Research On The Motivation And Consequences Of Large Shareholds

After the completion of the split share structure reform,China's stock market has entered an era of full circulation.The level of stock prices will directly affect the interests of major shareholders.Therefore,major shareholders are motivated to take some actions to affect the company's stock price.Stock holdings are a method often used by major shareholders.At the same time,the regulatory authorities have gradually released the policy restrictions on the stock holdings of major shareholders.As a result,the phenomenon of stock holdings has been more common.This thesis investigates the events of the increase in holdings of the major shareholders of the Annunciator,by using combination of text analysis and case analysis to systematically investigate the causes,strategies and consequences of the holdings of large shareholders?This thesis studies the problem-oriented,structured research thinking from behavioral strategy-motivation-consequences.This thesis has four parts:(1)The institutional background of listed companies-'large shareholders' holdings.It will focus on sorting out and analyzing the regulatory policy documents of the Chinese capital market in response to the increase in shareholder holdings in recent years,and refine the institutional change environment for listed companies' increase in shareholder holdings.(2)Analysis of the implementation plan of the major shareholder of Saint Angelo.It focuses on the analysis of the actual background,implementation strategies,steps,and contractual element design of the implementation process of the major shareholders of the newspaper.The behavior characteristics and scheme characteristics of the increase in holdings of Saint Angelo are expected.(3)An investigation into the motivation of the major shareholder of Saint Angelo.It examines the behavioral motivations of large shareholders' holdings from three levels:market value management,increasing control,and releasing good news.(4)An investigation into the consequences of the holdings of major shareholders of Saint Angelo.From the two levels of market performance and financial performance,a systematic analysis of the impact of shareholder holdings on the listed companies.The research finds that:(1)Major shareholders of Saint Angelo have further consolidated their control over the company by increasing their holdings,and at the same time,they have sent positive information to the securities market to enhance the company's stock price;(2)The company's operating performance has a long-term positive impact.The research is of reference value to the capital operation and capital market development of listed companies in China;it has important realistic enlightenment value to the regulatory market supervision.