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本文以大股东持股为视角,提出了一个解释股票转让方式选择影响因素的新假说,并以新三板市场转让机制变化为契机,对这一假说进行了实证检验。研究发现:大股东持股比例越高,挂牌公司越不倾向于选择做市转让,但大股东持股比例和做市商数量之间的相关关系不显著;在外部融资需求越强的公司中,大股东持股比例与是否选择做市转让之间的关系越弱。
This paper proposes a new hypothesis that explains the factors influencing the choice of the method of stock transfer from the perspective of the majority shareholder. Based on the change of the transfer mechanism of the new third board, this paper tests the hypothesis empirically. The study found that the higher the proportion of large shareholders, the less likely the listed companies to choose the market transfer, but the relationship between the proportion of large shareholders and the number of market makers is not significant; in the company with stronger external financing needs , Weaker the relationship between the proportion of large shareholders and the choice of market making transfer.