The Empirical Research Based On The Big Shareholders Increasing Effect Of Listed Company In China

In 2005, our country carried out the equity division reform, so the original non-tradable shares such as the state-owned shares and legal person share began to become active in the secondary market,and become to be very important in the secondary market accounts for the larger traders at the same time. Because of the large shareholders’ interests is closely related to the stock price, big shareholders through many ways to influence the company’s shares, which shares overweight is one of a kind of important way. Second, because our country capital market environment is imperfect, the market are greatly influenced by government policy, commonly known as "policy market", this makes the state-owned shares and other major shareholders play a role in the secondary market has its particularity.In the face of the inefficient stock market and the lack of its own investment knowledge and methods, there are a very important team in stock investment marketsmall and medium-sized investors, even though some of them in the mastery of the fundamental and technical analysis,most of them tend to lose. The ture reason is that there are widespread irrational behavior and the huge psychological fluctuations on investers,andthey are often misled by some confusing information in the market,result in the lack of a lasting and effective investment strategy and method of stable earnings. In this paper, through studying the origin of big Shareholders increasing events、its scale and its market effect, we tend to analyze its event impact on stock price in the short term. Through to the excess yields to establish the short-term stock investment strategy, providing a way to use the big shareholders increasing event for investment strategy to make medium-sized investors avoid the irrational behavior and psychological fluctuations, to obtain more stable income.Through study the documents at home and abroad, this paper creatively combining the theory research and the actual market income.First of all, with the aid of theoretical guidance, the legal basis and the current development status of the big shareholders increasing are analyzed, and also explains the relevant behavior like repo; Secondly, on the basis of qualitative analysis, using the market model event study method for large shareholders to increase shares of the abnormal returns to estimate, and compared with the actual market rate of return analysis; Third, according to the empirical analysis in this paper, we come to the conclusion that at the announcement day and the previous day of the big shareholders increasing, the daily average abnormal return and the average market return were significantly positive; Big shareholders increasing events in the sample years could lead to significantly positive cumulative average abnormal returns and the cumulative average market returns, but the time-to-point is different and there exists certain differences in all the years;For the empirical conclusion, at the last, the paper proposes the corresponding specific investment strategy which could guide the investors to correctlly interpret and invest for big shareholders increasing event.