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2012年10月开始,创业板开始迎来大量限售期为36个月的首发原股东限售股解禁。这些股东一般都是公司的控股股东或实际控制人,不仅持股比例大,解禁股数多,而且对于公司的信息披露和决策有较强的控制能力,因而这些股东股票的解禁会对市场造成更大的冲击,对小股东和广大投资者的利益造成更大的威胁。本文研究了截止到2013年8月底发生的24家公司的76起控股股东减持事件的特征和规律,为以后的控股股东限售股解禁和减持提供参考。
Starting in October 2012, the GEM began to usurp a large number of restricted shares for 36 months, the first shareholders of the restricted shares lifted. These shareholders are generally the controlling shareholders or actual controllers of the company. They not only have a large shareholding ratio and a large number of shares lifted, but also have strong control over the company’s information disclosure and decision-making. Therefore, the lifting of these shareholders’ shares will cause the market A greater impact on the interests of minority shareholders and investors pose a greater threat. This paper studies the characteristics and rules of the 76 controlling shareholders’ reduction events in 24 companies as of the end of August 2013, which will provide reference for the future lifting of the banned and reduced shares of controlling shareholders.