The Study On The Influence Of The "Risk-free" Shareholding Increasing On Share Price

In order to prevent the stock price from falling continuously and stabilizing investor confidence,there has been a phenomenon of the "Risk-free" Shareholding Increasing in the market.From mid-2015 to December 2017,there have been several "Risk-free"Shareholding increases in holdings.There is a tendency to become more frequent.In the short ten days in June 2017,the shareholders of 25 listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange,issued such proposals to encourage employees to increase their holdings of shares of the company.Their actions were hotly debated in the market.By reviewing the relevant literature on the increase in holdings by employees such as insider additions,it can be seen that the behavior of increasing holdings is often interpreted as a positive sign in the market that conveys the management's confidence in the future or the underestimated performance.The market will usually produce positive reaction.Well,as a major shareholder,one of the insiders,promises his employee "risk-free"shareholding increasing,which is also likely to bring about an abnormal reaction from the market.But is the signal consistent with the signals sent by insiders to increase holdings,and how can market investors interpret this behavior?First of all,this article reviews the development of the phenomenon of the "Risk-free"Shareholding Increasing and summarizing the characteristics and motivations.Then,We use the event analysis method to specifically study An Jubao's "Risk-free" Shareholding Increasing.Analyzes the action taken by the major shareholder and chairman at the"Risk-free" Shareholding Increasing,when the company's performance declines and the share price is low.Specifically examine the deep motivations of its behavior and the market reactions that result from this behavior.This article finds that,in the context of the overall market downturn,investors regard the "Risk-free" Shareholding Increasing as good information for listed companies in a short term.However,if there is such a well-supported listed company's actual financial status and future development is not good,it can't completely resist systemic risks and really boost stock prices in the long term.It doesn't necessarily improve the company's value.Investors who follow suit to buy holdings may have a risk of losing their wealth.Finally,it reminded the market investors that they should increase their investment rationality and safety awareness,and rationally view the behavior of listed companies initiating the "Risk-free"Shareholding Increasing,and recommended that listed companies reasonably disclose information and regulate governance,and the regulatory authorities should strengthen the"big pocket" for major shareholders.Overstaking behaviors are supervised.