基于永安林业案例的股份减持时间效应分析
摘要
随着“大小非”解禁之后，大股东的减持手段层出不穷，如股权质押、过桥减持等系列的减持手段，严重的扰乱了股票市场的秩序。于是证监会在2015年和2016年发布了关于股东和董高监减持的相关规则，是要规范市场秩序，但仅过了一年在2017年证监会又再次发布关于股东和董高监减持的相关规定，由此可见股票市场关于减持行为的混乱。永安林业股东在2019年频频减持，两月之间就有七次的减持行为。对于这种频繁减持的情况，本文结合现有的股东减持理论基础再结合永安林业的案例分析，从而探讨大股东减持的背景、动因和影响。
本文通过对永安林业股份有限公司股东减持的具体案例再结合事件分析法对永安林业股东减持对股价波动的具体影响后发现，股东的减持行为主要原因是为了获取自身的利益和降低投资风险的行为，此外还有部分是为了引进战略投资者，从而优化股权结构。股东用减持来套利获现的行为不利于股票市场的发展，也会损害中小投资者的利益，所以对于股东减持需要更加详细完善的法律法规，更加透明的信息披露。
关键词：股份减持 股价波动 事件研究 中小投资者
Based on the case of YONGAN forestry share reduction time effect analysis
Abstract
With the lifting of the ban on 'non-big and small', major shareholders have emerged in an endless stream of means to reduce their holdings, such as equity pledge, bridge reduction, and a series of means to reduce their holdings, which has seriously disturbed the order of the stock market. So in 2015 and 2016, the CSRC issued the relevant rules on the reduction of shareholders#39; and directors#39; holdings, which was intended to regulate the market order. However, only one year later, in 2017, the CSRC again issued the relevant rules on the reduction of shareholders#39; and directors#39; holdings, which showed the chaos of the stock market. Yongan forestry shareholders in 2019 to reduce their holdings, there are six times between two months of the reduction behavior. For such frequent reduction of holdings, this paper combines the existing theoretical basis of shareholder reduction with the case study of yong #39;an forestry, so as to discuss the background, motivation and impact of major shareholder reduction.
Based on the reduction of yongan forestry is the specific case of recombination events analysis of yongan forestry shareholders holdings after the specific influence to the share price volatility most found that underweight by shareholders to arbitrage now and reduce the risk of investment behavior, in addition to part is to introduce strategic investors, so as to optimize the equity structure, this section at the end also got the corresponding inspiration. Shareholders#39; arbitrage to obtain cash by reducing their holdings is not conducive to the development of the stock market and will also harm the interests of small and medium-sized investors. Therefore, more detailed and perfect laws and regulations and more transparent information disclosure are needed for shareholders to reduce their holdings
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