中国上市公司内部人增持股票的比较研究

发布时间：2018-03-21 10:36

本文选题：内部人　切入点：增持　出处：《长沙理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：股权分置改革的完成,使得我国A股市场已经进入了全流通时代。在此背景下,上市公司内部人对上市公司股票的增持和减持行为也不断增加,日益受到人们的关注。目前相关文献侧重于对内部人减持行为的研究,而对内部人的增持行为研究较少,并且缺少对两类重要内部人——高管和大股东增持方面的对比研究,而研究该问题对资本市场管理和投资者投资策略选择等方面具有重要的理论和现实意义。本论文将尝试对该方面进行研究。本文选取2008年8月27日至2012年12月30日期间发生增持的403家大股东增持的上市公司和181家高管增持的上市公司作为研究对象,通过理论研究和实证研究相结合的方式,深入研究了内部人增持行为的特征、市场效应以及信息优势利用情况。本文首先分析和比较了高管和大股东增持的时间、行业、公司规模、增持比例、控股股东和增持股东等特征；然后利用事件研究法对比研究了高管和大股东增持的长期和短期市场效应,以及按照增持比例、增持企业性质进行分类的长期和短期增持效应,同时用信号传递效应和隧道效应等解释了内部人增持行为；建立回归模型,对比了高管和大股东在业绩预测和估值判断两方面的信息优势程度；最后,本文根据研究结论,从理论、策略和政策等方面提出了有参考价值的启示。研究表明,我国上市公司高管和大股东的增持均存在着显著的信号传递效应和隧道效应,但两者的市场效应存在明显差别,高管增持的长期短期市场效应均较为显著,而大股东增持只存在明显的长期市场效应。此外,不同增持比例和企业性质的内部人增持市场效应也不同。就信息优势利用而言,大股东利用信息优势程度要大于高管,且高增持比例的大股东利用信息优势的程度最大。
[Abstract]:With the completion of the reform of non-tradable shares, the A-share market in China has entered an era of full circulation. Under this background, the behavior of the insider of listed companies to increase their holdings and reduce their holdings of listed companies is also increasing. At present, the relevant literature focuses on the study of the behavior of insider reduction, while the research on the behavior of increasing the holding of the insider is less, and there is a lack of comparative research on the two important types of insiders-executives and large shareholders increasing their holdings. The study of this problem is of great theoretical and practical significance to the management of capital markets and the choice of investors' investment strategy. This paper will try to study this aspect. This paper selects August 27th 2008 to December 30th 2012. A total of 403 listed companies with increased holdings by major shareholders and 181 listed companies with increased holdings by senior executives during the period of the day were the subjects of study. Through the combination of theoretical and empirical research, this paper deeply studies the characteristics, market effects and the utilization of information advantage of insider's increasing behavior. Firstly, this paper analyzes and compares the time and industry of executives and large shareholders increasing their holdings. The characteristics of company size, increasing proportion, controlling shareholder and increasing shareholder are analyzed, and then the long-term and short-term market effects of the increase of senior executives and large shareholders are compared by using the event study method, and according to the proportion of increasing holdings, the paper makes a comparative study of the long-term and short-term market effects. The long term and short term increase effects of the nature of the overstocking firms are classified. At the same time, the signal transfer effect and the tunnel effect are used to explain the increasing behavior of the insider, and the regression model is established. Finally, according to the conclusion of the research, the paper puts forward some valuable enlightenment from the aspects of theory, strategy and policy. There are significant signal transfer effect and tunnel effect in the increase of senior executives and large shareholders of listed companies in China, but there are obvious differences in the market effects between them, and the long-term and short-term market effects of the increase of senior executives are significant. In addition, the market effect of increasing the holding of insiders with different proportion of increase and nature of enterprise is also different. In terms of the utilization of information advantage, the degree of information advantage of large shareholder is greater than that of executive. And the large shareholders with high increasing proportion make use of the information advantage to the greatest extent.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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