Study On Majority Shareholders Reducing Holding-shares Motivation And Influencing Factors

Our securities market established in the early1990s,contains a special product which isnon-tradable shares,the disadvantages of the resulting increasingly obvious.Under suchcircumstances,CSRC issued the relevant issues about the pilot reform of non-tradableshares of listed companies notice on April29,2005,then opened the prelude to the reform ofnon-tradable shares.With comprehensive ban non-tradable shares, majority shareholdersholdings problems arise.Until2008, stock market gradually entered the era of fullcirculation.Although the stock market went into full circulation,relevant law and regulationhas not been fully supporting in place,we can’t hope to listed companies and largeshareholders to maintain the interests of the small and medium-sized shareholders and keepthe stock market sound development.Under such circumstances, the research of motivation and influence factors of majorityshareholders holdings, has the very vital significance. On the one hand, from the majorityshareholder position,to know the influence factors of shareholders holdings, can help curbshareholders occupation of company funds, to prevent majority shareholders damage theinterests of minority shareholders; on the other hand, from the angle of the healthydevelopment of capital market, is very important for the market.This article is divided into five parts, the first part of the paper introduced topicbackground, purpose and significance, illustrates the research ideas and methods of thearticle.In the second part, through the literature review at home and abroad, to show themajor shareholders holdings influencing factors of the existing research results. The thirdpart defined the concepts of majority shareholders, analyze the majority shareholders modelafter share reform,expounds the classical theory of shareholder behavior,and analyzed themajor shareholders holdings motivation from theory. Deduce the majority shareholdersholdings agent in the control, financial performance, valuation, market and macroeconomicenvironment five aspects.In the fourth part, using the empirical method to discussed themajor shareholders holdings behavior influencing factors.find out the various assumptionsrepresentative variables respectively, and did descriptive statistics,correlation analysisbetween variables and logistic regression analysis,then author put forward the policysuggestions from four aspects:to build a reasonable equity structure，strengthen the qualityof information disclosure,to create a good development environment and establish andimprove the relevant systems.Last part is the article conclusion:Ownership is negativelyrelated to the reduce, equity balance degree is negative correlation to the reduce,financialsituation is negatively related to the reduce,valuation levels associated is positive reductionto the reduce, the nature of shareholders its negative correlation to the reduce, macroeconomy is negative correlation to the reduce,enterprise environment is positive correlation to the reduce.At the end of the article,put forward the prospect of research in the future.The innovation of this article is introduces two variables:EVR and GDP. Get morein-depth analysis of major shareholders holdings from macro perspectives,but existing flawon the selection of data and methods of use.