创业板上市公司大股东限售股减持行为影响因素研究-金融学专业论文.docxVIP

摘 要 我国创业板市场在 2013 年度市值屡创新高，不断刷新历史最高指数。与此 同时，创业板市场在 2013 年迎来了最大规模的限售股解禁和大股东的减持。本 文以创业板市场上市公司的大股东减持行为为研究对象，考察大股东减持背后的 影响因素。本文结合了实证研究和规范研究，重点是实证研究：首先对相应的理 论进行梳理，然后回顾和综合我国 A 股市场股权分置改革后大股东减持相关的文 献。在此前提下，本文认为，创业板市场的大股东减持行为的影响因素主要有发 行价格、公司业绩、市场行情、股权结构、超额收益率等，并创新性地设计了股 东性质、行业差异等因素。 本文以 2013 年度创业板市场的全部大股东减持行为为样本，设计相关变量， 以大股东的减持比例作为被解释变量，综合理论和现状，设计解释变量和控制变 量，建立多元线性回归研究模型。在模型的基础上，综合使用描述统计、相关分 析及回归分析等实证研究法，对模型进行验证和分析。最终，通过研究结果，判 断出影响大股东减持的因素。 实证结果表明，样本企业股东的减持比例与公司业绩、股权集中度、以及减 持日前 30 个交易日的累计超额收益率呈显著负相关。本文从研究结果出发，提 出应当针对公司上市后业绩不佳，大股东减持套现这一现象制定更为严格的监管 体系，强化上市公司的信息披露，减少侵害投资者利益的事件发生。 关键词：创业板，限售股，减持 ，大股东 Abstract Chinas GEM market reached the peak in 2013, and constantly refreshed the highest index. At the same time, the GEM market ushered in the largest restricted shares and reductions of major shareholders in 2013. This paper studied the reducing behaviors of the major shareholder of GEM listed companies to investigate the factors behind the reduction of shareholders. In research methods, this paper based on empirical research and supplemented by normative research. Firstly, this paper studied the relevant literature review of the reduction of the shareholders and summary of the theory. As a theoretical basis, the reducing behavior of the major shareholders was influenced by the performance of the company, ownership structure, market conditions, three high and other factors. Subsequently this paper used descriptive statistics, regression analysis and other empirical research to validate the model. This paper studied all the reducing behaviors of the major shareholder of the GEM listed companies by introducing the nature of the shareholders and industry differences and other factors. The empirical results show that the reduction behavior of the shareholders was significantly negatively correlated with the corporate performance, ownership concentration and the cumulative abnormal return. Based on the study results ， this paper provided suggestions in respect of law