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自2005年我国股权分置改革以来,数据似乎证明了股民一时以为非流通股流通的问题已得到解决。然而截止2008年12月底,股市大幅下跌,总市值蒸发了一半,此刻实际减持的解禁股占到全部解禁股的29.67%,解禁股减持对于股市影响巨大。本文结合相关理论和线性回归的分析研究,结果显示:对于“第一大非”减持而言,股权集中度、国有股比例、法人股比例、资产负债率和市盈率对其减持的影响较明显。
Since the reform of the non-tradable shares in China since 2005, the data seem to prove that the shareholders have temporarily solved the problem of the circulation of non-tradable shares. However, as of the end of December 2008, the stock market fell sharply, the total market value has evaporated by half, at the moment the actual lifting of the lifting of the ban accounted for 29.67% of all lifting of the ban, lifting the ban shares for the stock market has a huge impact. Based on the analysis of related theories and linear regression, the results show that: for the “largest non-” reduction, the concentration of ownership, the proportion of state-owned shares, the proportion of legal person shares, debt ratio and price-earnings ratio of its reduction compared to its impact obvious.