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全流通市场中解禁的大股东已经成为我国股票市场最重要、最活跃的参与主体,由于大股东特殊的地位和身份,其交易行为对股票市场效率的影响一直都备受争议。基于此,本文从特质信息提供者的角度对大股东交易在影响股价信息含量中所起的作用进行了理论分析和实证检验,实证结果表明大股东交易确实可以提高股价信息含量,而稳健性检验进一步证实了股价信息含量的改变是由于大股东交易所致而不是噪声所致。
Major shareholders lifted in the circulation market have become the most important and active participants in China’s stock market. Due to the special status and identity of major shareholders, the impact of their trading behavior on the efficiency of the stock market has been widely debated. Based on this, this paper makes a theoretical analysis and empirical test on the role of major shareholder transactions in influencing the stock price information from the perspective of the trait information provider. The empirical results show that the transaction of big shareholders can indeed improve the stock information content, while the robustness test Further confirmed that the change in the share price information was due to noise rather than noise from major shareholder exchanges.