我国创业板上市公司高管减持行为研究

发布时间：2018-05-19 14:24

本文选题：创业板 + 高管减持　；参考：《复旦大学》2014年硕士论文

【摘要】：2009年10月30日,我国首批28家创业板公司在深圳证券交易所挂牌上市,标志着我国创业板市场的正式设立。创业板的诞生无疑为那些无法在主板上市的而具有较高的成长性和创新性的中小企业提供了便利的融资渠道,完善了公平的市场竞争环境,是我国资本市场的重要组成部分。然而,在不断发展的过程中,创业板市场存在的各种问题也日益凸显,其中限售股解禁后高管的减持套现现象便是被社会各界所普遍关注的焦点。2010年11月1日,首批上市的28家创业板公司的限售股解禁拉开了高管减持的帷幕,此后的高管减持热潮更是愈演愈烈,甚至众多的高管选择通过离职来达到减持套现的目的。这无疑加剧了创业板市场的动荡,损害了投资者的信心。本文正是基于这样的背景而展开相关研究。主要分为两个部分：第一部分是对创业板上市公司高管减持的影响因素展开研究,通过对截止2013年12月31日创业板上市公司高管减持的数据进行筛选整合,共得到2782组减持事件。本文采用OLS方法进行多元线性回归,结果表明高管减持的比例与减持前持有股份的比例显著正相关、与减持价格、宏观经济景气指数及现金力量比率显著负相关,而公司规模、高管薪酬及独立董事的规模等变量未通过显著性水平检验。该优化模型通过了稳健性检验。第二部分是针对高管减持对公司绩效的影响展开研究。笔者选取2012年所有发生高管减持的共96家创业板公司作为样本并分别选取代表公司盈利能力、长期偿债能力、短期偿债能力、营运能力、现金流量能力以及发展能力的财务指标共23个。本文采用主成分分析法和Wilcoxon秩和检验法对高管减持前一年2011年、减持当年2012年以及减持后一年2013年的公司年中财务指标进行差异性显著检验。结果表明,创业板上市公司高管的减持行为对公司的财务绩效产生了显著的负面影响,且该影响并非暂时的,而是具有一定的持续性。
[Abstract]:On October 30, 2009, the first batch of 28 gem companies were listed on Shenzhen Stock Exchange, marking the formal establishment of the gem market in China. The birth of the gem undoubtedly provides convenient financing channels for those small and medium-sized enterprises which can not be listed on the main board and has high growth and innovation. It also improves the fair market competition environment and is an important part of the capital market of our country. However, in the process of continuous development, various problems in the gem market have become increasingly prominent, among which, the phenomenon of senior executives' reduction of their holdings after the lifting of the ban on restricted shares is the focus of widespread concern from all walks of life. November 1, 2010, The first batch of 28 listed gem companies to lift the restrictions on the sale of shares opened the curtain of senior management reduction, since then the wave of executive reduction is even more intense, and even many executives choose to quit to achieve the purpose of reducing their holdings. This undoubtedly exacerbated the volatility of the gem market, damaging the confidence of investors. This paper is based on this background to carry out the relevant research. It is mainly divided into two parts: the first part is to study the factors influencing the senior management reduction of the gem listed companies, through screening and integrating the data of the gem listed companies to reduce their holdings as of December 31, 2013. A total of 2782 reduction events were obtained. In this paper, the OLS method is used to carry out multivariate linear regression. The results show that the proportion of senior executives' reduction is positively correlated with the proportion of shares held before the reduction, and negatively correlated with the price of reduction, macroeconomic boom index and cash power ratio, while the size of the company. The variables such as executive compensation and the size of independent directors did not pass the significance level test. The optimization model has passed the robustness test. The second part is to study the impact of executive reduction on corporate performance. The author selects 96 gem companies which have reduced their senior management holdings in 2012 as samples, and selects representative companies' profitability, long-term solvency, short-term solvency, operating capacity, respectively. There are 23 financial indicators for cash flow capacity and development capacity. This paper uses principal component analysis (PCA) and Wilcoxon rank sum test to test the difference of financial indexes between the year 2011, the year 2012 and the year 2013 after the senior management reduction. The results show that the behavior of the senior executives in the gem has a significant negative impact on the financial performance of the company, and the impact is not temporary, but has a certain degree of sustainability.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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