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本文以工行、中行、建行三家上市国有控股银行的股价为样本,研究在3年禁售期到期后国际战略投资者抛售所持中资银行股权情况下的股价稳定性。通过对2008年底以来集中发生外资减持时点当日以及前后10日股价变动情况的实证分析发现,在2008年末和2009年初,初期的恐慌效应加上国际国内经济形势不明朗等因素,外资减持对中资银行的股价造成了较大冲击,尤其是遭受外资股东直接减持的上述三家银行。随着我国经济回暖复苏迹象逐步显现,市场投资者的信心逐渐恢复,外资减持对中资银行的股价影响力越来越有限。
In this paper, ICBC, BOC, CCB listed three state-controlled banks share price as a sample to study the stability of the stock price in the case of the sale of Chinese banks held by international strategic investors after the 3-year lock-up period expires. Through the empirical analysis of the changes in the share prices since the end of last decade and around the end of the 10th of last year after the end of 2008, we found that in the late 2008 and early 2009, the initial panic coupled with the uncertainties in the international and domestic economic situations, Have caused a big impact on the share prices of Chinese banks, especially the three banks that have suffered direct losses from foreign shareholders. With the gradual emergence of signs of recovery in the economy in our country, the confidence of investors in the market is gradually restored. The reduction of foreign capital has more and more limited influence on the share price of Chinese banks.