控股股东与高管增持的公告效应及动机研究

发布时间：2018-04-01 07:49

本文选题：增持　切入点：公告效应　出处：《湖南大学》2014年硕士论文

【摘要】：近几年以来，国内上市公司内部人增持股份的现象普遍存在，在理论界，增持行为逐渐成为众多专家学者关注的焦点，但现有研究往往只针对控股股东或者大股东增持行为，而缺乏对控股股东和高管两类不同内部人增持行为的比较分析。从现实意义上来看，随着增持公告的增加，大股东与增持概念股随之出现，投资者们纷纷想知道，购买这些股票是否有利可图，并且更想知道购买这些股票能在多大程度上获得超额收益。由此，本文以2012年1月1日至2013年12月31日公告了控股股东和高管增持的上市公司为样本，对这两类内部人增持行为的市场效应、影响因素和增持动机进行了实证研究。在市场效应方面，运用事件研究法比较两者增持行为在二级市场的反应，实证结果显示控股股东和高管增持股份的行为在短期内都会对公司股价有向上拉升的影响；但两者的市场反应又存在明显差异，相比于高管增持，控股股东增持行为的市场反应更为强烈，增持效应的累计超额收益率更高。实证结果证实控股股东增持的信息比公司高管的增持信息更有影响力，，表现在二级市场上，控股股东增持公告的市场反应更为强烈。在事件内部因素方面，增持人身份以及首次增持规模能显著影响公告效应，增持规模越大，效应越强。在增持动机方面，将不同增持人分组，从公司运营状况等角度对两者增持行为进行比较研究。实证结果显示，控股股东增持的目的是希望提高控股能力，进而获取更大的利益，或者是为了护盘，维持股价水平；而高管增持则是为了追求个人效用最大化，表现为与公司的经营状况直接相关。
[Abstract]:In recent years, the phenomenon of increasing the number of people holding shares in domestic listed companies is widespread. In the theoretical circle, the behavior of increasing holdings has gradually become the focus of attention of many experts and scholars. However, the existing research often only focuses on the behavior of controlling shareholders or large shareholders increasing their holdings.There is a lack of comparative analysis of the behavior of controlling shareholders and senior executives in increasing the holdings of two different types of insiders.In practical terms, with the increase in the announcement of increased holdings, major shareholders and concept stocks have emerged, and investors have wondered whether it would be profitable to buy them.And would like to know the extent to which these stocks can earn excess returns.Therefore, from January 1, 2012 to December 31, 2013, this paper makes an empirical study on the market effect, influencing factors and motivation of these two types of insiders' behavior of increasing the holdings of listed companies with controlling shareholders and executives increasing their holdings as a sample.In the aspect of market effect, the event study method is used to compare the reaction of the two behavior in the secondary market. The empirical results show that the controlling shareholder and the executive increase the stock price in the short term will have an upward impact on the company's stock price;But there are obvious differences in the market reaction between the two groups. Compared with the increase of senior management, the market reaction of the behavior of controlling shareholder increasing is stronger, and the accumulative excess return rate of the increasing effect is higher.The empirical results show that the information of controlling shareholders' increase is more influential than that of company executives, and the market reaction of the announcement of controlling shareholders' increase is stronger than that of the secondary market.In the internal factors of the event, the identity of the holder and the scale of the first increase can significantly affect the announcement effect, the larger the holding scale, the stronger the effect.In terms of the motivation of increasing holdings, different holders are grouped into groups, and the behavior of the two companies is compared from the point of view of the company's operating conditions.The empirical results show that the purpose of increasing the holding capacity of controlling shareholders is to improve the holding ability and gain more benefits, or to protect the stock price and maintain the level of stock price, while the increase of senior management is to pursue the maximum of individual utility.Performance is directly related to the company's operating conditions.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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