The Study On The Shares Holding Behavior Of Industry Capital In China A-Share Market

With A-Share market entering the Full Circulation era, the industry capital plays much important role in China Capital Market. Researching industry capital's share holding in A-Share market is critical for understanding industry capital shareholders'motivation of entering and leaving capital market and analyzing logic of market.Industry capital shareholders are divided into holding shareholder, non-holding institutional shareholder and executive shareholder by their identities. Possible motivations and appropriate theories are collected and hypotheses, which are connected with specific indicators, are brought up. Sample data for empirical research is from the trade record of industry capital, which occurred from 2008 to 2010. Conclusions are extracted from structural analysis result, correlation and regression research result of simple data, done by SPSS. The research result of this dissertation indicates that the peaks of industry capital buying and selling have high coincidence with bottoms and tops of market index in time series. The industry capital shareholders who sell the most shares are non-holding shareholders. Holding shareholders buy the most shares. They don't collectively treat going public as pure cash-out process and have long term plan for public companies. Given the safety of control right, holding shareholders increase shares when business operation is in good status and capital market price goes down, and reduce shares when those two factors go to opposite. Executive shareholder's increasing and reducing behaviors present significant insider trader effect. They can reduce shares when various indicators hit the climax and increase shares when various indicators reach the valley. However, non-holding shareholder's motivation of increasing and reducing is most for strategical purpose. Holding shareholder and executive shareholder's increasing and reducing are negative correlative to capital market valuation. This is helpful for forming of capital market valuation central.