Research On The Market Effect Of Large Shareholders’ Holdings Of Shares Of The Listing Corporation

As China’s financial market is more and more concerned, with the reform of the national policy, China’s financial market system is not perfect also received more and more attention, which is a major hazard to the stability of the capital market. Why is the big shareholders always be able to advance in advance to discern and predict everything, and then the perfect get out to get rich profit? Why the majority shareholders can always fled ahead? Showed a large shareholders of the company knows that when overbought, reduce in advance to get a lot of benefits by insider news and information asymmetry, and small and medium-sized shareholders due to the asymmetric information, can not be timely to reduce the in stock bedding bag, interests have been infringed upon, resource from the hands of the small and medium-sized shareholders transferred to the big shareholders. The transfer and transfer of this resource is the market effect of the large shareholders’ stock market which we will study.Firstly, this paper analyzes the tunnel effect of large shareholders reduction by event analysis, and proves that the effect of tunnel excavation in the process of the reduction of the shares of the major shareholders is demonstrated by the reduction of the abnormal return rate. From 2014 to 2015, all of the reduction of the listing Corporation as the research object, the largest shareholder holdings of shares of the company as the date of the event, calculate the average cumulative abnormal return of thirty days before and after the major shareholders holdings of fifteen days, and in the reduction of future, the average abnormal return rate is negative, while the cumulative average abnormal return rate, which fully shows that the major shareholders in the reduction of shares of the tunnel effect, the interests of small and medium shareholders to transfer.Then, on the basis of summarizing other factors related to the impact of tunnel effect, we chose the equity balance, the proportion of large shareholders, the proportion of the reduction, the profitability of large shareholders, the chairman of the general manager and other factors. Finally, in the case of large shareholders through the reduction of shares of the company, we have proposed some suggestions, such as increasing the shares of major shareholders, the way to strictly regulate the company’s information disclosure, investors and other large shareholders information asymmetry, limiting the number of shares held by major shareholders.