摘要
如何有效规制大股东股份减持是我国资本市场高质量发展面临的重大议题。2016年1月,证监会发布"减持规定",强制大股东披露减持计划,在全球范围内首次实现内部人交易"预披露"的重大创新。研究发现,大股东减持计划具有显著信息含量,其市场反应是减持公告市场反应的4倍。减持计划新规全面降低了非控股股东的减持获利能力,不过对控股股东的影响仅限于削弱了事先高位减持能力,事后的长短期获利能力并无显著改变。该规定也诱发了大股东更为偏爱预披露后的紧急减持以实现高位套利目标。本研究填补了"交易预披露"理论构想的实证空白,为政策效果评价进而完善我国大股东减持监管提供了经验证据,同时也为全球市场加强内幕交易监管提供了政策借鉴。
How to regulate the large shareholders’stock reduction effectively is a major issue during the high-quality development of China’s emerging capital market.At the beginning of 2016,China promulgated a new rule about the pre-disclosure of large shareholders’stock reduction,which made an innovative regulatory attempt on the pre-disclosure of insider transactions in the world.This paper investigates the information content of stock reduction plan and the impact of the new rule on the trading profitability.We find that:stock reduction plan of shareholders has significant information content,and the average excess return is four times of sale’s pronouncement;The new rule has comprehensively reduced the trading profitability of non-controlling shareholders,but the impact on controlling shareholders has been limited to curbing their ability to sell stocks at high price,and new trading patterns have emerged with shareholders preferring to take a quick sell-off after the plan announces.This paper has important implication for insider trading regulation and fills the research gap about pre-disclosure of insider transactions.
出处
《会计研究》
CSSCI
北大核心
2021年第6期104-118,共15页
Accounting Research
基金
国家社会科学基金项目“减持计划预披露、信息含量与内幕交易新模式研究”(18BGL055)
教育部人文社会科学研究重大课题攻关项目“新形势下促进民营经济健康发展重大问题研究”(20JDZ014)的资助
关键词
大股东减持
内部人交易
减持新规
减持计划
Large Shareholders’Stock Reduction
Insider Trading
Stock Reduction Regulation
Stock Reduction Plan
