The Research On The Influence Of The Reduction Of The Largest Shareholder Of Listed Companies On Main Board In China

Since its established,the Chinese securities market has gone through more than30 years.During this period,after many rounds of bulls and bears market,the market mechanism was gradually improved.As of the end of June 2018,there were over 3,500 listed companies in the A-share market,with a total market capitalization of 55 trillion yuan,ranking second in the world.With the continuous increase in the number of listed companies,some problems have gradually emerged.Among them,the issue of the listing and circulation of restricted shares,especially the reduction of shares of of the largest shareholder,has become the focus of the market,that investors and regulators pay more and more attention to.This paper takes the reduction of holdings announced in the Shenzhen-Shanghai main board market from January 2007 to June 2018 as the research object.Based on the theoretical basis of internal transactions,principal-agent and corporate governance theory,research the factors affecting the reduction of the largest shareholder.According to the above theory,combined with the existing research results,this paper proposes that the shareholder reduction is mainly influenced by the company’s shareholding structure,business performance,market timing and other factors.Taking the reduction ratio as the explanatory variable,and taking the above three indicators as explanatory variables,this paper constructs a linear regression model for empirical analysis.The full text is divided into five parts in terms of structure.The first chapter is the introduction part,which mainly introduces the research background,research significance,research methods and ideas of the article,and introduces the main body of the article.The second chapter is an overview of related theories,the concepts involved in the article,and the theory of application.The problem is analyzed and the theoretical basis of the full text is laid.Chapter three is the analysis of the influence mechanism.Based on the theoretical basis,the influence mechanism of each factor is analyzed,and the hypothesis of this paper is put forward to guide the empirical research.The fourth part is the empirical analysis part.Based on a preliminary understanding of the relationship between the variables,according to the multiple regression model,using descriptive statistics,correlation analysis,multiple linear regression analysis to test the research hypothesis.The last part is the conclusion andrecommendations,mainly on the test results of the article Summarize and summarize,and put forward some suggestions for the results.Through research and analysis,it is found that the company’s shareholding structure,business performance and market environment will have different degrees of impact on the shareholder’s reduction behavior.On this basis,the author puts forward some policy suggestions,such as improving the corporate governance structure,giving full play to the leading role of the market and strengthening the education of investors.