Identification Of Characteristic Factors Affecting The Reduction Behavior Of Sponsors’ Shareholders After The Lifting Of IPO Ban

The issue of shareholders’ reduction has always been the focus of academic attention.How to control shareholders’ reduction behavior is of great significance to stabilize the whole securities market.As an important part of shareholders of listed companies,based on their important status,the impact can not be underestimated.Under the guidance of the idea of Classified research,If we can explore the influencing factors of the reduction of sponsors’ shareholders,it can provide favorable reference and case basis for policy-making.Using the event induction method,this paper selects all the initiators’ reduction announcements of all A-share listed companies from January 1,2017 to December 31,2021 as samples,and summarizes and studies all case samples based on information asymmetry,equity checks and balances,investor sentiment,volume and price change law,principal-agent and industry life cycle theory.According to the above research,this paper draws the following conclusions: in the companies with sponsor shareholders’ reduction,sponsor shareholders often reduce their holdings due to valuation factors,so as to realize high cash out;In the process of reducing holdings,the sponsor shareholders often consider the impact of reducing holdings on their own control rights,resulting in that the largest sponsor shareholders often do not carry out reducing holdings;Institutional investors often appear in the reduction of sponsors’ shareholders after IPO,but these institutional investors are mainly various investment companies.They pursue capital gains and will not have a great impact on the operation of the whole company;Industry characteristics and macroeconomic conditions will significantly affect the reduction of sponsors’ shareholders.The former will increase the reduction due to the uncertainty of its performance and the volatility of stock price.The latter will form investor sentiment by reducing investors’ psychological expectations,and then affect the reduction of sponsors’ shareholders.