我国创业板高管减持实证研究

发布时间：2018-03-29 17:42

本文选题：创业板　切入点：高管减持　出处：《复旦大学》2014年硕士论文

【摘要】：创业板诞生的五年来,发行“三高”和高管的大规模减持一直备受关注。创业板的市场的包括高管在内的内部人减持的动机和影响因素,是否利用内部人的信息优势选择交易时机进行减持,减持和盈余管理的关系等问题一直是学者和市场关注的焦点。对我国创业板高管减持的研究数量很少,且主要是针对公司总减持数量的研究,针对高管个人的减持情况研究目前国内还是空白,本文是国内首次以高管个人为研究对象而不是以公司为研究对象的高管减持研究。为了规范创业板交易环境,创业板的改革在不断的推出,2013年末推出的《关于进一步推进新股发行体质改革的意见》更是直接对高管减持进行了直接的规定。因此无论从时点还是研究角度看,创业板高管减持都很具有研究意义。本文针对我国创业板上市公司高管的减持数据进行实证分析,力图从数据分析的层面分析和总结以下两个问题：影响我国创业板高管个体的减持的因素,我国创业板高管的减持与盈余管理的关系。创业板高管减持有多重动机,本文根据文献研究的基础,提出了创业板上市公司高管减持动机的研究假设,并在假设基础上建立了对应计量模型。研究样本为2009～2012年间295家的1311位减持创业板股票的高管,把每个高管的减持情况作为一个数据对创业板高管减持动机及影响因子、创业板高管的减持与盈余管理关系。研究结论发现：1)创业板高管减持的比例与高管的年龄和职位存在正相关。2)创业板高管减持比例和公司的盈利水平负相关。3)从高管个人减持数据来看,创业板高管减持和发行“三高”不显著。4)创业板高管减持和相同业绩高管的劳动付出正相关。5)2012年通过盈余管理来增加套现价值的现象有显著改善,说明相关监管政策有效提高了市场公平性。最后,本文基于研究成果,提出了针对创业板高管减持问题的一些政策建议。本文的研究为规范上市公司高管信息披露和行为管理,为投资者提供更加公平、安全的投资环境提供了一定理论基础和借鉴意义。
[Abstract]:In the five years since the birth of the gem, the issue of the "three High points" and the large-scale reduction of senior executives have been attracting much attention. The motivation and influence factors of insider reduction in the gem market, including executives, Whether to make use of the information advantage of insiders to choose the trading opportunity to reduce holdings, the relationship between reduction and earnings management has always been the focus of attention of scholars and the market. And is mainly for the total number of companies to reduce the number of research, for senior executives to reduce the situation of the current domestic research is still blank. This is the first time in China to study the reduction of senior executives' holdings in order to standardize the trading environment of the gem. The reform of the gem has been launched in the end of 2013, and the opinions on further promoting the Constitution Reform of New Stock issuance have also directly stipulated the reduction of senior management holdings. Therefore, from both the point of view of time and the point of view of research, It is of great significance to study the reduction of gem executives. This paper makes an empirical analysis on the data of senior executives of gem listed companies in China. This paper tries to analyze and summarize the following two problems from the level of data analysis: the factors that affect the individual reduction of gem executives, the relationship between the reduction of gem executives and earnings management, and the reduction of gem executives holding multiple motivations. Based on the literature research, this paper puts forward the research hypothesis of the motivation of executive reduction in gem listed companies, and establishes a corresponding econometric model on the basis of the hypothesis. The study sample is 1311 executives who reduced their holdings of gem from 2009 to 2012. Take the reduction of each executive as a data to the gem executives reduction motivation and impact factors, The research results show that the proportion of gem executives' reduction is positively related to their age and position. 2) the proportion of gem executives' reduction is negatively correlated with the profit level of the company. 3) the relationship between gem executives' reduction and earnings management is found to be negatively correlated with the proportion of gem executives' reduction and the age and position of the executives. According to the personal reduction data of senior executives, Gem executive reduction and issuance of "three high" not significant. 4) gem executive reduction and the same performance of the executive labor pay positive correlation. 5) in 2012 through earnings management to increase the value of cash phenomenon has significantly improved. Finally, based on the research results, this paper puts forward some policy recommendations on the issue of gem executive reduction. The research in this paper is to standardize the disclosure of executive information and behavior management of listed companies. It provides a theoretical basis and reference for investors to provide a more fair and safe investment environment.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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