本文選題：創(chuàng)業(yè)板 + 高管減持��； 參考：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：2009年10月30日,我國(guó)首批28家創(chuàng)業(yè)板公司在深圳證券交易所掛牌上市,標(biāo)志著我國(guó)創(chuàng)業(yè)板市場(chǎng)的正式設(shè)立。創(chuàng)業(yè)板的誕生無(wú)疑為那些無(wú)法在主板上市的而具有較高的成長(zhǎng)性和創(chuàng)新性的中小企業(yè)提供了便利的融資渠道,完善了公平的市場(chǎng)競(jìng)爭(zhēng)環(huán)境,是我國(guó)資本市場(chǎng)的重要組成部分。然而,在不斷發(fā)展的過(guò)程中,創(chuàng)業(yè)板市場(chǎng)存在的各種問(wèn)題也日益凸顯,其中限售股解禁后高管的減持套現(xiàn)現(xiàn)象便是被社會(huì)各界所普遍關(guān)注的焦點(diǎn)。2010年11月1日,首批上市的28家創(chuàng)業(yè)板公司的限售股解禁拉開(kāi)了高管減持的帷幕,此后的高管減持熱潮更是愈演愈烈,甚至眾多的高管選擇通過(guò)離職來(lái)達(dá)到減持套現(xiàn)的目的。這無(wú)疑加劇了創(chuàng)業(yè)板市場(chǎng)的動(dòng)蕩,損害了投資者的信心。本文正是基于這樣的背景而展開(kāi)相關(guān)研究。主要分為兩個(gè)部分：第一部分是對(duì)創(chuàng)業(yè)板上市公司高管減持的影響因素展開(kāi)研究,通過(guò)對(duì)截止2013年12月31日創(chuàng)業(yè)板上市公司高管減持的數(shù)據(jù)進(jìn)行篩選整合,共得到2782組減持事件。本文采用OLS方法進(jìn)行多元線性回歸,結(jié)果表明高管減持的比例與減持前持有股份的比例顯著正相關(guān)、與減持價(jià)格、宏觀經(jīng)濟(jì)景氣指數(shù)及現(xiàn)金力量比率顯著負(fù)相關(guān),而公司規(guī)模、高管薪酬及獨(dú)立董事的規(guī)模等變量未通過(guò)顯著性水平檢驗(yàn)。該優(yōu)化模型通過(guò)了穩(wěn)健性檢驗(yàn)。第二部分是針對(duì)高管減持對(duì)公司績(jī)效的影響展開(kāi)研究。筆者選取2012年所有發(fā)生高管減持的共96家創(chuàng)業(yè)板公司作為樣本并分別選取代表公司盈利能力、長(zhǎng)期償債能力、短期償債能力、營(yíng)運(yùn)能力、現(xiàn)金流量能力以及發(fā)展能力的財(cái)務(wù)指標(biāo)共23個(gè)。本文采用主成分分析法和Wilcoxon秩和檢驗(yàn)法對(duì)高管減持前一年2011年、減持當(dāng)年2012年以及減持后一年2013年的公司年中財(cái)務(wù)指標(biāo)進(jìn)行差異性顯著檢驗(yàn)。結(jié)果表明,創(chuàng)業(yè)板上市公司高管的減持行為對(duì)公司的財(cái)務(wù)績(jī)效產(chǎn)生了顯著的負(fù)面影響,且該影響并非暫時(shí)的,而是具有一定的持續(xù)性。
[Abstract]:On October 30, 2009, the first batch of 28 gem companies were listed on Shenzhen Stock Exchange, marking the formal establishment of the gem market in China. The birth of the gem undoubtedly provides convenient financing channels for those small and medium-sized enterprises which can not be listed on the main board and has high growth and innovation. It also improves the fair market competition environment and is an important part of the capital market of our country. However, in the process of continuous development, various problems in the gem market have become increasingly prominent, among which, the phenomenon of senior executives' reduction of their holdings after the lifting of the ban on restricted shares is the focus of widespread concern from all walks of life. November 1, 2010, The first batch of 28 listed gem companies to lift the restrictions on the sale of shares opened the curtain of senior management reduction, since then the wave of executive reduction is even more intense, and even many executives choose to quit to achieve the purpose of reducing their holdings. This undoubtedly exacerbated the volatility of the gem market, damaging the confidence of investors. This paper is based on this background to carry out the relevant research. It is mainly divided into two parts: the first part is to study the factors influencing the senior management reduction of the gem listed companies, through screening and integrating the data of the gem listed companies to reduce their holdings as of December 31, 2013. A total of 2782 reduction events were obtained. In this paper, the OLS method is used to carry out multivariate linear regression. The results show that the proportion of senior executives' reduction is positively correlated with the proportion of shares held before the reduction, and negatively correlated with the price of reduction, macroeconomic boom index and cash power ratio, while the size of the company. The variables such as executive compensation and the size of independent directors did not pass the significance level test. The optimization model has passed the robustness test. The second part is to study the impact of executive reduction on corporate performance. The author selects 96 gem companies which have reduced their senior management holdings in 2012 as samples, and selects representative companies' profitability, long-term solvency, short-term solvency, operating capacity, respectively. There are 23 financial indicators for cash flow capacity and development capacity. This paper uses principal component analysis (PCA) and Wilcoxon rank sum test to test the difference of financial indexes between the year 2011, the year 2012 and the year 2013 after the senior management reduction. The results show that the behavior of the senior executives in the gem has a significant negative impact on the financial performance of the company, and the impact is not temporary, but has a certain degree of sustainability.
【學(xué)位授予單位】：復(fù)旦大學(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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本文編號(hào)：1910450