本文選題：創(chuàng)業(yè)板 + 高管減持��； 參考：《北京化工大學(xué)》2014年碩士論文

【摘要】：近年來(lái),創(chuàng)業(yè)板市場(chǎng)作為我國(guó)新興證券交易市場(chǎng),以其高成長(zhǎng)性的特點(diǎn)在股票市場(chǎng)上表現(xiàn)突出。然而,創(chuàng)業(yè)板上市公司頻繁出現(xiàn)高管大量減持套現(xiàn)的現(xiàn)象,引起了社會(huì)的廣泛關(guān)注。高管減持對(duì)上市公司的持續(xù)健康發(fā)展、投資者的利益保護(hù)和創(chuàng)業(yè)板市場(chǎng)的穩(wěn)定發(fā)展有非常重要的影響。本文以我國(guó)創(chuàng)業(yè)板上市公司為研究對(duì)象,利用相關(guān)公開(kāi)的數(shù)據(jù)定量研究創(chuàng)業(yè)板高管減持的影響因素,在此基礎(chǔ)上得出結(jié)論并提出針對(duì)性的建議。 本文在對(duì)國(guó)內(nèi)外的相關(guān)文獻(xiàn)進(jìn)行梳理和借鑒的基礎(chǔ)上,結(jié)合我國(guó)創(chuàng)業(yè)板市場(chǎng)的特殊性,定性探討了公司估值等影響高管減持的市場(chǎng)因素和政策因素；以深交所自2009年開(kāi)板以來(lái)至2012年12月31日全部創(chuàng)業(yè)板上市公司高管持股變動(dòng)情況為樣本,對(duì)高管持股比例、持股變動(dòng)情況、不同類(lèi)別高管減持情況等進(jìn)行了描述性統(tǒng)計(jì)分析；通過(guò)建立多元線性回歸分析模型,對(duì)高管減持與各影響因素之間的關(guān)系進(jìn)行了實(shí)質(zhì)分析；創(chuàng)新性地將高管按照創(chuàng)業(yè)者、投資者、代理者和管理者等不同身份對(duì)其減持的影響進(jìn)行了分類(lèi)實(shí)證分析。 實(shí)證結(jié)果表明：創(chuàng)業(yè)板高管減持的根本原因是股價(jià)水平偏離公司基本面,而影響不同身份高管減持行為的因素也各有不同。最后,針對(duì)分類(lèi)前及分類(lèi)后的實(shí)證分析結(jié)果,提出了完善高管持股相關(guān)制度,鼓勵(lì)高管長(zhǎng)期持有等政策建議。
[Abstract]:In recent years, the growth Enterprise Market (gem), as a new stock market in China, is outstanding in the stock market because of its high growth. However, gem listed companies frequently appear the phenomenon of a large number of executives to reduce their holdings and cash, which has aroused widespread concern of the society. Executive reduction has a very important impact on the sustainable and healthy development of listed companies, the protection of the interests of investors and the stable development of the gem market. In this paper, the gem listed companies as the research object, using the relevant published data quantitative study of gem executive reduction factors, on the basis of this, draw a conclusion and put forward targeted recommendations. On the basis of combing and drawing lessons from relevant literature at home and abroad, combined with the particularity of China's gem market, this paper qualitatively discusses the market factors and policy factors that affect the senior management reduction, such as company valuation. Taking the Shenzhen Stock Exchange from 2009 to December 31, 2012, all the listed companies listed on gem as samples, the paper makes a descriptive statistical analysis on the proportion of senior management stock, the change of stock holding, and the reduction of different categories of senior executives. Through the establishment of multiple linear regression model, the relationship between executive reduction and various influencing factors is analyzed substantially. The influence of agents and managers on the reduction is analyzed empirically. The empirical results show that the root cause of gem executive reduction is that the stock price deviates from the company's fundamentals, and the factors that affect the behavior of executive reduction in different identities are different. Finally, according to the results of empirical analysis before and after classification, this paper puts forward some policy suggestions, such as perfecting the system of executive ownership and encouraging executives to hold it for a long time.
【學(xué)位授予單位】：北京化工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275

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