本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司大股東減持的股價(jià)效應(yīng)研究　出處：《廣西大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：創(chuàng)業(yè)板上市公司具有成長(zhǎng)性高、發(fā)展前景大、規(guī)模小等特點(diǎn),深受炒作資金青睞。大部分上市公司自IPO開(kāi)始即伴隨著高發(fā)行價(jià)和高超募金額現(xiàn)象,機(jī)構(gòu)投資者活躍其中,推動(dòng)創(chuàng)業(yè)板綜合指數(shù)一路上揚(yáng)。而在上市公司高估值和高風(fēng)險(xiǎn)的炒作背后是大股東減持浪潮的高漲,創(chuàng)業(yè)板市場(chǎng)中炒作與減持兩股力量的博弈非常明顯。相對(duì)其他中小投資者,大股東具有明顯的信息優(yōu)勢(shì)和控股權(quán)優(yōu)勢(shì),能較為準(zhǔn)確地掌握公司經(jīng)營(yíng)信息及研判未來(lái)發(fā)展前景。現(xiàn)實(shí)表明,在大股東減持公告前后,公司股價(jià)出現(xiàn)顯著的漲跌變化,不得不讓人質(zhì)疑大股東減持行為的合規(guī)性。本文前兩個(gè)章節(jié)對(duì)國(guó)內(nèi)外學(xué)者相關(guān)研究成果進(jìn)行歸納總結(jié),并對(duì)大股東減持的動(dòng)因及股價(jià)效應(yīng)影響機(jī)制進(jìn)行了梳理分析。第三部分,選取創(chuàng)業(yè)板非ST上市公司2010年11月1日至2014年11月1日四年間持股比例占總股本5%以上的大股東減持1%以上規(guī)模的交易數(shù)據(jù)明細(xì),采用描述性統(tǒng)計(jì)分析方法和事件研究法分別對(duì)大股東減持的股價(jià)效應(yīng)進(jìn)行分類(lèi)研究,進(jìn)而在前述分析結(jié)果基礎(chǔ)上,采用多元回歸分析法探究深層次的影響因素。最后,結(jié)合兩個(gè)層面的實(shí)證分析結(jié)果,總結(jié)研究結(jié)論,探討規(guī)范創(chuàng)業(yè)板上市公司大股東減持行為的可行舉
[Abstract]:Gem listed companies have the characteristics of high growth, large development prospects, small scale and so on. Most listed companies have been accompanied by high issue price and high amount of money since the beginning of IPO. Institutional investors are active among them, driving the gem Composite Index up all the way. But behind the high valuation and high risk speculation of listed companies is the upsurge of the wave of large shareholder reduction. In the gem market, the game between speculation and reduction is very obvious. Compared with other small and medium investors, large shareholders have obvious advantages of information and control. Can accurately grasp the company's business information and study the future development prospects. The reality shows that before and after the announcement of major shareholders' reduction, the company's stock prices show significant fluctuations. We have to question the compliance of the behavior of major shareholder reduction. The first two chapters of this paper summarize the relevant research results of domestic and foreign scholars. And the motivation of the reduction of major shareholders and the stock price effect influence mechanism are combed and analyzed. The third part. Select the gem non-St listed companies from November 1st 2010 to November 1st 2014 four years of ownership ratio of 5% or more than the total share capital of large shareholders to reduce the size of 1% more than the transaction data. Descriptive statistical analysis method and event research method are used to classify the stock price effect of major shareholders' reduction, and then based on the above analysis results. This paper uses multiple regression analysis to explore the deep influence factors. Finally, combining the empirical results of two levels, summarizes the conclusions of the research, and discusses the feasible measures of standardizing the behavior of large shareholders of gem listed companies
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F832.51

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