本文關(guān)鍵詞：中國(guó)創(chuàng)業(yè)板上市公司高管減持的影響因素研究　出處：《蘭州大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：歷經(jīng)十一年的籌備,中國(guó)創(chuàng)業(yè)板于2009年10月30日正式開板,這為我國(guó)中小企業(yè)提供了良好了發(fā)展平臺(tái),四年多以來(lái),創(chuàng)業(yè)板上市公司得到了爆發(fā)式的發(fā)展,其數(shù)量和市值都增加了十幾倍之多；創(chuàng)業(yè)板市場(chǎng)為我國(guó)資本市場(chǎng)注入了新的活力,增加了新的投資機(jī)會(huì),漸漸成為了股市的主戰(zhàn)場(chǎng)。然而中國(guó)創(chuàng)業(yè)板市場(chǎng)的發(fā)展并不是一帆風(fēng)順的,自上市以來(lái)一直存在三高現(xiàn)象、高管減持、市場(chǎng)炒作等一系列問(wèn)題,其中創(chuàng)業(yè)板高管離職理由牽強(qiáng)附會(huì)、減持套現(xiàn)愈演愈烈,這嚴(yán)重影響了創(chuàng)業(yè)板市場(chǎng)的良性發(fā)展,還引起投資者的種種質(zhì)疑。因此創(chuàng)業(yè)板上市公司高管減持的影響因素研究是非常必要的。 由于我國(guó)創(chuàng)業(yè)板市場(chǎng)發(fā)展時(shí)間較短,作為一個(gè)新的研究課題,國(guó)內(nèi)外相關(guān)研究文獻(xiàn)還比較少,但是主板市場(chǎng)有關(guān)高管減持的研究已趨于成熟,對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)的研究具有很好的借鑒意義。本文以經(jīng)濟(jì)人假設(shè)理論、內(nèi)部人交易理論為研究基礎(chǔ),借鑒高管減持的相關(guān)研究成果,以解禁滿一年的上市公司為數(shù)據(jù)基礎(chǔ)選取了355家上市公司的高管減持事件為樣本,運(yùn)用數(shù)理統(tǒng)計(jì)的方法進(jìn)行了實(shí)證研究,文章最后得出研究結(jié)論(1)代表公司業(yè)績(jī)的的變量中,成長(zhǎng)能力和盈利能力與創(chuàng)業(yè)板高管減持力度存在明顯的負(fù)相關(guān)關(guān)系,在一定程度上反映了高管對(duì)公司盈利能力的看重程度,創(chuàng)業(yè)板上市公司盈利能力不高的話會(huì)加大高管減持的力度。(2)信息知悉度與高掛減持存在明顯的正相關(guān)關(guān)系,即為董事又兼職高管的人員其減持力度會(huì)更大。(3)家族企業(yè)與高管減持也存在這明顯的正相關(guān)關(guān)系,由于家族企業(yè)管理上的內(nèi)在特殊性,家族企業(yè)高管更容易減持。(4)高管離職、是否屬于信息行業(yè)與高管減持力度存在正相關(guān)關(guān)系,即高管會(huì)選擇離職來(lái)規(guī)避有關(guān)法律規(guī)定,進(jìn)而加大減持力度,另外作為信息行業(yè)的高管減持力度要大于其他行業(yè)。 本文的研究結(jié)果表明,盈利能力、高管兼職與否、家族企業(yè)、高管離職、公司行業(yè)性質(zhì)都會(huì)影響創(chuàng)業(yè)板上市公司高管減持。反過(guò)來(lái)說(shuō),創(chuàng)業(yè)板市場(chǎng)可以從這些影響因素入手,制定相關(guān)政策,加強(qiáng)對(duì)創(chuàng)業(yè)板上市公司的監(jiān)管,進(jìn)而緩解創(chuàng)業(yè)板上市公司高管減持。因此本文研究對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展是具有現(xiàn)實(shí)意義的。
[Abstract]:After eleven years of preparation, Chinese gem in October 30, 2009 officially opened, this is our country small and medium-sized enterprise provides a good platform for development, since more than four years, the GEM listed companies has been explosive development, its quantity and value have increased ten times; the GEM market has injected new vitality as China's capital market, increase new investment opportunities, gradually become the main battlefield of the stock market. However China gem market development is not Everything is going smoothly., three high phenomenon has always existed since listing, executives holdings, a series of problems such as market speculation, the gem executives leave reason far fetched, cash holdings intensified and this seriously affected the healthy development of the GEM market, also caused all kinds of investors questioned. So the GEM listed company executives holdings of the influence factors is very necessary.
Due to the development time of the GEM market in China is relatively short, as a new research topic, the relevant research literature at home and abroad is still relatively small, but the reduction of executives of the motherboard market research has become mature, it has very good reference significance to the study of China's GEM market. Based on the hypothesis of economic man theory, internal the transaction theory as the research foundation, from the relevant research results of executives holdings, a full year to ban the listed company data base selected 355 executives of listed companies to reduce the event as a sample, using the method of mathematical statistics to carry on the empirical research, this paper finally draws the conclusion of the study (1) on behalf of the company's performance the variables, growth ability and profitability and gem executives reduction efforts are negatively correlated, in a certain extent reflects the importance of executives on the profitability of the company, the GEM listed companies Profitability is not high it will increase the executives reduction efforts. (2) information about degree and high hanging holdings have significant positive correlation, which is also the executive director of part-time staff of the reduction of the intensity will be greater. (3) the family enterprise and the reduction of executives there are obvious positive correlation the relationship of family business management on the intrinsic particularity, the family business executives are more likely to underweight. (4) executives, whether it belongs to the information industry and the executives reduction efforts are positively correlated, the executives will choose to leave to circumvent the provisions of relevant laws, thereby increasing the reduction of strength, also as the information industry the reduction of executives is greater than other industries.
The results of this study show that profitability, executives part-time or not, the family business executives, industry characteristics will affect executives of companies listed on GEM holdings. Conversely, the GEM market can start from these factors, formulate relevant policies, strengthen the supervision of GEM companies, thereby alleviating the gem the reduction of executives of listed companies. This paper studies the healthy development of China's GEM market is of practical significance.

【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F272.92

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