Research On The Motivation And Market Effect Of "Risk-free" Shareholding Increasing

In 2017,the phenomenon of " Risk-free" Shareholding Increasing has almost become a hot spot in the stock market,so that the it has became a concept plate.Since Camet Gas and Fanta Technologies launched the "Risk-free " Shareholding Increasing initiative on June 2,the actual controllers or chairmen of more than 30 listed companies in Shanghai and Shenzhen have issued the "Risk-free" Shareholding Increasing plan in just a few dozen days.This upsurge is not the first time,it should be traced back to the stock market disaster in 2015: China's stock market ushered in a sharp fall.In order to prevent the continuous decline of the stock market from forming a systematic risk,the state urgently introduced a series of market rescue measures,including encouraging listed companies to actively increase their holdings,limiting their reduction,etc."Risk-free" Shareholding Increasing means that the actual controller or chairman of a listed company encourages employees to increase their ownership of stocks issued by the company and promises to buy and hold the stocks continuously for a specified period of time.The losses caused by the increase of stocks during a specified period are borne by the actual controller or chairman of the company,and the profits generated are owned by the employees themselves.The original intention of the " Risk-free" Shareholding Increasing is to stabilize the stock price when the stock falls irrationally,protect the company's value,and convey confidence in the company's future sustainable development and affirmation of the company's value.However,with the increase of the " Risk-free" Shareholding Increasing,there are some abnormal phenomena in the market.For example,after the launch of bottom holding initiative,Anjubao issued a major shareholder reduction announcement in less than three months,and there is a clear deviation between the information it conveys before and after.At the same time,the response of the market to the issuance of the bottom-up plan of listed companies is also different.So,what are the characteristics of the companies that increase their ownership? What are the real motivations behind it? What's the effect of increasing ownership? How can investors identify a scam? This paper will analyze and discuss the above problems.Based on the theory and the statistical data of the basic characteristics of the increase in holdings,this paper chooses two cases,Anjubao and jiachuangshixun,to make a comparative analysis,from the short-term and long-term market reaction of the two cases,analyze the reasons for the difference and the real movement of the increase in holdings?As a result,it reminds investors to be vigilant about such companies,identify whether there are traps,and provide policy recommendations for regulatory authorities to further regulate the market.The theoretical significance of this study is mainly to enrich the theory and case study of "Risk-free" Shareholding Increasing.The practical significance is to provide employees and external investors with the motivation to identify "Risk-free" Shareholding Increasing,help rational investment,and help regulators better regulate the behavior of large shareholders.