本文選題：高管減持 + 策略性媒體披露�。� 參考：《經(jīng)濟(jì)研究》2017年04期

【摘要】：高管減持過程中是否會利用其內(nèi)部人優(yōu)勢來謀取私利,一直備受市場關(guān)注。本文以2006—2014年間國內(nèi)A股公司高管減持交易為對象,基于紙質(zhì)媒體和互聯(lián)網(wǎng)媒體樣本,系統(tǒng)研究了公司媒體披露管理行為及其市場效應(yīng)。研究發(fā)現(xiàn),高管減持期間公司媒體關(guān)注度和報(bào)道傾向異常上升,即存在主動管理媒體披露的現(xiàn)象;而且,在減持不同時(shí)期,其主動管理策略也不一樣。此外,減持規(guī)模和參與減持高管人數(shù)對管理媒體披露的動機(jī)有顯著影響,但參與減持高管職位的高低對其沒有明顯影響。策略性媒體披露在短期內(nèi)可助推股價(jià)上升,有利于高管通過高位減持來實(shí)現(xiàn)財(cái)富轉(zhuǎn)移,長期看則會導(dǎo)致股價(jià)反轉(zhuǎn)。進(jìn)一步研究發(fā)現(xiàn),同行高管會利用媒體披露管理行為的外部性,進(jìn)行"搭便車"減持。本研究拓展并豐富了公司媒體(信息)披露管理方面的研究,對信息披露監(jiān)管和投資者決策等方面具有啟示性意義。
[Abstract]:Whether executives will use their insider advantage for personal gain in the process of reducing their holdings has been the focus of market concern.Based on the sample of paper media and Internet media, this paper systematically studies the behavior of corporate media disclosure management and its market effect.The study found that the media attention and reporting tendency of the company increased during the period of senior management reduction, that is, there exists the phenomenon of actively managing media disclosure; moreover, in different periods of reduction, the active management strategy is also different.In addition, the size of the reduction and the number of executives involved in the reduction have a significant impact on the incentive to manage media disclosure, but the level of senior positions involved in the reduction has no significant impact on it.Strategic media disclosures can boost share prices in the short term, helping executives shift wealth through high positions, which in the long run can lead to price reversals.Further research found that peer executives use the externalities of media disclosure to reduce hitchhiking.This study extends and enriches the research on the management of corporate media disclosure, which has enlightening significance to the regulation of information disclosure and investor decision-making.
【作者單位】： 南京師范大學(xué)商學(xué)院;南京大學(xué)工程管理學(xué)院;南京大學(xué)管理學(xué)院;
【基金】：國家自然科學(xué)基金項(xiàng)目(71472091,71372031,71102025) 中國博士后基金面上項(xiàng)目(2014M551566)的資助
【分類號】：F832.51

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