我国创业板股东减持的动因及其市场影响研究

发布时间：2018-04-12 22:15

本文选题：创业板 + 股东减持行为　；参考：《云南财经大学》2014年硕士论文

【摘要】：自创业板市场建立以来，创业板上市公司股东减持现象越来越严重，股东减持次数和数量都呈直线上升的趋势，2013年是创业板开板以来解禁数量最大的一年，也是股东减持数量和次数最多的一年。本文对创业板股东减持行为研究发现该行为存在5个特征，股东中的董事兼高管职务的股东减持行为次数跟其他股东相比比较少，但减持规模比其他股东大，从全部减持样本看，股东更倾向于第四季度减持，控股股东更倾向于第三季度减持，创业板股东减持行为与市场走势基本保持一致，市场处于上升趋势，股东减持股份数量和次数也上升。针对这种现象文章从创业板上市公司的高发行价、上市公司的业绩、创业板市场行情三大方面分析股东减持行为的原因，，结果发现股东减持与创业板上市公司的高发行价没有太大关系；与上市公司的盈利能力和经营风险有关，公司盈利能力越强，股东减持股份数量越少，上市公司经营风险增加，股东减持股份数量和次数都会增加；与创业板市场波动率明显正相关，市场风险增加，股东减持股份数量增加。通过线性回归对这种行为对市场的影响进行实证分析，发现股东减持数量与创业板综指之间成显著的的负相关关系，股东减持数量增加使创业板综指下降，特别是上市公司控股股东的减持，减持日前存在明显的正财富效应，减持后这种正财富效应立即消失，说明控股股东减持行为可能存在一定的减持时机。
[Abstract]:Since the establishment of the gem market, the phenomenon of shareholder reduction in gem listed companies has become more and more serious, and the number and frequency of shareholders' reduction have been on the rise in a straight line. 2013 is the largest year since the gem was opened.It is also the year in which shareholders cut their holdings the most.In this paper, we find that there are five characteristics of this behavior. The number of reduction behavior of directors and executives in the shareholders is less than that of other shareholders, but the scale of reduction is larger than that of other shareholders.From the perspective of all the samples of reduction, shareholders are more inclined to reduce their holdings in the fourth quarter, while the controlling shareholders are more inclined to reduce their holdings in the third quarter. The behavior of reducing holdings of gem shareholders is basically consistent with the trend of the market, and the market is on the rise.Shareholders reduced the number of shares and the number of increases.In view of this phenomenon, the article analyzes the reasons for shareholders' reduction from three aspects: the high issue price of the listed companies on the gem, the performance of the listed companies, and the market situation of the gem.The results show that the reduction of shareholders' holdings has little to do with the high issue price of listed companies on the gem, and is related to the profitability and operational risks of listed companies. The stronger the profitability of the companies is, the less the number of shareholders reducing their shares is, and the higher the operating risks of listed companies are.The number and frequency of shareholders' reduction will increase; it is obviously positively related to the volatility of the gem market, the increase of market risk and the increase of the number of shareholders' reducing shares.Through the empirical analysis of the influence of this kind of behavior on the market by linear regression, it is found that there is a significant negative correlation between the number of shareholders' reduction and the growth Enterprise Market Composite Index, and the increase of the number of shareholders' reduction makes the growth Enterprise Market Composite Index decline.Especially the reduction of controlling shareholders of listed companies has obvious positive wealth effect before the reduction day, and this positive wealth effect disappears immediately after the reduction, which indicates that there may be a certain time for the controlling shareholders to reduce their holdings.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.6;F275

【参考文献】