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从理论和实证两方面探讨了大股东实施资产注入的主要动因。研究发现市场环境对大股东的资产注入行为具有重要影响:股权分置下大股东实施资产注入的增值收益有限,积极性较低,而股权分置改革环境下大股东可利用市值放大效应获得巨大的增值收益,实施资产注入的积极性大大提高。模型分析表明,获取流动性溢价和持股市值增加是大股东注入资产的主要动因之一,实证分析也显示大股东通过实施资产注入获得了较高的超额收益和较大幅度的流动性溢价。
From both theoretical and empirical aspects, this paper explores the main motivation of large shareholders in asset injection. The study found that the market environment has an important impact on asset injections by major shareholders: the value-added benefits of large shareholders’ injection of assets under the split share structure are limited and their enthusiasm is low, while the large shareholder gains huge market capitalization effect under the split share structure reform Value-added benefits, the enthusiasm of the implementation of asset injection greatly increased. The analysis of the model shows that obtaining the liquidity premium and increasing the market value of the holding stock is one of the major motivations for the major shareholders to inject assets. Empirical analysis also shows that the major shareholders have obtained higher excess returns and a larger liquidity premium through the implementation of asset injections.