摘要
在对大非减持影响因素展开理论分析后,采用主成分分析方法从18个原始变量中提取8个主成分因子。实证检验了各主成分因子对于大非减持比例的影响。研究结果表明,大非减持水平受到股东属性、股权集中度、股票价格和股票收益的影响,而与企业盈利能力、企业营运能力、股权制衡和高管结构之间的关系则不明显。最后根据研究结果,对中小投资者、证券监管部门以及上市公司提出参考性建议,以促进中国证券市场的稳健发展。
Based on the theoretical analysis of factors influencing the floating of large size non-tradable shares, we introduce princi- pal component analysis to extract eight principal components from the eighteen original variables. Using these principal compo- nents, we empirically examine their influences on the floating of large size non-tradable shares. The results indicate that the float- ing of large size non-tradable shares is influenced by property of shareholders, ownership concentration, stock price and stock re- turns, while there is no singnificant relationship between the floating of large size non-tradable shares and profitability, company operation capacity, balance power or executive structure. Finally, according to the results, we provide suggestions for small and medium sized investors, security regulators and listed companies for promoting a steady development of China＇ s securities market.
出处
《投资研究》
CSSCI
北大核心
2011年第10期78-86,共9页
Review of Investment Studies
基金
中央高校基本科研业务一般项目“基于大小非减持背景下的上市公司治理效应研究”(CDJXS11021113)
中央高校基本科研业务重大自主项目“基于期权博弈视觉的大小非减持研究”(CDJSK1001)
关键词
大非减持
影响因素
主成分分析
Large size non-tradable shares
Influencing factors
Principal component analysis
