增持股份:财务动机还是政治动机? 被引量：46

Stake-raising:Financial Motivation VS.Political Motivation

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摘要本文以2008年8月份中国证监会发布的《关于修改<上市公司收购管理办法>第六十三条的决定》为背景,详细研究了该规定出台后由上市公司大股东和高管人员所发起的股份增持事件。结论表明,上市公司的股票增持行为主要出于政治动机,而非一般意义上的财务动机。这一发现进一步丰富了我们对转型经济国家公司内部人行为和动机的认识。 Under the background of the issuance of Decision on Amending Article 63 of the 'Administration Measures on Takeover of Listed Companies' by China Securities Regulatory Commission in August,2008,our paper carefully examines the motivation of stake-raising by stockholders and top management of Chinese public firms.Results indicate that stake-raising is mainly out of political motivation rather than financial.Our findings supplement the literature with the motivation of corporate insiders within the context of transitional economy.

作者沈艺峰醋卫华李培功

机构地区厦门大学管理学院财务学系

出处《会计研究》 CSSCI 北大核心 2011年第1期52-59,96,共8页 Accounting Research

基金国家自然科学基金重点项目(批准号:70632001)的资助

关键词股份增持财务动机政治动机

分类号 F224 [经济管理—国民经济] F275 [经济管理—企业管理] F271 [经济管理—企业管理]

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