本文考察了影响企业当前与未来价值的因素(公司治理、市场时机、盈利能力以及盈余质量)是否影响大股东的减持行为。实证结果表明:当公司股票的价值越可能被高估时,大股东减持的可能性越大。具体来讲,治理机制较差的公司、经行业调整的市盈率和市净率越高的公司、盈余质量越低的公司,大股东减持的可能性越大。 This article examines whether the factors affecting corporate current and future value (corporate governance, market timing, profitability, and earnings quality) affect the holdings of large shareholders. Empirical results show that when the value of the company’s shares is more likely to be overestimated, the greater the possibility of major shareholder reduction. Specifically, companies with poorer governance mechanisms, companies with higher adjusted P / E and P / B, lower corporate earnings with lower earnings, and larger shareholders are more likely to reduce their holdings.