我国创业板上市公司高管减持动因研究

发布时间：2018-03-28 04:33

本文选题：高管减持　切入点：内部人交易　出处：《西南财经大学》2013年硕士论文

【摘要】：自上世纪90年代开始,我国一直在探讨资本市场的建设,创业板作为高科技企业融资发展壮大的一个重要平台,历经种种挫折终于在2009年10月30日呈现在资本市场上创业板的出炉无疑是我国多层次资本市场建设过程中浓墨重彩的一笔,它的出生被人们寄予了太多的期望,希望中国的企业能早日诞生如美国微软、思科这样的国际一流公司,希望在创业板上看到中国民营企业的闪光点,希望为推动我国资本市场多层次平台架构的建设做出贡献……如此种种,无不看出创业板在中国经济发展中的重要性。然而,自创业板开市那天起,就让人们大跌眼镜,“三高”现象的出现、高成长性的质疑、高管辞职、高管减持套现等负面影响一浪高过一浪,人们不禁开始怀疑创业板是否能够健康的可持续发展,基于这样的背景,本文打算抓住创业板高管减持这个核心来开展研究,以期望创业板能够更好的发展。本文第一章为导论。介绍了本文的研究背景,研究意义,研究框架和内容安排,研究方法及研究的预期贡献。第二章为理论基础与文献综述。通过委托代理理论,信息不对称理论的概述分析,再从内部人交易和高管持股的文献两方面进行综述,其中对国内、国外有关内部人利用信息优势获得超额收益的文献进行研究方法、研究角度等方面的综述分析,对高管持股与企业经营业绩的相关性进行回顾分析,为下文的实证研究奠定基础。第三章为创业板概况分析与研究假设。从创业板上市公司上市市盈率上市成长性、高管减持、高管离职情况四方面进行数据统计分析,为创业板高管的减持提供理论依据和数据支持,同时根据以往学者对公司重要股东的减持原因进行梳理分析,从公司内部与外部市场两方面提出本文的研究假设。第四章为实证分析。以2009～2010年创业板上市的公司为研究样本,进行变量定义、模型设定,运用STATA12.0统计软件和EXCEL2007办公软件进行统计分析及多元回归分析,找寻高管减持的动因。其中主要围绕创业板上市公司内部估值、公司业绩与外部市场环境对高管减持的影响三方面进行研究分析。第五章为研究结论、建议及展望。通过前面的实证研究,发现了高管减持的三个动因,分别是公司估值、业绩前景、股票市场的波动性均会影响高管减持。当公司估值过高、股票市场波动越大时,高管越有可能大规模减持；而公司业绩优良,发展前景较好时,高管减持的比例越少。据此,本文提出了四个相关建议,打算从高管持股、公司治理、职业经理人发展、创业板退市制度等方面进行建设改进。最后提出了本文的不足及未来的一些研究方向,以期未来有更多优秀的文章出现,以飨读者。本文的预期贡献有： (1)由于中国股票市场制度的原因,以前有大量股票处于非流通状态,为了解决同股不同权,同股不同价,增加股票的流通量,解决历史遗留问题,国家相关部门一直在积极研究股权分置改革,为完善资本市场建设,加快市场化进程改革而努力。直到2005年开始进行股权分置改革以后,我国的股票市场赢来了全流通时代,内部人交易频繁增多,这时才逐渐有中国学者开始研究中国的内部人交易情况,其中以2008年10月曾庆生发表的《公司内部人具有交易时机的选择能力吗?——来自中国上市公司内部人卖出股票的证据》一文为典型代表。因此通过本文的研究,可以进一步丰富中国内部人交易的研究内容。 (2)创业板是2009年10月30日才开市的新板块,对于创业板高管减持虽然是社会热点问题,但通过数据收集进行实证研究的人较少,本文通过创业板上市公司内部特征与创业板市场自身波动性的结合,运用实证研究方法,研究高管减持的动因,具有一定的创新性。本文的不足在于： (1)本文只单独研究了创业板高管减持这一现象,对于现在主板市场、中小板市场上高管频繁的减持没有进行对比研究。 (2)现在中外很多学者对于内部人持股变动,普遍采用事件研究法(Event Study),通过利用不同的时间窗口期,考查高管减持的时点和获得收益的情况,这样能更精确的研究公司内部人的减持情况,以证实高管作为内部人是否具有额外的信息优势进行股票减持,谋求超额收益的事实。 (3)高管同时也有增持的行为,这种增持与高管减持可以进行对比研究,发现更多高管股份变动的秘密。
[Abstract]:Since the 90s of last century, our country has been exploring the construction of capital market. As an important platform for the development and growth of high-tech enterprises, gem has been on the capital market in October 30, 2009 after all kinds of setbacks.
The gem released is undoubtedly the construction process of thick and heavy in colours of our multi-level capital market of a pen, its birth has been placed too much hope, hope Chinese enterprise as soon as possible such as the birth of the United States Microsoft, CISCO leading international companies like, want to see the flash point Chinese of private enterprises in the gem. I hope to contribute to promote the construction of China's capital market multi-level platform. So, all seen the importance of gem in Chinese in economic development.
However, since the gem opening day, let people surprise, "three high" phenomenon, questioned the high growth of the executives to resign, executives cash holdings of the negative impact of a wave, people begin to wonder whether the gem can be healthy and sustainable development, based on this background, this paper to seize the gem executives holdings of this core to carry out research, in the hope of the gem to better development.
The first chapter is the introduction. It introduces the research background, research significance, research framework and content arrangement, research methods and the expected contribution of the research.
The second chapter is the theoretical basis and literature review. Through the principal-agent theory, the theory of asymmetric information analysis, summarized from insider trading and executives holding the document two, the domestic research methods of foreign related internal use of information superiority to obtain excess returns in the literature, research angles of analysis. The correlation between managerial ownership and corporate performance were analyzed, laying the foundation for the following research.
The third chapter is the overview of the gem analysis and research hypothesis. From the GEM listed companies listed earnings growth, reduction of executives, executive turnover of four aspects of the statistical analysis of the data, and provide a theoretical basis and data support for the gem executives holdings, according to scholars on the company's major shareholder holdings reasons to sort out the analysis, this paper puts forward the research hypotheses from two aspects of internal and external market.
The fourth chapter is the empirical analysis. In the 2009~2010 years of GEM listed companies as research samples, variable definition, model setting, statistical analysis and multiple regression analysis using STATA12.0 statistical software and EXCEL2007 office software, drivers for reduction of executives. Mainly on the GEM listed company internal valuation, the performance of the company and the external market environment the reduction of executives of the three aspects of research and analysis.
The fifth chapter is the conclusion of the study, suggestions and prospects. Through previous empirical research, found three causes reduction of executives, respectively is the valuation of the company performance, stock market volatility will affect the reduction of executives. When the company is overvalued, the volatility of the stock market is large, the more likely the large-scale reduction of executives holding company; and excellent performance, good prospects for development, reduction of executives proportion less. Accordingly, this paper puts forward four suggestions, to corporate governance, managers from the executive ownership, occupation development, gem delisting system in the aspects of construction improvement. Finally the shortcomings and some future research direction is put forward in the future, more excellent articles appear to readers.
The expected contributions of this article are as follows:
(1) due to Chinese stock market system, before a large number of non tradable stock in the state, in order to solve the shares with different rights, shares with different price, increase the circulation of stock, resolving historical issues, the relevant state departments have been actively studying the reform of non tradable shares, in order to improve the construction of capital market, accelerate market the process of reform efforts. Until 2005 began the reform of non tradable shares, China's stock market to win the full circulation times, insider trading frequently increased, then gradually Chinese scholars began to study the internal transaction China, ability to choose which published by Ceng Qingsheng in October 2008 "company insiders with transaction time the Chinese? -- from the listed company to sell the stock as a typical representative of evidence >. Therefore through this study, can further enrich the China insider trading Research content.
(2) gem is a new plate in October 30, 2009 before the opening of the gem executives holdings is the hot social problems, but through empirical research data collection of people less, through the internal characteristics of gem and GEM listed companies own volatility combined with the empirical research method, research on reduction of executives the driver has certain innovation.
The shortcomings of this article are as follows:
(1) in this paper, we only studied the phenomenon of gem executives' reduction.
Now many Chinese and foreign scholars (2) for insider trading, the event study method commonly used (Event, Study) by using different time window to examine the reduction of executives point and gain, so energy research company more accurate reduction of the internal situation, to confirm the executives as insider whether has the additional information advantage of stock holdings, seeking excess returns fact.
(3) executives also have increased behavior at the same time, which can be compared with executive reduction, and the secret of more executive stock changes is found.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.9;F832.51

【参考文献】