本文關(guān)鍵詞： 高管異質(zhì)性 高階理論 減持 上市公司　出處：《暨南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司股東頻繁減持限售股票究競(jìng)是一種市場(chǎng)行為還是證券市場(chǎng)制度設(shè)計(jì)缺陷引起的，是一個(gè)值得深入研究的課題。本文嘗試從企業(yè)高管異質(zhì)性的角度，以深交所2009-2012年創(chuàng)業(yè)板上市公司為研究樣本，利用計(jì)量分析方法，探討樣本公司高管異質(zhì)性與其股票減持行為之間的關(guān)系。研究?jī)?nèi)容與主要結(jié)論如下： 第一，在分析創(chuàng)業(yè)板普遍存在高市盈率、高發(fā)行價(jià)、高超募資金“三高”現(xiàn)象的基礎(chǔ)上，從高管異質(zhì)性的新視角探索性研究了創(chuàng)業(yè)板高管減持股票行為； 第二，評(píng)述了相關(guān)研究文獻(xiàn)，并闡述了股票減持動(dòng)因、異質(zhì)性及高層梯隊(duì)等理論； 第三，梳理了限售股減持制度變遷，分析了高管減持的動(dòng)機(jī)和減持的市場(chǎng)效應(yīng)，并對(duì)樣本公司高管的持股變動(dòng)數(shù)據(jù)和高管異質(zhì)性分布數(shù)據(jù)作了描述性統(tǒng)計(jì)分析，基于此提出了本文的12個(gè)研究假設(shè)； 第四，利用Logit回歸模型，，檢驗(yàn)高管異質(zhì)性特征與其股票減持行為的研究假設(shè)，并得到結(jié)論：(1)上市公司高管年齡與其減持行為呈U型關(guān)系；(2)上市公司高管學(xué)歷與其減持行為負(fù)相關(guān)；(3)上市公司高管任期與其減持行為正相關(guān)；(4)具有理學(xué)、工學(xué)、化學(xué)和醫(yī)學(xué)等工科專業(yè)背景的高管與其減持行為負(fù)相關(guān)； 最后是本文的結(jié)論和啟示，這些結(jié)論不僅豐富了研究文獻(xiàn)，而且對(duì)投資者、上市公司治理以及證券市場(chǎng)監(jiān)管具有參考價(jià)值。
[Abstract]:The frequent reduction of shareholders' holding of restricted stocks in listed companies is a kind of market behavior or caused by the defects in the design of the securities market system, which is a subject worthy of further study. This paper attempts to study the heterogeneity of enterprise executives from the point of view of the heterogeneity of corporate executives. Taking the gem listed companies of Shenzhen Stock Exchange from 2009-2012 as the research sample, using the econometric analysis method, this paper discusses the relationship between the heterogeneity of senior executives and the behavior of stock reduction in the sample companies. The research contents and main conclusions are as follows:. First, on the basis of analyzing the phenomenon of high price-earnings ratio, high issue price and super capital raising on gem, the paper explores the behavior of gem executive reduction from the new perspective of executive heterogeneity. Second, it reviews the relevant research literature, and expounds the theory of stock reduction motivation, heterogeneity and high-level echelon. Thirdly, it combs the institutional changes of restricted stock reduction, analyzes the motivation and market effect of executive reduction, and makes a descriptive statistical analysis of the stock ownership change data and the distribution data of senior executives heterogeneity of sample companies. Based on this, 12 hypotheses of this paper are put forward. In 4th, the Logit regression model was used to test the research hypotheses of the heterogeneity characteristics of senior executives and their stock reduction behavior. It is also concluded that: (1) the age of senior executives in listed companies is U-shaped in relation to their reduction behavior; (2) the educational background of executives in listed companies is negatively correlated with their reduction behavior; (3) the tenure of senior executives in listed companies is positively correlated with their reduction behavior. Executives with engineering background, such as chemistry and medicine, were negatively correlated with their reduction behavior; Finally, it is the conclusion and enlightenment of this paper, which not only enriches the research literature, but also has reference value for investors, listed companies' governance and securities market supervision.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F272.91;F832.51

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