摘要
大股东增持股份是其向市场发出的公司价值信息,有利于增强投资者的持股信心,同时因委托代理关系的加强而应有利于公司经营业绩的提升。本文以中国A股市场发生大股东增持行为的上市公司为研究对象,对大股东发布增持公告前后上市公司主要业绩指标进行实证研究,发现我国上市公司大股东增持后公司业绩不仅没有显著性提升,反而损害了股东利益,其主要原因应该是大股东增持仅为一种短期市场行为。
The behavior that large shareholders of the listed companies increase their shareholdings is a kind of valuable information about corporation value which increases their investors＂ confidence and meanwhile promotes the company＇s performance because of the strengthened principal-agent relation- ship. This paper takes listed companies in China＇s A stock market whose shareholders have increased their share as research object, and analyzes the main performance indicators of these listed companies before and after their large shareholders overweight. It is found that the large shareholders＂ increasing share hurts the interests of the shareholders badly instead of promoting the listed company perform- ance. The main reason of it is that the large shareholders overweight is only a short-term market activity.
出处
《合肥工业大学学报（社会科学版）》
2012年第1期9-13,共5页
Journal of Hefei University of Technology(Social Sciences)
基金
上海证券交易所第十九期联合研究计划项目:限售股解禁对市场的影响
关键词
大股东增持
委托代理
配对样本T检验
长期绩效
large shareholders overweight
principal-agency
paired samples T-test
long-term performance
