇s Q value and the ratio of Tobin＇s Q value of the company with the industry average Q value have significant positive effect on the major shareholders reduction; the more the ratio of Tobin＇s Q value of the company with the A-share average Q value, the more amount of the major shareholders reduction; the amount of restricted shares lifting and the proportion of share of holding of major shareholders have significant positive effect on the major shareholders reduction; the ROE and holding costs have not a significant effect.