Reduction Of Large Shareholders And Information Transmission Of Enterprise Value

The split shareholding is a historical legacy in China's capital market.After a series of measures such as the share-trading reform,the liquidity of the capital market has been greatly improved,but there have also been new problems,that is,the majority shareholder passed The actions of "bridge-type reduction" and "flicker reduction" have made a profit,which seriously damages the capital market and the interests of many small and medium shareholders.Because the majority shareholder naturally enjoys the advantages of internal information,its shareholding behavior can often convey a lot of value information.Many small and medium shareholders want to protect their own interests,and can obtain value information by studying the shareholder's reduction behavior.In addition,in order to maintain the stability and efficiency of the capital market and protect the interests of many small and medium-sized shareholders,the CSRC frequently issued regulations on reduction of shares.This paper aims to help the small and medium-sized shareholders with no information advantage to predict the value of enterprises and avoid the damage of interests by studying historical data and finding out the relationship between the reduction of large shareholders and the overestimation of corporate value.This paper selects the reduction data of all the announcements in the A-share market from 2012 to 2017,and empirically studies the relationship between the reduction of major shareholders and the valuation of corporate stocks.Through regression analysis,we find that there is a negative correlation between the reduction of major shareholder and the Q value of the company.By further classification test,this paper finds that the non-state-owned large shareholder reduction can better convey the enterprise.Information that is overvalued;similarly,compared with natural person shareholders,the reduction of non-natural shareholders' shareholder is more able to convey the information of overvalued corporate value.Therefore,this paper suggests that investors can refer to the reduction of non-state-owned large shareholders and non-natural person-large shareholders to predict corporate value and assist investment decisions.In addition,various kinds of reductions in recent years have seriously affected the stability and efficiency of the capital market.The Securities and Futures Commission issued a new heavyweight regulation in 2016-"The major shareholder of the listed company and the director of the hoard of directors "Several Provisions" is committed to regulating the behavior of major shareholders to reduce their holdings,protecting the interests of small and medium investors,and maintaining market stability.This paper deeply interprets the new regulations.Through empirical analysis,it is found that there is no correlation between the major shareholder reduction data and the enterprise value index from June to October 2017 after the introduction of the new regulations,and the major shareholder from January to May 2017 There is a significant negative correlation between the reduction data and the Tobin Q value,which leads to the conclusion that the new regulation can effectively curb the major shareholders' infringement of the interests of the company through the reduction of holdings.This paper creatively develops new ways to obtain internal information from the behavior of major shareholders,and creatively classifies the nature of the major shareholder in the research method,so as to more accurately identify the difference in the information transfer of the major shareholder's reduction behavior.And creatively use empirical research methods to analyze the effectiveness and impact of the New Deal.