The Research On The Raising And Reducing Holding Of The Listed Companies' Actual Controllers

With the development of China's securities market,market participants are increasing rapidly,the influence of fund companies,insurance companies,pension funds and other professional investment institutions gradually increased,the industrial capital into the capital market through the IPO,and play an increasingly important role.The listed company shareholders and directors usually have more information,have been paid to more and more attentions,the securities regulatory department has made great efforts to its supervision,in order to protect the interests of small investors,for small investors,if we can get more valuable information from the behavior of the large shareholders and directors,supervisors and senior executives,it will be very useful,therefore,the behavior of controlling shareholders and actual controllers is worth paying more attention to and studying.In this paper,using the method of document research,statistical analysis and case analysis,taking the raising and reducing holding of the listed companies' actual controllers as the research object form January 1,2014 to April 31,2017,combined with my own ten years of experience in the securities market,and based on the existing research results,studied intensively about the statistics of the sample data,the author thinks that overweight behavior within the statistical period of actual controller usually consider valuations of listed companies,to strengthen control,signal transmission,and the stock market environment and political policy and other factors,the effect of stock market environment and policy factors is very obvious in the holdings of behavior announcement;its holdings usually influenced by the stock market,the development prospects of listed companies,personal wealth configuration and other factors.Through the statistical analysis found that,in the actual control holdings revenue overall positive,the reduction of the share price before the announcement of the reduction of the stock price performance is far better performance after the announcement.In the fourth chapter,the Shandong Qixing Iron Tower Co.,Ltd,Shangxi Zhangze Electricpower Co.,Ltd and XGMG Consrtuction Machinery Co.,Ltd three cases to analyze the raising and reducing holding of the listed companies' actual controllers,in the statistical period,the actual control of Shandong Qixing Iron Tower Co.,Ltd good expectations for the development prospects of the company continued holdings of shares based on the signal transmission function by stimulation,stock trend is always very strong;Shangxi Zhangze Electricpower Co.,Ltd for shareholders of Shanxi international power actual control of the company,in the statistics carried out during the clearance type reduction,both have high valuations to go market prices,there are factors of poor prospects for the company;the XGMG Consrtuction Machinery Co.,Ltd case is a good description of the actual controllers buying shares when it is more cheaper and selling shares when it is more expensive in the stock market with their own information advantages.Our study can provide investors with a comprehensive,general description and interpretation,to provide reference for investors,but the raising and reducing holding of the listed companies' actual controllers are influenced by many factors,each of the listed company has its unique characteristics,investors must be careful to make decision,try to collect relevant information of listed companies to analyze the motives and effects of actual controller behavior.