我國上市公司第一大股東變更動機及行為特征研究.pdf

1、重慶大學(xué)碩士學(xué)位論文我國上市公司第一大股東變更動機及行為特征研究姓名：武娟申請學(xué)位級別：碩士專業(yè)：企業(yè)管理指導(dǎo)教師：李豫湘20050401重慶大學(xué)碩士學(xué)位論文英文摘要IIABSTRACTAtpresentthechangingoftheLargestshareholderinlistedcompaniesisfrequentthekindsofinveststendtowardsdiversification，whiletheirmot

2、ivestochangethelargestshareholderbecomecomplicate.Inthispaperthemotivesofthechangingareanalyzedfromtheviewofstakeholdersgamethey:theequipmentoftheinterestisasignificantfact.Duetodifferenceoftheinvests’tradingmotivetheyal

3、soperfmdifferentacteristicofbehaviintheyearofthechangingofthelargestshareholder.Sampleofthestudyisthelistedcompaniestakenplacethechangingfrom2000to2003theexperimentalstudyisusedtoanalyzetheacteristicofbehavisofthechanged

4、largestshareholder.BystatisticmethodbinaryLogisticregression，thebehavisoffinancinggreatrestructuringareanalyzedIndertofindouttheacteristicofbehavithattheinvestchangesthemainoperationtheacteristicofbehaviofdifferentidenti

5、tyinvestsmultinomialLogisticregressionisused.themainconclusionshasbeendrownasfollowing:intheyearofthechangingoftheLargestshareholderamongtheinveststhatpledgedtheirshareright62%pledgealltheirsharestheratioofreturnonasseti

6、shighertheassetliabilityofthetargetcompanyislowertheinclinationthattheinvestpledgesitsstockisgreaterTheinvestscarryingongreatrestructuringtrademestocktheircontrollingrighttotargetisrelativelyheavierbuttheyhlenoncommercia

7、lincomethroughearningmanagementmeseriouslyEspeciallyamongthetargetchangedthemainoperationtherangeofhlingincomethroughearningmanagementtheturnoverofboardaremethanothercompaniestheinvests’behavisaredifferentbecauseoftheird

8、ifferentidentityaftertheprivateenterprisebecomingtheowneroflistedcompanyitsproptionoffinancingbehaviistwiceofthegeneralcpateshareholder’sitisthestateownedshareholdersthathavethemostbehavisofgreatrestructuringevenchanging

9、ofmainoperationtheprivateenterprisetradeslessstockbutthecontroltoitstargetisheaviertheratioofdirectsleavingonespostislargerinitstargettheprivateenterprisehlesnoncommercialincomemeseriouslyithasgreaterimpactontheincrement