创业板公司限售股东减持影响因素研究-技术经济及管理专业论文.docxVIP

the growth of the companies, and then makes a linear regression analysis; the fifth chapter summarizes this paper and makes policy suggestions . As that the GEM has been established not long, there are not much studies on GEM restricted share reduction, so this paper makes a strong complement to the existing literatures. Based on the other literatures, this paper introduces comprehensive index of growth, restricted shareholders reduction before lifting and the relative costs of restricted shareholders as explanatory variables, across the empirical regression we find that the companys growth and relative cost of restricted shareholders do not have a significant effects with the reduction ratio, restricted shareholders equity ratio before reduction and the concentration of holdings have significant positive relative with the reduction while equity restriction has a significant negative effect. This paper explains the regression results, and makes a complementary research from the perspective of game theory. Finally, this paper puts forward the corresponding policy recommendations according to the conclusions and analysis. Keywords: GEM, Restricted shareholders, Lifting, Reduction 目 录 中文摘要..........................................................................................................................................I 英文摘要........................................................................................................................................ II HYPERLINK \l _bookmark0 1 绪 论 ...................................................................................................................................... 1 HYPERLINK \l _bookmark1 1.1 选题背景及研究意义................................................................................................................ 1 HYPERLINK \l _bookmark2 1.1.1 选题背景 ........................................................................................................................... 1 HYPERLINK \l _bookmark3 1.