本文選題：創(chuàng)業(yè)板 + 股東減持行為　； 參考：《云南財經(jīng)大學(xué)》2014年碩士論文

【摘要】：自創(chuàng)業(yè)板市場建立以來，創(chuàng)業(yè)板上市公司股東減持現(xiàn)象越來越嚴重，股東減持次數(shù)和數(shù)量都呈直線上升的趨勢，2013年是創(chuàng)業(yè)板開板以來解禁數(shù)量最大的一年，也是股東減持數(shù)量和次數(shù)最多的一年。本文對創(chuàng)業(yè)板股東減持行為研究發(fā)現(xiàn)該行為存在5個特征，股東中的董事兼高管職務(wù)的股東減持行為次數(shù)跟其他股東相比比較少，但減持規(guī)模比其他股東大，從全部減持樣本看，股東更傾向于第四季度減持，控股股東更傾向于第三季度減持，創(chuàng)業(yè)板股東減持行為與市場走勢基本保持一致，市場處于上升趨勢，股東減持股份數(shù)量和次數(shù)也上升。 針對這種現(xiàn)象文章從創(chuàng)業(yè)板上市公司的高發(fā)行價、上市公司的業(yè)績、創(chuàng)業(yè)板市場行情三大方面分析股東減持行為的原因，，結(jié)果發(fā)現(xiàn)股東減持與創(chuàng)業(yè)板上市公司的高發(fā)行價沒有太大關(guān)系；與上市公司的盈利能力和經(jīng)營風(fēng)險有關(guān)，公司盈利能力越強，股東減持股份數(shù)量越少，上市公司經(jīng)營風(fēng)險增加，股東減持股份數(shù)量和次數(shù)都會增加；與創(chuàng)業(yè)板市場波動率明顯正相關(guān)，市場風(fēng)險增加，股東減持股份數(shù)量增加。通過線性回歸對這種行為對市場的影響進行實證分析，發(fā)現(xiàn)股東減持數(shù)量與創(chuàng)業(yè)板綜指之間成顯著的的負相關(guān)關(guān)系，股東減持數(shù)量增加使創(chuàng)業(yè)板綜指下降，特別是上市公司控股股東的減持，減持日前存在明顯的正財富效應(yīng)，減持后這種正財富效應(yīng)立即消失，說明控股股東減持行為可能存在一定的減持時機。
[Abstract]:Since the establishment of the gem market, the phenomenon of shareholder reduction in gem listed companies has become more and more serious, and the number and frequency of shareholders' reduction have been on the rise in a straight line. 2013 is the largest year since the gem was opened.It is also the year in which shareholders cut their holdings the most.In this paper, we find that there are five characteristics of this behavior. The number of reduction behavior of directors and executives in the shareholders is less than that of other shareholders, but the scale of reduction is larger than that of other shareholders.From the perspective of all the samples of reduction, shareholders are more inclined to reduce their holdings in the fourth quarter, while the controlling shareholders are more inclined to reduce their holdings in the third quarter. The behavior of reducing holdings of gem shareholders is basically consistent with the trend of the market, and the market is on the rise.Shareholders reduced the number of shares and the number of increases.In view of this phenomenon, the article analyzes the reasons for shareholders' reduction from three aspects: the high issue price of the listed companies on the gem, the performance of the listed companies, and the market situation of the gem.The results show that the reduction of shareholders' holdings has little to do with the high issue price of listed companies on the gem, and is related to the profitability and operational risks of listed companies. The stronger the profitability of the companies is, the less the number of shareholders reducing their shares is, and the higher the operating risks of listed companies are.The number and frequency of shareholders' reduction will increase; it is obviously positively related to the volatility of the gem market, the increase of market risk and the increase of the number of shareholders' reducing shares.Through the empirical analysis of the influence of this kind of behavior on the market by linear regression, it is found that there is a significant negative correlation between the number of shareholders' reduction and the growth Enterprise Market Composite Index, and the increase of the number of shareholders' reduction makes the growth Enterprise Market Composite Index decline.Especially the reduction of controlling shareholders of listed companies has obvious positive wealth effect before the reduction day, and this positive wealth effect disappears immediately after the reduction, which indicates that there may be a certain time for the controlling shareholders to reduce their holdings.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F276.6;F275

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