我国创业板大股东减持的市场反应及其对公司绩效的影响研究

发布时间：2018-04-03 17:16

本文选题：创业板　切入点：减持　出处：《华东师范大学》2013年硕士论文

【摘要】：2009年10月31日,在酝酿了十余年后,我国第一批创业板公司在深圳证券交易所成功上市。截止至2012年4月,已有317家创业板成功上市。自首批创业板上市之日起,创业板公司呈现出高发行价、高市盈率、高超募资金的特点。在高市盈率的诱惑下,伴随着股票的解禁,出现了大量的创业板大股东减持现象。至2012年12月31日,在2010年以前上市的154家公司中,共有80家公司的大股东发生减持,发布减持公告237次。在很多的投资者心中,创业板俨然成为一个“圈钱的板”。通过文献的查阅发现,众多学者对于创业板减持的研究大多集中于高管减持的原因及影响因素,而对于创业板大股东减持的市场反应方面的研究几乎是空白。因此,本文以2010年以前上市的154家创业板公司为研究对象,研究其解禁后大股东减持的市场反应,有助于揭示创业板信息披露中存在的漏洞,为创业板的发展提供一些有参考意义的观点；本文还研究了大股东减持与业绩等因素之间的关系,将减持与业绩联系起来,有助于投资者认清创业板公司减持的原因以及之后的业绩发展,帮助投资者分析市场现状,加强对中小投资者的保护。通过本文研究,得出结论：创业板大股东的减持会给股票市场带来显著的负面影响,且减持比例越大、股票估值泡沫越高,市场反应越强烈；如果减持的大股东中包含高管,则减持后的市场反应也更强烈,但并不显著；此外,大股东减持还产生了长期的负财富效应,即减持之后,公司的业绩变差,减持后一年的业绩与大股东减持比例之间存在显著的负相关性。最后,根据相关理论分析和实证研究结果,本文提出了几点利于创业板市场运作的建议,如规范创业板市场的信息披露制度、完善激励机制、加强对中小投资者的保护等。
[Abstract]:On October 31, 2009, after more than ten years of gestation, the first batch of gem companies were listed on Shenzhen Stock Exchange.As of April 2012, 317 gem listed successfully.Since the date of the first gem listing, gem companies show the characteristics of high price, high price-earnings ratio and superb fund-raising.Under the temptation of high price-earnings ratio, along with the lifting of the ban on stocks, a large number of gem major shareholders reduce their holdings.By December 31, 2012, out of 154 companies listed before 2010, 80 major shareholders had sold their holdings, issuing 237 announcements.In the hearts of many investors, gem has become a "ring money board."Through the review of the literature, many scholars focus on the reasons and influencing factors of the gem reduction, while the research on the market reaction of gem major shareholders is almost blank.Therefore, taking 154 gem companies listed before 2010 as the research object, this paper studies the market reaction of the major shareholders' reduction after the lifting of the ban, which is helpful to reveal the loopholes in the gem information disclosure.This paper also studies the relationship between major shareholders' reduction and performance, and links the reduction with performance.It is helpful for investors to recognize the reasons for the reduction of gem companies and the subsequent development of performance, to help investors analyze the current situation of the market and to strengthen the protection of small and medium-sized investors.Through the research of this paper, the conclusion is drawn: the reduction of gem large shareholders will bring significant negative impact to the stock market, and the larger the proportion of reduction, the higher the stock valuation bubble, and the stronger the market reaction;The market response after the reduction is stronger, but not significant. In addition, the reduction of large shareholders also produces a long-term negative wealth effect, that is, after the reduction, the performance of the company becomes worse.There is a significant negative correlation between the performance of the year after the reduction and the proportion of major shareholders.Finally, according to the relevant theoretical analysis and empirical research results, this paper puts forward several suggestions to facilitate the operation of the gem market, such as standardizing the information disclosure system of the gem market, perfecting the incentive mechanism, and strengthening the protection of small and medium-sized investors.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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