创业板重要股东减持对股价影响的实证研究

发布时间：2017-12-31 08:12

本文关键词：创业板重要股东减持对股价影响的实证研究　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文对重要股东减持对创业板公司股价的影响进行了实证研究，通过数据分析得出结论：重要股东的减持会对股价产生负面影响，其中市场因素、是否高管本人减持、减持方式、市盈率、减持股份变动部分市值金额和占总股本比例的对股价产生显著影响；而且短期内市场因素还是影响股价的最重要因素；但是减持的重要股东中实际控制人和核心技术团队人员比例很少，，创业板实际减持规模不大。最后，提出对政策制定者优化我国创业板上市公司管理制度的建议，加强信息披露力度和保护广大中小投资者的利益力度。建议实行提前7-15天预先登记并公告后再减持制度；鼓励重要股东，尤其是实际控制人和核心技术人员延长限售股锁定期，提升股票投资价值；并完善创业板限售股减持规定。
[Abstract]:This paper makes an empirical study on the impact of significant shareholder reduction on the share price of gem, and draws a conclusion through data analysis: the reduction of significant shareholders will have a negative impact on the share price, among which market factors. Whether the senior executives themselves reduce their holdings, the way they reduce their holdings, the price-earnings ratio, the amount of market value and the proportion of the total share capital have a significant impact on the stock price; And the market factor is the most important factor that affects the stock price in the short term. But the proportion of actual controller and core technical team is small among the important shareholders, and the scale of gem is not large. Finally, the paper puts forward some suggestions to the policy makers to optimize the management system of listed companies on the gem. Strengthen information disclosure and protect the interests of the majority of small and medium-sized investors. Encourage major shareholders, especially actual controllers and core technicians, to extend the lock-up period and increase the value of stock investment; And improve the gem restrictions on the sale of shares reduction provisions.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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