大小非解禁

本文从两方面进行关于大小非解禁对市场是否造成冲击的检验，首先采用事件研究法，观察解禁事件对股市是否造成短期和长期冲击，然后运用GARCH模型研究解禁前后股市波动性的变化情况。

First , using event study analyze that whether the event of release caused short-term and long-term shock on the stock market . Then using GARCH model research the change of volatility before and after release .

大小非解禁冲击了中国证券市场吗

Does the Lifting of Non-Tradable Shares Impact the China Security Market

大小非解禁对股市波动影响分析

The Analysis of Non-tradable Share Conversions to Stock Market Volatility

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 .

大小非解禁对我国A股上市企业股价的影响

Influence of Large and Small-sized Non-tradable Shares on Stock Price of Listed Enterprise of A Stock Market in China

2008年1月至5月可操控性应计利润正向的大小非解禁上市公司在2007年利用减值准备进行了盈余管理。

Listed companies which accrued profit is positive from January to May of 2008 adopt earning management via using provision for loss in 2007 .

论证券市场、国企改革与完善社会保障制度&由大小非解禁引发的思考

Securities Market , State-Owned Enterprises Reform and Social Security System Perfection & A Reflection on Coming into Sale of Large or Small Non-Tradable Share

通过分析2006年到2010年大小非解禁数据笔者认为资本市场在未来的几年里将会面临巨大的压力。

By analyzing the data of lifting shares during 2006 and 2010 , it is thought that the capital market will face enormous pressure in the next few years .

通过进一步的实证表明，大小非解禁对股市需求的影响，更多带来的是对投资者心理预期的改变，尤其是在弱市格局下，这种表现更为显著。

Further evidence indicates that the size of the demand for non-lifting of the ban on the impact of stock market , which brought the psychological expectations for the investors , especially in the weak market .

可操控性应计利润和线下项目盈余管理之和就是整体盈余管理数量和程度，检验结果支持：有大小非解禁的上市公司盈余管理程度更大。

The sum on earning management of accruals and projects is the number and extent of whole earning management . The result of testing data support assumption 1 : there is much more earning management in listed Companies with relieving of banned-exchange shares .

简言之，“大小非”解禁对A股市场造成的具体冲击十分有限，但心理冲击却不容小觑。

In a word , the practical impact of the ban-lifting of " the large and small non-circulating stocks " to the A Share is very limited , but the psychological impact could not be underestimated .

本文通过大小非股东和流通股股东的博弈分析，得出：在市场平衡和熊市时，大小非一旦解禁，限售股股东会选择减持套现。

Through game analysis of the non-tradable shareholders and tradable shareholders , this article concludes that : in the equilibrium market and the bear market , once lifting the ban of non-tradable shareholders , non-tradable shareholders will choose to reduce .