Research On The Reduction In Restricted Shares Of Listed Companies

In recent years,the China securities regulatory commission issued a number of provisions on the limit of the proportion of reduction and disclosure of time.These provisions seemingly had a bailout,but at the same time caused a lot of controversies.How to make the policy more precise and avoid the disadvantage of "one size fits all",the classification analysis of reduction of the shareholders is necessary.This paper selects in the period from November 1,2010 to July 1,2015 had a reduction of restricted shares of shareholders as the research object.Mainly for the first restricted shares,the main board,the small board and the GEM market at the same time.The reduction ratio is interpreted as a selection variable,the sample data are divided and analyzed.This paper is based on whether it is the first time the reduction of each plate sample data for the group,combined with longitudinal transverse ratio,to explore the different sections of different types of restrictions on the sale of shares similarities and differences are affected.The results show that,in addition to holdings of shareholding,shareholders property,ownership concentration,equity balance degree,influence the direction of other explanatory variables to the proportion of reduction of the three plates are different.Small board and gem data regression results are basically consistent,and there are differences between the motherboard and small and medium enterprises shareholders prefer to lock in the immediate gains,the general existence of the company's future development of the lack of confidence in the performance.Among them,reflect the equity structure variables of ownership concentration and equity balance degree of influence on the reduction of the same direction than cases.The higher the degree of ownership concentration and equity balance degree is higher,the reduction ratio is small.Both exist in quantity calculation on a reciprocal relationship,that listed companies need to find an optimal ownership structure,ownership concentration is high but can form an effective model to balance on the first major shareholders,in order to truly improve the reduction behavior.Thus,the behavior of different types of restricted shares holdings does exist differences.And the characteristics of each listed company itself,the relevant departments making reduction of regulations and relevant regulatory requirements according to the differences of restricted shares holdings is necessary.Instead of making restrictions on the sale of shares use"across the board",ignoring the different needs of the different types of the selling shareholders.As far as possible to meet the needs of different types of listed companies,in order to effectively control the rhythm of the reduction of the rhythm,policy formulation to achieve better results,so as to promote the stable development of the securities market.