中国创业板上市公司高管减持的影响因素研究

发布时间：2018-01-06 00:16

本文关键词：中国创业板上市公司高管减持的影响因素研究　出处：《兰州大学》2014年硕士论文　论文类型：学位论文

【摘要】：历经十一年的筹备,中国创业板于2009年10月30日正式开板,这为我国中小企业提供了良好了发展平台,四年多以来,创业板上市公司得到了爆发式的发展,其数量和市值都增加了十几倍之多；创业板市场为我国资本市场注入了新的活力,增加了新的投资机会,渐渐成为了股市的主战场。然而中国创业板市场的发展并不是一帆风顺的,自上市以来一直存在三高现象、高管减持、市场炒作等一系列问题,其中创业板高管离职理由牵强附会、减持套现愈演愈烈,这严重影响了创业板市场的良性发展,还引起投资者的种种质疑。因此创业板上市公司高管减持的影响因素研究是非常必要的。由于我国创业板市场发展时间较短,作为一个新的研究课题,国内外相关研究文献还比较少,但是主板市场有关高管减持的研究已趋于成熟,对我国创业板市场的研究具有很好的借鉴意义。本文以经济人假设理论、内部人交易理论为研究基础,借鉴高管减持的相关研究成果,以解禁满一年的上市公司为数据基础选取了355家上市公司的高管减持事件为样本,运用数理统计的方法进行了实证研究,文章最后得出研究结论(1)代表公司业绩的的变量中,成长能力和盈利能力与创业板高管减持力度存在明显的负相关关系,在一定程度上反映了高管对公司盈利能力的看重程度,创业板上市公司盈利能力不高的话会加大高管减持的力度。(2)信息知悉度与高挂减持存在明显的正相关关系,即为董事又兼职高管的人员其减持力度会更大。(3)家族企业与高管减持也存在这明显的正相关关系,由于家族企业管理上的内在特殊性,家族企业高管更容易减持。(4)高管离职、是否属于信息行业与高管减持力度存在正相关关系,即高管会选择离职来规避有关法律规定,进而加大减持力度,另外作为信息行业的高管减持力度要大于其他行业。本文的研究结果表明,盈利能力、高管兼职与否、家族企业、高管离职、公司行业性质都会影响创业板上市公司高管减持。反过来说,创业板市场可以从这些影响因素入手,制定相关政策,加强对创业板上市公司的监管,进而缓解创业板上市公司高管减持。因此本文研究对我国创业板市场的健康发展是具有现实意义的。
[Abstract]:After eleven years of preparation, Chinese gem in October 30, 2009 officially opened, this is our country small and medium-sized enterprise provides a good platform for development, since more than four years, the GEM listed companies has been explosive development, its quantity and value have increased ten times; the GEM market has injected new vitality as China's capital market, increase new investment opportunities, gradually become the main battlefield of the stock market. However China gem market development is not Everything is going smoothly., three high phenomenon has always existed since listing, executives holdings, a series of problems such as market speculation, the gem executives leave reason far fetched, cash holdings intensified and this seriously affected the healthy development of the GEM market, also caused all kinds of investors questioned. So the GEM listed company executives holdings of the influence factors is very necessary.
Due to the development time of the GEM market in China is relatively short, as a new research topic, the relevant research literature at home and abroad is still relatively small, but the reduction of executives of the motherboard market research has become mature, it has very good reference significance to the study of China's GEM market. Based on the hypothesis of economic man theory, internal the transaction theory as the research foundation, from the relevant research results of executives holdings, a full year to ban the listed company data base selected 355 executives of listed companies to reduce the event as a sample, using the method of mathematical statistics to carry on the empirical research, this paper finally draws the conclusion of the study (1) on behalf of the company's performance the variables, growth ability and profitability and gem executives reduction efforts are negatively correlated, in a certain extent reflects the importance of executives on the profitability of the company, the GEM listed companies Profitability is not high it will increase the executives reduction efforts. (2) information about degree and high hanging holdings have significant positive correlation, which is also the executive director of part-time staff of the reduction of the intensity will be greater. (3) the family enterprise and the reduction of executives there are obvious positive correlation the relationship of family business management on the intrinsic particularity, the family business executives are more likely to underweight. (4) executives, whether it belongs to the information industry and the executives reduction efforts are positively correlated, the executives will choose to leave to circumvent the provisions of relevant laws, thereby increasing the reduction of strength, also as the information industry the reduction of executives is greater than other industries.
The results of this study show that profitability, executives part-time or not, the family business executives, industry characteristics will affect executives of companies listed on GEM holdings. Conversely, the GEM market can start from these factors, formulate relevant policies, strengthen the supervision of GEM companies, thereby alleviating the gem the reduction of executives of listed companies. This paper studies the healthy development of China's GEM market is of practical significance.

【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.92

【参考文献】