Research On The Excess Return And Motivation Of Major Shareholders Of Listed Companies

Since the stock market whole circulation times,the big shareholder in the market profit way also more USES to reduce the way of holding shares.In 2016,according to relevant statistics show that China's stock market holdings worth RMB 360 billion,and as the city's 2.9 trillion 2017 A shares market value of A new batch of restricted stock release wave arrival,is bound to cause cash holdings behavior of major shareholders of listed companies.From a centralized renovation market chaos,maintain stable capital market perspective,the SFC issued holdings new rules([2017]no.9),further strengthen the supervision of major shareholders holdings to protect the interests of the small and medium-sized investors,promote the healthy development of the real economy.Based on January 1,2012 to December 31,2016,China's main board and small and medium-sized plate company major shareholders holdings events as the research object,by integrating theory with practice,descriptive statistics analysis,event study method and logistic regression analysis for reduction of major shareholders of listed companies is the reason of excess returns and underweight were analyzed respectively,the empirical results show that:(1)whether the reduction of major shareholders is significantly correlated with the corporate governance structure,financial performance,valuation level and other factors.Among them,the higher the price-to-earnings ratio,the more state-owned components of the company and the larger the debt level,the more the major shareholders are inclined to reduce their holdings.The higher the ownership concentration,the better the financial situation and the higher the beta value of the stock,the more the major shareholders are not inclined to reduce their holdings;(2)the major shareholders holdings before and after the session,reduce its total sample average cumulative excess return curve from rise to fall,in the process,based on information dominance,big shareholders by reducing its excess earnings obtained is higher than the market expected return,and through the underweight lifted shares can obtain higher excess returns than not lifted shares.Finally,based on the research conclusion,the paper gives theoretical explanation and puts forward policy Suggestions based on the special background of China.