Analysis On The Motivation And Market Effect Of Large Shareholders

In recent years,China's a-share market turbulence is larger,and the cattle of the bear market,even appeared twice stocks fell sharply in 2015,China's capital market main index decline more than 6%in a day,the phenomenon of drop stop in thousands of stocks.After the two serious stock market falls,the government and the SFC were very concerned,calling on several domestic securities companies to set up the national team to rescue the city.Not only that,the SFC has also actively called on top shareholders of listed companies and executives holding equity stakes to increase their holdings of the company's shares in order to staunch the trend of falling market share prices.After the SFC's active call,many listed company shareholders and executives increased their holdings in the company.Under adverse trend of the stock market fell sharply,the big shareholders and senior executives of listed companies on a large scale to increase the company shares,the market investors played an important role on the stock market confidence in the future,and achieve a stable stock market effectiveness.In the context of such market intervention,we it is necessary to consider the following questions:when there is no such period of severe sell-off,major shareholders of listed companies in the capital markets to increase the motivation of the company stock is what?What will be the impact on the stock market of large shareholders?What are the factors that have to do with this?The structure of this article is set as follows:the first part is the introduction.This paper mainly introduces the background and significance of this paper,and then explains the research ideas and research methods,the research framework and the innovation points of this paper.The second part is literature review.At home and abroad about the big shareholders to increase motivation and major shareholders to increase the market effect of related research are analyzed and finishing,and sums up the domestic and foreign research present situation,and explain the research emphasis of this article.The third part is the definition of related concepts and theoretical basis.Firstly,it introduces the relevant concepts of large shareholders,controlling shareholders and largest shareholders and large shareholders.Secondly elaborated and big shareholders to increase motivation and major shareholders to increase the market effect of related signaling hypothesis,market timing hypothesis and efficient market hypothesis,and expounded in this paper,the research content and the link between theoretical hypothesis.The fourth part is research design.Based on the above part of theoretical analysis,we select the appropriate samples for this study,select scientific and reasonable variables,design relevant research hypotheses,and construct appropriate multiple regression models.The fifth part is the empirical analysis.Based on the major shareholders to increase events in 2014-2016 a-share main board companies of Shanghai and Shenzhen two city as the research sample,first carries on the descriptive statistics,and then to collinearity test of regression equation,at last,by regression analysis and robustness testing of the fourth part puts forward the assumption of empirical test and analysis.The sixth division is divided into research conclusions,limitations and policy recommendations.Through the analysis of the results of the empirical test summary to the following conclusion:a,in terms of major shareholders to increase motivation,shares undervalued and big shareholders to increase significantly positive correlation,the financial indicators of the company's performance results and assumptions expected symbol instead,dividend payment rate and big shareholders to increase rate present positive correlation,big shareholders to increase overall financial incentive.The shareholding ratio of large shareholders is positively correlated with the proportion of overweight,which proves that the majority shareholder has the motive of control.The nature of ownership and proportion of ownership of enterprises is not significant.There is no correlation between the property of ownership of enterprises and the willingness of large shareholders to increase their holdings.It is not obvious that large shareholders have a political motive.Second,in the big shareholders to increase the market effect of factors influencing the behavior of major shareholders to increase the market effect and company performance,market cycle,before its stock price has significant positive correlation.However,the influence factors of market effect have no significant correlation with the proportion of large shareholders and the property.Finally,some policy Suggestions are given in this paper,and some limitations and future research directions are also presented.In this paper,the innovation points are as follows:first,the previous literature on the study of the major shareholders to increase motivation on basic only consider the price changes caused by financial incentives and political motives,and the conclusion is inconsistent.Based on the latest capital market events,this paper further elaborates and innovates the motivation,making the research more detailed and timeliness.Secondly,according to the previous research results and practical significance,the research emphasis on the market effect of large shareholders is focused on influencing factors.It is helpful to unify the research results of the market effect factors,and make a timely analysis of the development situation and events of capital market in recent years.Third,because of the massive increase in the number of large shareholders that occurred in recent years,the sample time span of previous studies were mostly short,concentrated in one year or other shorter period.This article on the selection of sample time window is optimized,selecting time of 2014-2016,during sample has experienced from the bottom of the bear market to bull market rally to slow bear full stage,is good for the integrity of the study and the result is scientific.Fourth,for large shareholders to increase the stock of forefathers' research mostly to all a-share companies as samples,but the a-share market in China is divided into the mainboard,small and medium-sized board and gem three sectors,each sector background of the shareholders of listed companies,business scale,market awareness,etc.There is A big difference,may affect the result of the research.Therefore,this paper will study the sample selection as the listed company of a-shares,and the differences between samples are relatively small,and the sample quantity is large enough to facilitate the accuracy and scientific of the research results.