我国创业板上市公司高管减持影响因素研究

发布时间：2018-05-04 03:45

本文选题：创业板 + 高管减持　；参考：《北京化工大学》2014年硕士论文

【摘要】：近年来,创业板市场作为我国新兴证券交易市场,以其高成长性的特点在股票市场上表现突出。然而,创业板上市公司频繁出现高管大量减持套现的现象,引起了社会的广泛关注。高管减持对上市公司的持续健康发展、投资者的利益保护和创业板市场的稳定发展有非常重要的影响。本文以我国创业板上市公司为研究对象,利用相关公开的数据定量研究创业板高管减持的影响因素,在此基础上得出结论并提出针对性的建议。本文在对国内外的相关文献进行梳理和借鉴的基础上,结合我国创业板市场的特殊性,定性探讨了公司估值等影响高管减持的市场因素和政策因素；以深交所自2009年开板以来至2012年12月31日全部创业板上市公司高管持股变动情况为样本,对高管持股比例、持股变动情况、不同类别高管减持情况等进行了描述性统计分析；通过建立多元线性回归分析模型,对高管减持与各影响因素之间的关系进行了实质分析；创新性地将高管按照创业者、投资者、代理者和管理者等不同身份对其减持的影响进行了分类实证分析。实证结果表明：创业板高管减持的根本原因是股价水平偏离公司基本面,而影响不同身份高管减持行为的因素也各有不同。最后,针对分类前及分类后的实证分析结果,提出了完善高管持股相关制度,鼓励高管长期持有等政策建议。
[Abstract]:In recent years, the growth Enterprise Market (gem), as a new stock market in China, is outstanding in the stock market because of its high growth. However, gem listed companies frequently appear the phenomenon of a large number of executives to reduce their holdings and cash, which has aroused widespread concern of the society. Executive reduction has a very important impact on the sustainable and healthy development of listed companies, the protection of the interests of investors and the stable development of the gem market. In this paper, the gem listed companies as the research object, using the relevant published data quantitative study of gem executive reduction factors, on the basis of this, draw a conclusion and put forward targeted recommendations. On the basis of combing and drawing lessons from relevant literature at home and abroad, combined with the particularity of China's gem market, this paper qualitatively discusses the market factors and policy factors that affect the senior management reduction, such as company valuation. Taking the Shenzhen Stock Exchange from 2009 to December 31, 2012, all the listed companies listed on gem as samples, the paper makes a descriptive statistical analysis on the proportion of senior management stock, the change of stock holding, and the reduction of different categories of senior executives. Through the establishment of multiple linear regression model, the relationship between executive reduction and various influencing factors is analyzed substantially. The influence of agents and managers on the reduction is analyzed empirically. The empirical results show that the root cause of gem executive reduction is that the stock price deviates from the company's fundamentals, and the factors that affect the behavior of executive reduction in different identities are different. Finally, according to the results of empirical analysis before and after classification, this paper puts forward some policy suggestions, such as perfecting the system of executive ownership and encouraging executives to hold it for a long time.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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