Large Shareholders' Reduction,Equity Pledge and Stock Return
Large shareholders'reduction is an important factor affecting stock returns.The research on large shareholders'reduction is of great significance in regulating the behavior of major shareholders and promoting the health-y development of the capital market.This paper uses the data of large shareholders'reductions of listed companies from 2008 to 2022 as an example to study the impact of large shareholders'reduction on stock yield,and at the same time takes into account the role of equity pledge,which is a disguised form of large shareholders'reduction,on stock yield.The results show that large shareholders'reduction has a significant dampening effect on stock returns.Secondly,equity pledge is a disguised form of shareholding reduction carried out by major shareholders,and the higher the equity pledge rate,the lower the company's stock return.Finally,this paper finds that large shareholders'reductions and eq-uity pledges have different degrees of impact on stock returns for SOEs and non-SOEs,with a greater impact on SOEs.For non-state-owned enterprises,equity pledge as one of their financing methods is more likely to become one of the ways for their major shareholders to reduce their holdings in disguise,which will have an impact on stock returns and requires investors'attention.
Large Shareholders'ReductionEquity PledgePSMNew Rules on Shareholding Reduction
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