在我国建设多层次资本市场步伐加快的背景下，股权分置改革初衷是提高上市企业的价值，并提振投资者对资本市场的信心，但改革后的全流通时代的大股东减持行为如果短期内冲击股价，特别是经营性大股东如果把工作重心从企业经营转移到二级市场交易，不良动机的减持可能会损害其他股东利益，对企业价值带来影响，产生逆向选择问题，不利于我国资本市场的长期健康发展。与已有研究相比，目前对大股东减持行为对企业价值的研究较少，多集中在大股东减持带来的负面效应和大股东减持的动因分析。股权分置改革后非流通股得以在二级市场流通，原本手握非流通股的实控股东如果依然能长期专注于主营业务、公司治理，企业价值，不断完善的减持制度促进资本的形成并服务于实体经济；或通过大股东的减持，股权结构更合理、公司治理更完善、产品未来更有竞争力等，那么短期的噪声交易后，专注企业价值的交易者有机会折价购入股票，大股东减持公告的信息披露让市场可以更加关注企业的公司特质，提高公司经营信息的透明度和关注度。第一大股东持股比例的变动反应了控制权的变化可能带来的经营效率变化，股权结构改善、外部投资人引入，包括在我们发展极不平衡的中部、西部、东北和东部地区，大股东减持特别是第一大股东的减持有助于提高不同地区经济发展的流动性差异，具有积极的公司治理效应。大股东，特别是第一大股东的减持对企业价值影响的研究对于增加企业价值、稳定公司治理、维护二级市场长期稳定、对不同投资者特别是中小投资者更客观的看待大股东减持有所启示，减少投资者对股票基础价值的分歧，着眼于公司经营层面的信息，引导大中小投资者回归企业价值本身进行长期、价值投资。因此，本文基于 2013-2022 年沪深上市公司的大股东减持数据进行研究，实证考察第一大股东减持对企业价值的影响，使用面板数据固定效应进行回归分析、进行变量替换等稳健性检验和滞后一期数据解决样本变量的内生性问题，保证实证结果有一定的可靠性。研究发现：1.大股东减持对企业价值的影响是正向的。2.技术创新作为中介变量在大股东减持与企业价值之间有遮掩效应。3.国有企业大股东减持行为比民营企业大股东减持对企业价值的正面影响更显著。4.东部区域的大股东减持行为对企业价值的正向影响更显著。上述发现为认识大股东减持行为与企业价值之间的正向关系，技术创新的遮掩效应，引导长期投资、完善大股东退出机制和制定相关监管政策提供了实证结果和新思路。

In the context of the acceleration of the construction of a multi-tiered capital market in China, the initial intention of the equity division reform is to improve the value of listed companies and boost investors‘ confidence in the capital market. However, if the major operating shareholders transfer the focus from company‘s operations to the secondary market transaction, the reduction of the major shareholders in the era of full circulation after the reform affects the stock price in a short term. The reduction of holdings of adverse motivations may harm the interests of other shareholders, affecting the value of enterprises, and produce adverse selection problems, which is not conducive to the long-term sound development of China‘s capital market. Compared with the existing studies, there are few studies on the major shareholders‘ reduction on corporate value, and most of them focus on the negative effects of reduction and the analysis of the motivations. If the actual controlling shareholders who originally held the non-tradable shares can still focus on the main business, corporate governance, and enterprise value for a long time, and continuously improve the shareholding reduction, the improving delisting system will promote the formation of capital and serve the real economy through the reduction of major shareholders. The shareholding structure and the enterprises will be more reasonable to make the products be more competitive in the future. After the short-term noise transactions, traders who focus on corporate value could have the opportunity to buy shares at a discount, and the information disclosure of the announcement of major shareholders allows the market to pay more attention to the corporate characteristics of the company and increase the transparency and attention of the company‘s operating information. The change in the shareholding ratio of the largest shareholder reflects the changes in operating efficiency may has a positive corporate governance effect by the change of control, the improvement of the shareholding structure, the introduction of external investors and the flow of liquidity of economic development in different regions including in the central, western, northeast and eastern regions where our development is extremely unbalanced. The research on the impact of major shareholders, especially the largest shareholders on corporate value, has a more objective view of major shareholders‘ reduction in major investors, particularly small and medium investors. Reduce investors‘ disagreement on the underlying value of stocks, focus on information at the company‘s operating level, and guide investors to return to the enterprise value itself for long-term and value investment. Therefore, based on the data of major shareholder reduction of listed companies in Shanghai and Shenzhen from 2013 to 2022, this paper empirically examines the impact of the largest shareholder‘s shareholding reduction on enterprise value, uses the fixed effect of panel data for regression analysis, robustness tests such as variable substitution, and lag phase I data to solve the endogeneity problem of sample variables, and conducts mediating effect and heterogeneity analysis to ensure that the empirical results have a certain degree of reliability. The results show that: 1. The major shareholders‘ reduction on corporate value is positive. 2. Technological innovation, as an intermediary variable, has a masking effect between major shareholders‘ holdings and corporate value. 3. The reduction of holdings by major shareholders of state-owned enterprises has a more significant positive impact on enterprise value than that of major shareholders of private enterprises. 4. The positive impact of major shareholders‘ reduction on corporate value in the eastern region is more significant. The above findings provide empirical results and new ideas for understanding the positive relationship between major shareholders‘ shareholding reduction behavior and enterprise value, the masking effect of technological innovation, guiding long-term investment, improving the exit mechanism of major shareholders, and formulating relevant regulatory policies.