限售股

中国股市限售股解禁的减持效应研究

Reducing Effect of Restricted Shares in Stock Market of China

中国上市公司利益输送行为研究&基于非流通股协议转让与限售股转让的证据

The Study of Tunneling in China 's Listed Companies & Evidence from the Non-Tradable Shares Transfer and Restricted Shares Transfer

星巴克CEO霍华德o舒尔茨靠限售股和期权实现了5800万美元的收入，远低于2013年的1.39亿美元。

Howard Schultz , Starbucks ' CEO , realized $ 58 million in restricted stock and option profits in 2014 , down from $ 139 million in 2013 .

受让方为非国有性质时，限售股转让相对价较低。

To non - stateowned receptors , transferring price is relative low .

另一导致破发的重要因素是限售股比例。

Another important factor that leads to break is the ratio of restricted shares .

流动性约束与限售股定价负相关。

And negative correlation is found between liquidity restrain and the pricing of restricted stock .

基于限售股解禁下的我国股票市场供求关系研究

Research of the Supply-demand Relationship in China 's Stock Market-Based on the Restricted Stock Circulation

限售股解禁的需求影响机制与平衡模式研究

Study of the Demand Impact Mechanism and Balance Mode under the Circulation of Restricted Stock

2009年股市限售股大小限解禁问题探析

The Analysis on the Lifting of " Limited size " of Non-tradable Shares in 2009

首先对我国近几年以及未来几年的限售股解禁、减持总体情况进行了描述。

First , we make a overall description on the situation of the non-tradable shares these years .

由此带来的结果是股票市场长期处于严重的信息不对称状态，首发限售股股东在一定程度上利用信息优势，进行套利交易，获取了高额收益。

The result is that the stock market is in a serious long-term state of asymmetric information .

当股权分置改革带来的限售股解禁遇到现在国内外严峻的宏观经济形势，一些问题暴露了出来。

When the tradable shares after the non-tradable share reform encounter serious macro-economic situation , some problems are exposed .

本文运用事件研究法对限售股上市流通的股价效应进行了实证研究。

This paper empirically studies the stock price effect of restricted share 's circulation by using the event study .

限售股解禁、市场微观结构与波动率冲击基于希尔伯特黄转换法的实证分析

Ban Lifting of Restricted Stock , Market Micro-structure and Fluctuation Attack & Based on Empirical Analysis of Hilbert-Huang Transform

公司净资产、控制权收益以及公司流通股比例与限售股定价正相关。

There is positive correlation between net assets , control income , circulating shares and the pricing of restricted stock .

虽然股权分置改革已经基本完成，但很大比例限售股的存在使得股权分置改革所带来的正面影响还不能真正体现出来。

Although the equity division reform has been completed , the high proportion of restricted share makes the positive effects hard to work .

而限售股集中解禁作为中国股票市场的一次性事件，为检验现阶段的股市效率提供了一个自然实验的机会，针对这一课题所进行的研究将具有极大的现实意义。

The centralized circulating of restricted stock , which is a one-off , provides a opportunity to testing Chinese stork market current efficiency .

此外，库克还坐拥价值5亿美元的限售股。也就是说，他的高收入期还远未结束。

What 's more , Cook is sitting on half a billion dollars worth of restricted stock , so his big paydays are far from over .

邵炯指出，随着中国创业板迎来限售股解禁抛售的高峰，未来几个月的抛售压力势将增加。

Selling pressure is apt to increase over the next couple of months as ChiNext approaches the peak season for restricted stock selling , Shiao noted .

自2005年股改以来，限售股解禁及减持问题一直受到各方的密切关注。

Since the reform of share structure in 2005 , the lifting and reduction of restricted shares has always been the close attention of all parties .

在研究展望中，本文提出未来将会从限售股股东变化、高频数据和超高频数据进行进一步的研究。

In the research outlook , this paper suggests that the change of lockup shareholders , high-frequency data and ultra-high frequency data will be future research directions .

改革中限售股的集中解禁，特别是解禁后大非的大规模减持，使证券市场面临空前的套现压力。

The concentration of restricted shares lifted in this reform , especially the large reduction by the large shareholders has made the stock market face unprecedented pressure .

2005年以来，股权分置改革稳步推进，不断深入，原先的非流通限售股纷纷获得流通，即限售股解禁。

Since 2005 , the share reform have carried on steadily . The original non-tradable shares have obtained circulation , that is restricted shares lifting the ban .

目前在我国，还没有从信息非对称性的角度，系统研究解禁后限售股的大额减持行为。

At the present time , there is no work to study the behaviors of large reduction of holding of restricted stock after lifting of the ban from the perspective of asymmetric information .

如果公司大股东对解禁限售股进行大幅度减持，而市场没有足够能力承接，那么市场扩容的结果可能导致失血过多而崩溃。

If major shareholders have a substantial reduction in lifted shares , and the market have not enough capability to undertake , then the result of market expansion may lead to excessive hemorrhage and collapsed .

股改限售股造成的心理压力和直接市场压力被逐步淡化，而数量更大的首发限售股成为未来市场的重要扩容压力。

While the psychological and direct market pressure caused by the reform restricted stocks is gradually been reducing , the greater number of IPO restricted stocks are becoming an important expansion pressure in the market .

举例来说，去年库克的实际收入超过1.54亿美元，主要来自出售部分苹果公司限售股，该收入就从未被披露过。

It has not been reported , for example , that Cook actually earned over $ 154 million last year , largely made up of the vesting of some of the restricted Apple stock he owns .

关于盈余管理的研究已经受到越来越多国内外学者的关注，而定向增发限售股解禁为盈余管理的研究提供了独特的视角。

The study of earnings management has been receiving more and more attention of scholars both at home and abroad , and directed by limited sales lifted shares provides a unique perspective for earnings management research .

然后通过对228个限售股解禁样本事件进行分组对照分析，比较解禁前后累积收益走势差异，揭示不同环境下的不同解禁价格压力表现。

And then it makes a comparative analysis on 228 sample cases of restricted stock circulating in groups , finds out different pressure performances in different conditions through the trend of accumulated profit before and after the circulation .

政府要鼓励上市公司通过兼并、联合等多种资本运营形式的战略性重组，增强核心竞争力。（4）上市公司限售股减持行为研究。

Government should encourage listed companies to enhance core competitiveness through mergers , joint and other forms of strategic restructuring of capital operation . ( 4 ) The study on behaviors of restricted shares reduction of listed companies .