本文選題：創(chuàng)業(yè)板 + 高管　； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：創(chuàng)業(yè)板誕生三年多以來,高管減持現(xiàn)象頻繁出現(xiàn)。高管減持對創(chuàng)業(yè)板市場的影響逐漸成為投資者非常關(guān)注的話題。到底什么是導(dǎo)致高管選擇減持的原因,市場又如何解讀公司高管減持這一信號,之前相關(guān)的研究文獻還較少,而且結(jié)論并不統(tǒng)一。因此,本文選取了2010年11月1日到2012年12月31日的164家創(chuàng)業(yè)板上市公司217個減持數(shù)據(jù)與相關(guān)指標(biāo)進行線性回歸,以求找出創(chuàng)業(yè)板高管減持的影響因素。隨后,以2010年11月1日至2013年6月30日,187家公司中高管減持數(shù)超過100000股的149家公司的779組減持數(shù)據(jù)進行窗口期事件研究來分析市場對于高管減持的反應(yīng)。最后實證研究的結(jié)果顯示,盈利能力較差的公司高管更容易發(fā)生減持,并且創(chuàng)業(yè)板中的小公司高管更容易在解禁后拋售股票。市場將高管減持視作負面的信號,投資者會模仿高管的交易行為,對該公司股票做出賣出的決定；并且高管減持的比例越大,市場的負面反應(yīng)越明顯。本文共分為五個章節(jié)：第一章引言,介紹了我國創(chuàng)業(yè)板設(shè)立的意義與現(xiàn)狀,以及創(chuàng)業(yè)板高管減持的危害和動因,并介紹了本文的研究框架；第二章研究綜述,這部分介紹了國內(nèi)外高管減持的相關(guān)研究,包括了高管減持的收益性、信息優(yōu)勢、信息披露等方面；第三章理論研究,對高管、減持等基本概念進行界定,并介紹了委托代理理論、信息不對稱理論、有效市場理論、信號效應(yīng)等基本理論,為下文的實證研究奠定基礎(chǔ)；第四章,實證研究,建立了回歸模型和事件研究模型對高管減持的影響因素和市場效應(yīng)進行量化分析；第五章建議與研究展望,在上一部分實證研究結(jié)果的基礎(chǔ)上給出我國創(chuàng)業(yè)板市場未來發(fā)展的改進建議,同時也指出了創(chuàng)業(yè)板高管減持問題未來的研究方向以及本文存在的不足。
[Abstract]:Since the birth of gem more than three years, the phenomenon of executive reduction frequently appears. The impact of executive reduction on the gem market has gradually become a topic of great concern to investors. There has been less literature on what led executives to choose to sell off, and how the market interprets the signal, and the conclusions are not uniform. Therefore, this article selects 164 gem listed companies from November 1, 2010 to December 31, 2012, 217 reduction data and related indicators for linear regression, in order to find out the impact factors of gem senior management reduction. From November 1, 2010 to June 30, 2013, a window event study was conducted to analyze the market's response to senior management selling, using 779 sets of data from 149 companies that sold more than 100000 shares from November 1, 2010 to June 30, 2013. Finally, empirical results show that executives with poor profitability are more likely to reduce their holdings, and small company executives on the gem are more likely to sell stocks after lifting the ban. The market sees senior management underholdings as a negative sign that investors will mimic executives' trading and make decisions to sell the company's shares, and the larger the share reduction, the more negative the market will be. This paper is divided into five chapters: the first chapter, introduction, introduces the significance and current situation of the establishment of gem, and the harm and motivation of gem executive reduction, and introduces the research framework of this paper. This part introduces the related research of senior management reduction at home and abroad, including the profitability, information advantage, information disclosure and other aspects of senior management reduction. Chapter III, theoretical research, define the basic concepts of senior management, reduction, and other basic concepts, And introduces the principal-agent theory, information asymmetry theory, efficient market theory, signal effect and other basic theories, for the following empirical research; chapter four, empirical research, The regression model and event research model are established to analyze the influencing factors and market effects of senior management reduction quantitatively. On the basis of the empirical research results in the previous part, this paper gives some suggestions for the future development of the gem market, and also points out the future research direction of the gem executive reduction and the shortcomings of this paper.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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