RESEARCH ON THE IMPACT OF LARGE SHAREHOLDERS’ SELLING ON HIGH-TECH LISTED COMPANIES’ MARKET VALUE — BASED ON INNOVATION INVESTMENT MEDIATION EFFECTS

Abstract

          Major shareholders of high-tech listed companies reduce their holdings frequently, which has an important impact on the company's market value. This paper takes A-share listed high-tech listed companies from 2011 to 2020 as a sample, and empirically studies the internal relationship between major shareholder reduction, company market value and innovation investment. The study found that: the frequency of major shareholder reduction and the proportion of major shareholder reduction have a negative impact on the company's market value; innovation investment intensity and innovation investment willingness play a partial intermediary role between major shareholder reduction and company market value.