创业板上市公司大股东减持的股价效应研究

发布时间：2018-01-13 15:36

本文关键词：创业板上市公司大股东减持的股价效应研究　出处：《广西大学》2015年硕士论文　论文类型：学位论文

【摘要】：创业板上市公司具有成长性高、发展前景大、规模小等特点,深受炒作资金青睐。大部分上市公司自IPO开始即伴随着高发行价和高超募金额现象,机构投资者活跃其中,推动创业板综合指数一路上扬。而在上市公司高估值和高风险的炒作背后是大股东减持浪潮的高涨,创业板市场中炒作与减持两股力量的博弈非常明显。相对其他中小投资者,大股东具有明显的信息优势和控股权优势,能较为准确地掌握公司经营信息及研判未来发展前景。现实表明,在大股东减持公告前后,公司股价出现显著的涨跌变化,不得不让人质疑大股东减持行为的合规性。本文前两个章节对国内外学者相关研究成果进行归纳总结,并对大股东减持的动因及股价效应影响机制进行了梳理分析。第三部分,选取创业板非ST上市公司2010年11月1日至2014年11月1日四年间持股比例占总股本5%以上的大股东减持1%以上规模的交易数据明细,采用描述性统计分析方法和事件研究法分别对大股东减持的股价效应进行分类研究,进而在前述分析结果基础上,采用多元回归分析法探究深层次的影响因素。最后,结合两个层面的实证分析结果,总结研究结论,探讨规范创业板上市公司大股东减持行为的可行举
[Abstract]:Gem listed companies have the characteristics of high growth, large development prospects, small scale and so on. Most listed companies have been accompanied by high issue price and high amount of money since the beginning of IPO. Institutional investors are active among them, driving the gem Composite Index up all the way. But behind the high valuation and high risk speculation of listed companies is the upsurge of the wave of large shareholder reduction. In the gem market, the game between speculation and reduction is very obvious. Compared with other small and medium investors, large shareholders have obvious advantages of information and control. Can accurately grasp the company's business information and study the future development prospects. The reality shows that before and after the announcement of major shareholders' reduction, the company's stock prices show significant fluctuations. We have to question the compliance of the behavior of major shareholder reduction. The first two chapters of this paper summarize the relevant research results of domestic and foreign scholars. And the motivation of the reduction of major shareholders and the stock price effect influence mechanism are combed and analyzed. The third part. Select the gem non-St listed companies from November 1st 2010 to November 1st 2014 four years of ownership ratio of 5% or more than the total share capital of large shareholders to reduce the size of 1% more than the transaction data. Descriptive statistical analysis method and event research method are used to classify the stock price effect of major shareholders' reduction, and then based on the above analysis results. This paper uses multiple regression analysis to explore the deep influence factors. Finally, combining the empirical results of two levels, summarizes the conclusions of the research, and discusses the feasible measures of standardizing the behavior of large shareholders of gem listed companies
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51

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