我国创业板高管减持的影响因素和市场效应研究

发布时间：2018-05-14 14:46

本文选题：创业板 + 高管　；参考：《复旦大学》2013年硕士论文

【摘要】：创业板诞生三年多以来,高管减持现象频繁出现。高管减持对创业板市场的影响逐渐成为投资者非常关注的话题。到底什么是导致高管选择减持的原因,市场又如何解读公司高管减持这一信号,之前相关的研究文献还较少,而且结论并不统一。因此,本文选取了2010年11月1日到2012年12月31日的164家创业板上市公司217个减持数据与相关指标进行线性回归,以求找出创业板高管减持的影响因素。随后,以2010年11月1日至2013年6月30日,187家公司中高管减持数超过100000股的149家公司的779组减持数据进行窗口期事件研究来分析市场对于高管减持的反应。最后实证研究的结果显示,盈利能力较差的公司高管更容易发生减持,并且创业板中的小公司高管更容易在解禁后抛售股票。市场将高管减持视作负面的信号,投资者会模仿高管的交易行为,对该公司股票做出卖出的决定；并且高管减持的比例越大,市场的负面反应越明显。本文共分为五个章节：第一章引言,介绍了我国创业板设立的意义与现状,以及创业板高管减持的危害和动因,并介绍了本文的研究框架；第二章研究综述,这部分介绍了国内外高管减持的相关研究,包括了高管减持的收益性、信息优势、信息披露等方面；第三章理论研究,对高管、减持等基本概念进行界定,并介绍了委托代理理论、信息不对称理论、有效市场理论、信号效应等基本理论,为下文的实证研究奠定基础；第四章,实证研究,建立了回归模型和事件研究模型对高管减持的影响因素和市场效应进行量化分析；第五章建议与研究展望,在上一部分实证研究结果的基础上给出我国创业板市场未来发展的改进建议,同时也指出了创业板高管减持问题未来的研究方向以及本文存在的不足。
[Abstract]:Since the birth of gem more than three years, the phenomenon of executive reduction frequently appears. The impact of executive reduction on the gem market has gradually become a topic of great concern to investors. There has been less literature on what led executives to choose to sell off, and how the market interprets the signal, and the conclusions are not uniform. Therefore, this article selects 164 gem listed companies from November 1, 2010 to December 31, 2012, 217 reduction data and related indicators for linear regression, in order to find out the impact factors of gem senior management reduction. From November 1, 2010 to June 30, 2013, a window event study was conducted to analyze the market's response to senior management selling, using 779 sets of data from 149 companies that sold more than 100000 shares from November 1, 2010 to June 30, 2013. Finally, empirical results show that executives with poor profitability are more likely to reduce their holdings, and small company executives on the gem are more likely to sell stocks after lifting the ban. The market sees senior management underholdings as a negative sign that investors will mimic executives' trading and make decisions to sell the company's shares, and the larger the share reduction, the more negative the market will be. This paper is divided into five chapters: the first chapter, introduction, introduces the significance and current situation of the establishment of gem, and the harm and motivation of gem executive reduction, and introduces the research framework of this paper. This part introduces the related research of senior management reduction at home and abroad, including the profitability, information advantage, information disclosure and other aspects of senior management reduction. Chapter III, theoretical research, define the basic concepts of senior management, reduction, and other basic concepts, And introduces the principal-agent theory, information asymmetry theory, efficient market theory, signal effect and other basic theories, for the following empirical research; chapter four, empirical research, The regression model and event research model are established to analyze the influencing factors and market effects of senior management reduction quantitatively. On the basis of the empirical research results in the previous part, this paper gives some suggestions for the future development of the gem market, and also points out the future research direction of the gem executive reduction and the shortcomings of this paper.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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