大小非减持

股权分置改革后的大小非减持对股市的影响研究

Research on the Influence upon Stock Market by the Selling of Non-tradable Shares after Non-tradable Share Reform

因此，监管部门如何规范大小非减持行为和完善市场交易机制对未来稳定证券市场，降低市场风险有着十分重要的意义。

Therefore , how to standardize non-tradable lessening and perfect the market mechanism have a very important significance .

大小非减持是当前中国资本市场的热点问题。

The reduction of large and small-sized non-tradable shares is the hot spot currently in China stock market .

一些非流通股股东在为自身利益的考虑下，在股权流通限制解禁后，选择了抛售自己的股票，形成了所谓的大小非减持问题。

Some non-tradable shareholders choose to sell their shares after the restricted period out of their own interest , which formed the so-called share-reduction of the non-tradable shareholders .

本文对大小非减持中盈余管理行为是否存在、产生的动机以及影响因素进行了理论分析，并提出了相关假设。

And then it theoretically analyzed the existence and motivation as well as influencing factors on earnings management in the process of reducing original non-tradable shares , and put forward the relevant assumptions .

笔者列举了大小非解禁后减持的典型案例。

The author cited the non-lifting of the ban after the reduction of the size of a typical case .

由于原有的非流通股股东超低的持股成本和资本市场价值的高估，大小非开始疯狂的减持操作。

The ultra low cost of the stocks hold by the original non-tradable shares , besides , the overestimate of the value of the capital market , have led to a crazy reduction .