会计信息透明度对创业板高管减持信息优势的影响研究

发布时间：2018-05-09 18:52

本文选题：信息透明度 + 创业板　；参考：《安徽大学》2014年硕士论文

【摘要】：经国务院、证监会批准,深圳证券交易所设立了创业板,并于2009年10月23日举行开板仪式。创业板是在资本市场中地位次于主板市场的二板市场。创业板的设立目的是专为高成长性的科技创新型企业提供可靠的融资途径。创业板成立近四年来已经成为中小公司创业初期和资本市场对接的有效方式。根据深圳证券交易所统计,截至2013年12月31日,有355家公司在创业板上市,上市公司市价总值达1,509,197,853,000元。这不仅拓宽了中小企业的直接融资渠道,破解了企业的资金困境,有利于其不断扩大生产规模,做大做强,也有利于一些企业抓住历史机遇,利用资金优势对同行业公司进行并购重组,实现新的飞跃。在充分肯定创业板推出以来取得的成功的同时,我们也要认识创业板市场面临着的诸多问题,如“三高”问题、改变资金用途、高管及原始股东减持成潮。其中创业板上市公司的董事、监事、高级管理人员及相关人员的减持行为备受市场关注,因为这一举动可能向市场传递着与财务报告不一致的信息,导致市场得出不同的解读,直接影响了投资者的投资决策。有研究表明创业板高管为获取超常收益往往利用了信息优势进行减持,侵害了投资者利益。因此削弱创业板高管的信息优势有助于在一定程度缓和上述现象的发生,维护创业板市场的公平。提高会计信息透明度能够降低管理者与所有者之间的信息不对称,因此预期信息透明度能够减弱高管相对于普通投资者的信息优势,最终影响高管的决策、行为,从这个角度研究高管减持,以期能够为解决创业板高管减持成潮的难题提供新的建议。本文的主要内容及框架如下：第一部分为绪论,论述本文的研究背景和研究意义、总结述评国内外研究现状,阐述了研究思路与方法；第二部分首先界定了高管的定义、高管减持的范围、信息透明度的涵义,其次介绍了高管减持中利用了信息优势、信息透明度影响高管减持信息优势的基础理论,并给出简要分析；第三部分分析了创业板高管股份减持的制度背景以及现状分析,梳理了会计信息透明度的现状并对会计信息透明度对高管减持信息优势的影响的作用机理给出了分析；第四部分是实证检验部分,选取创业板上市公司高管2010-2013年减持样本数据,设计变量指标,通过构建回归模型运用SPSS软件进行检验,并进行稳健性测试。实证研究结果表明,高管减持过程中的确运用了不同类型的信息优势,信息透明度的确与信息优势负相关；第五部分根据研究结果得出研究结论：一是高管能够综合利用不同类型信息优势进行减持操作,以避免损失或者获取最大化的私人收益；二是会计信息透明度会显著降低高管的信息优势,因而通过提高信息透明度能够帮助外部投资者认清企业的实质状态,提高投资合理性,使股价回归正常水平,进而在一定程度上阻断高管等内部人通过减持获取超额收益的途径。在此基础上提出规范创业板高管减持行为的建议,加快创业板市场的有序建设,并展望了未来研究方向。本文的创新点在于：(1)研究视角创新。文章以我国创业板公司高管减持为切入点,详细验证了创业板市场高管减持过程中利用信息优势的类型以及信息透明度对不同类型信息优势的影响；(2)研究内容创新。本文实证分析了创业板高管减持过程中使用的信息优势的具体类型,并从会计信息透明度特征角度深入考察其对高管减持中不同类型信息优势的影响,丰富了创业板高管减持影响因素与会计信息透明度经济后果的理论研究。
[Abstract]:With the approval of the State Council and the SFC, the Shenzhen stock exchange has set up a gem, and the opening board ceremony was held in October 23, 2009. The gem is a second board market in the capital market, which is second to the main board market. The purpose of the gem is to provide a reliable financing approach for high growth technology innovation enterprises. The gem has been set up nearly four. According to the Shenzhen stock exchange, there are 355 companies listed on the gem by December 31, 2013, and the market value of listed companies is 1509197853000 yuan. This not only widens the direct financing channels for small and medium-sized enterprises, but also decipher the financial difficulties of the enterprises. The situation is conducive to its continuous expansion of production scale, bigger and stronger, and it also helps some enterprises seize the historical opportunity, make use of the advantage of capital to merge and reorganize the same industry companies, realize the new leap. While fully affirming the success of the gem since the launch of the gem, we should also recognize the many problems facing the GEM market, such as "three "High" problem, change the use of funds, executives and the reduction of the original shareholders into a tide. Among them, the directors, supervisors, senior managers and related personnel of the GEM listed companies are concerned about the reduction of the market, because this move may transmit the information that is inconsistent with the financial report to the market, which leads to a different interpretation and direct impact on the market. An investor's investment decision is made. Some studies have shown that the executive board executives often use information advantage to reduce the interests of the investors and infringe on the interests of investors. Therefore, it is helpful to reduce the information advantage of the gem executives to ease the occurrence of the above phenomena to a certain extent, to maintain the fairness of the GEM market and to improve the transparency of the accounting information. In order to reduce the information asymmetry between managers and owners, it is expected that information transparency can weaken the information advantage of senior executives relative to ordinary investors, and ultimately affect executive decision making and behavior. From this point of view, the management of executive reduction can be studied in order to provide new advice for solving the problem of reducing the growth of gem executives.
The main content and frame of this article are as follows: the first part is the introduction, the research background and significance of this paper, the review and review of domestic and foreign research status, and the research ideas and methods. The second part defines the definition of senior executives, the scope of executive reduction, the meaning of information transparency, and then introduces the use of executive reduction. On the basis of information superiority, information transparency affects the basic theory of executive reduction of information superiority, and gives a brief analysis. The third part analyses the institutional background and current situation analysis of the reduction of the gem executive stock, and combs the status of accounting information transparency and the influence of accounting information transparency to the management of executive reduction of information advantages. In the fourth part, the fourth part is the empirical test part, which selects the sample data of the top executives of the GEM listed companies for 2010-2013 years, designs the variable index, and tests it by constructing the regression model and uses the SPSS software to carry out the robustness test. The empirical results show that different types of information do use in the process of high management reduction. The fifth part, according to the results of the study, concludes that the senior executives can use the advantages of different types of information to carry out the reduction operation in order to avoid the loss or obtain the maximum private income; two, the transparency of accounting information will significantly reduce the information superiority of the executives, Therefore, by improving the transparency of information, it can help the external investors to recognize the real state of the enterprise, improve the rationality of the investment, return the stock price to the normal level, and then to a certain extent, block the managers and other insiders through the reduction to obtain the excess returns. The orderly development of the industry market and the prospect of future research.
The innovation points of this article are: (1) research perspective innovation. The article, taking the reduction of Chinese gem executives as the breakthrough point, verifies the type of use of information advantage and the influence of information transparency on different types of information advantages in the process of reducing the growth of the gem executives; (2) the research content innovation. This paper empirically analyses the high level of the gem. The specific type of information advantage used in the process of management reduction, and from the angle of accounting information transparency to examine its influence on the different types of information superiority in the executive reduction, and enrich the theoretical research on the influence factors of the executive board executives and the economic consequences of the transparency of accounting information.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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