非流通性售股解禁对中国股的影响.doc

大学生创新训练项目
研究报告
项目名称: 非流通性售股解禁对中国股市的影响
项目类型: 重点项目
项目年度: 2016年
项目负责人: 李倩倩(学号:32012010092)
负责人院(系): 金融学院
专业(方向): 金融学
项目组成员: 温佳旺、施丹阳、刘涵、张宇光
指导教师: 吴世亮教授
二〇一五年
摘要
本次科研项目通过对近几年来非流通性售股解禁的背景、原因、以及我国“大小非”逐步解禁的过程进行了分析研究,采用了文献研究法、对比研究法、理论研究法、案例研究法和博弈论研究法等多种研究方法,研究了我国限售股解禁的特点以及市场的作用机制并搜集近几年来非流通性限售股解禁的数据,进而建立模型分析了非流通性售股解禁对中国股市的影响。本次科研重点研究了两个方面,一方面,对非流通性限售股解禁对A股市场指数波动的影响进行分析,得出非控股股东IPO锁定期解除的股票数量和市值对股票指数波动造成很大影响等结论。这是我们在整个分析研究中的一个重要结论。另一方面,我们对非流通性限售股解禁对个股股价波动的影响进行分析,得出非流通性限售股对个股股价波动有影响,但影响关系并不明显。最后,根据研究结果,我们对“大小非”解禁的提出建议。
关键词:非流通性限售股、解禁、股市、影响
Abstract
This research project studies the circulation background, reasons of The non-circulation of restricted stock ,as well as the process of China's "the size of non -" the gradual lifting of the ban in recent years. By using the methods of the literature research method, comparative research method, theoretical research method and case study method and the game theory research method and other research methods, we studied the characteristics of the ban the sale of shares in our country and the mechanism of the market. We collect data in recent years of the non-tradable shares lifted restrictions on sale, and then establish models to analyze the effects to our Chinese stock market. This research focuses on two aspects: On the one hand, the influence of non -tradable shares lifted restrictions on sale of the volatility of A stock market index analysis, The number and value of the non-controlling shareholders of IPO shares lock up period of release on the stock index fluctuation caused great impact, which is an important conclusion of our analysis in this study. On the other hand, we carried on the analysis to the non-circulation limited ban the sale of shares of stock price fluctuations, the price fluctuation of that has no significant relationship. Finally, according to the research results, we lift some proposals.
Key words:The non-circulation of restricted stock, lifting of the ban, the stock market, impact
目录
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