创业板高管异质性与股票减持行为之间关系的实证研究

发布时间：2018-02-15 12:40

本文关键词： 高管异质性高阶理论减持上市公司　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：上市公司股东频繁减持限售股票究竞是一种市场行为还是证券市场制度设计缺陷引起的，是一个值得深入研究的课题。本文尝试从企业高管异质性的角度，以深交所2009-2012年创业板上市公司为研究样本，利用计量分析方法，探讨样本公司高管异质性与其股票减持行为之间的关系。研究内容与主要结论如下：第一，在分析创业板普遍存在高市盈率、高发行价、高超募资金“三高”现象的基础上，从高管异质性的新视角探索性研究了创业板高管减持股票行为；第二，评述了相关研究文献，并阐述了股票减持动因、异质性及高层梯队等理论；第三，梳理了限售股减持制度变迁，分析了高管减持的动机和减持的市场效应，并对样本公司高管的持股变动数据和高管异质性分布数据作了描述性统计分析，基于此提出了本文的12个研究假设；第四，利用Logit回归模型，，检验高管异质性特征与其股票减持行为的研究假设，并得到结论：(1)上市公司高管年龄与其减持行为呈U型关系；(2)上市公司高管学历与其减持行为负相关；(3)上市公司高管任期与其减持行为正相关；(4)具有理学、工学、化学和医学等工科专业背景的高管与其减持行为负相关；最后是本文的结论和启示，这些结论不仅丰富了研究文献，而且对投资者、上市公司治理以及证券市场监管具有参考价值。
[Abstract]:The frequent reduction of shareholders' holding of restricted stocks in listed companies is a kind of market behavior or caused by the defects in the design of the securities market system, which is a subject worthy of further study. This paper attempts to study the heterogeneity of enterprise executives from the point of view of the heterogeneity of corporate executives. Taking the gem listed companies of Shenzhen Stock Exchange from 2009-2012 as the research sample, using the econometric analysis method, this paper discusses the relationship between the heterogeneity of senior executives and the behavior of stock reduction in the sample companies. The research contents and main conclusions are as follows:. First, on the basis of analyzing the phenomenon of high price-earnings ratio, high issue price and super capital raising on gem, the paper explores the behavior of gem executive reduction from the new perspective of executive heterogeneity. Second, it reviews the relevant research literature, and expounds the theory of stock reduction motivation, heterogeneity and high-level echelon. Thirdly, it combs the institutional changes of restricted stock reduction, analyzes the motivation and market effect of executive reduction, and makes a descriptive statistical analysis of the stock ownership change data and the distribution data of senior executives heterogeneity of sample companies. Based on this, 12 hypotheses of this paper are put forward. In 4th, the Logit regression model was used to test the research hypotheses of the heterogeneity characteristics of senior executives and their stock reduction behavior. It is also concluded that: (1) the age of senior executives in listed companies is U-shaped in relation to their reduction behavior; (2) the educational background of executives in listed companies is negatively correlated with their reduction behavior; (3) the tenure of senior executives in listed companies is positively correlated with their reduction behavior. Executives with engineering background, such as chemistry and medicine, were negatively correlated with their reduction behavior; Finally, it is the conclusion and enlightenment of this paper, which not only enriches the research literature, but also has reference value for investors, listed companies' governance and securities market supervision.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.91;F832.51

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