Large Shareholder Holdings Lifted Shares And Control Of The Company Structure The Relationship Between Empirical Research

Since the start of the 1990s ,China's securities market shares by the listed companies in the Stock Exchange is divided into tradable and non-tradable shares. Therefore, the share reform in full swing, will gradually eliminate non-tradable shares outstanding and the limits of China's securities market will also usher in full circulation times. However, with the lifting of the restrictions were gradually sell shares of listed trading, the stock market will lead to the expansion era. If shareholders of the company lifting restrictions on the sale of shares to a significant reduction, and the market does not have enough capacity to undertake, then the result of market expansion may lead to excessive bleeding, collapsed. Therefore, the impact of the lifting of the ban on large shareholders to sell shares reduction factors limit on the reduction of the major shareholders with a strong motive practical significance.This paper reviews the major shareholder in the reduction of the ban limits the sale of shares origins of the problem, and the structure of corporate control theory with the in-depth analysis and control of the structure of China's listed status on the basis of constructing a suitable indicator system and model. And to 197 to limit reduction of the listed companies to sell shares to study Empirical Analysis of the samples, in order to reduce the lifting of the ban on large shareholders to sell restricted shares and the company control of the intrinsic relationship between structure. Finally come to the conclusion: the largest proportion of shareholding, board size, and Z index exception of the first major shareholders, whether there other major shareholders holding more than 10% of the four factors on the major shareholders to sell shares have limited reduction very significant. Finally, in accordance with the conclusion of the study, we think that we should improve the control of the structure of the company to constantly improve and refine the operational efficiency of the company, have a reasonable, scientific, efficient and competitive development potential and the structure of the control of the company, then will be major shareholders confidence in the company's prospects, the reduction of the ban in the secondary market sale of shares limits the motive will become weak, from the fundamental solution to the market to sell stocks lifting restrictions on the various issues of concern.