中国创业板上市公司高管减持市场反应研究

发布时间：2018-01-15 09:39

本文关键词：中国创业板上市公司高管减持市场反应研究　出处：《暨南大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以中国创业板上市公司的高管减持事件为研究对象，采用事件研究法分析2010年11月1日至2013年12月31日创业板高管减持的市场反应，并从交易特征、高管特征、公司特征等角度分析其对市场反应的影响。研究结果表明：创业板高管的减持行为有明显的市场反应，在高管减持交易日前公司股票的累计超额收益处于上升趋势，在减持交易日达到最大值，而在减持后的第一个交易日立即转为下降趋势，并于减持公告日达到最低值，呈现出明显的倒V形变化趋势。通过进一步地分组研究发现，减持规模越大，对市场的负面冲击越强烈；高管职位的不同对于减持交易日的超额收益并没有显著影响，但与减持后的累计超额收益呈正相关；业绩表现越好、成长性水平越高的公司，其高管减持的负向反应越小。另外，本文通过对比创业板与中小板上市公司高管减持的市场反应，发现二者并无显著差异，高管减持前后的市场波动几近一致。与主板市场不同，创业板市场存在更大的不确定性，，创业板高管的大量减持对公司未来的发展具有显著的预警作用。本文的研究结论，期望能为投资者决策提供参考，为监管机构对当前中国创业板市场高管减持的监管提供经验证据。
[Abstract]:This paper analyzes the market reaction of gem executives reduction from November 1st 2010 to December 31st 2013 by using the event study method with the listed companies of China growth Enterprise Market as the research object. And from the transaction characteristics, executive characteristics, corporate characteristics and other aspects of the analysis of its impact on the market response. The results show that: the gem executive reduction behavior has a clear market response. The cumulative excess returns of the company's stocks were on the rise before the trading day of senior management reduction, reached the maximum value in the trading day of reduction, and turned to the downward trend immediately after the first trading day after the reduction. And reached the lowest value on the day of the announcement of reduction, showing an obvious trend of inverted V-shape change. Through further grouping research, the larger the scale of the reduction, the stronger the negative impact on the market. The difference of executive position has no significant influence on the excess return of the trading day, but it has positive correlation with the accumulated excess return after the reduction. The better the performance, the higher the growth level, the smaller the negative response to the reduction. In addition, this paper compares the market reaction between gem and small and medium-sized listed companies. It is found that there is no significant difference between the two, and the market volatility is almost the same before and after senior management reduction. Different from the main board market, there is greater uncertainty in the gem market, and the reduction of gem executives has a significant early warning effect on the future development of the company. It is expected to serve as a reference for investors to make decisions and provide empirical evidence for regulators to regulate the current reduction of senior executives in China's gem market.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.91

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