| 资产注入、流动性溢价与市场环境 |
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| 引用本文： | 尹筑嘉,黄建欢,文凤华.资产注入、流动性溢价与市场环境[J].系统工程,2009,27(1). |
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| 作者姓名： | 尹筑嘉 黄建欢 文凤华 |
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| 作者单位： | 尹筑嘉,文凤华,YIN Zhu-jia,WEN Feng-hua(长沙理工大学经济与管理学院金融系,湖南,长沙,410076;长沙理工大学金融工程与金融管理研究中心,湖南,长沙,410076);黄建欢,HUANG Jian-huan(湖南大学,经济与贸易学院,湖南,长沙,410079)
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| 基金项目： | 国家自然科学基金，湖南大学青年基金 |
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| 摘 要： | 从理论和实证两方面探讨了大股东实施资产注入的主要动因.研究发现市场环境对大股东的资产注入行为具有重要影响:股权分置下大股东实施资产注入的增值收益有限,积极性较低,而股权分置改革环境下大股东可利用市值放大效应获得巨大的增值收益,实施资产注入的积极性大大提高.模型分析表明,获取流动性溢价和持股市值增加是大股东注入资产的主要动因之一,实证分析也显示大股东通过实施资产注入获得了较高的超额收益和较大幅度的流动性溢价.
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| 关 键 词： | 大股东 资产注入 动因 流动性溢价 |
Assets Injection,Mobility Premium and Market Environments |
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| YIN Zhu-jia,HUANG Jian-huan,WEN Feng-hua.Assets Injection,Mobility Premium and Market Environments[J].Systems Engineering,2009,27(1). |
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| Authors: | YIN Zhu-jia HUANG Jian-huan WEN Feng-hua |
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| Institution: | YIN Zhu-jia1,HUANG Jian-huan2,WEN Feng-hua1(1.Changsha University of Science and Technology,Changsha 410076,China,2.Hunan University,Changsha 410079,China) |
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| Abstract: | This paper find that market environments have a significant impact on the assets injection of major shareholders.Before the reform of non-tradable shares,if major shareholders inject assets into listed companies,the return is quite small and their enthusiasm is limited.However,since major shareholders can get excess returns through magnifying effect of market value after the reform,the have greater incentive to increase the amount of assets injection.The model analysis shows that getting liquidity premium a... |
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| Keywords: | Majority Shareholders Assets Injection Motivation Mobility Premium |
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