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与历史悠久的西方资本市场不同,我国股市相对年轻,有着大量不同层次的市场参与者,各类型市场参与者的持股行为从多个维度左右着上市公司股价的走势。对于我国上市公司而言,股票价格的稳定对营造良好的融资环境有着重要意义。股权分置改革后,A股进入全流通时代,上市公司大股东增减持行为愈加频繁。作为内部人的大股东持股份额较多,掌握着大量的企业内部信息,本文就大股东增减持行为对上市公司股票价格的影响机理进行了分析,并就有关各方如何应对给出了相应建议。
Different from the historical western capital market, China’s stock market is relatively young with a large number of different levels of market participants. The holding behavior of various types of market participants influences the stock price of listed companies from many dimensions. For Chinese listed companies, the stability of the stock price is of great significance to create a good financing environment. After the split share structure reform, A shares entered the era of full circulation, with the increase and decrease of shareholders of listed companies becoming more and more frequent. As the insider’s large shareholder holds more shares and holds a large amount of internal information, this paper analyzes the influence mechanism of large shareholders’ increase and decrease on the stock price of the listed company, and gives some suggestions on how the parties concerned respond Corresponding suggestions.