创业板高管减持是股价高估的信号吗—以欣旺达公司为例.docVIP

PAGE PAGE 21 创业板高管减持是股价高估的信号吗？ —以欣旺达公司为例 摘要：近年来，创业板高管减持股票的事件屡屡发生，引起了广泛的关注，越来越多的学者就高管减持的影响因素、动因等方面展开了研究。本文以创业板中的欣旺达公司为例，就创业板高管减持是否为股价高估的信号展开了研究分析。回顾了近年来国内外关于这一方面研究的代表性文章，主要采用事件研究法，从减持与超额收益、减持与股价波动、减持与企业价值等方面进行归纳论述。结果表明：欣旺达公司的高管减持对股票的超额收益率和股价会造成一定的负效应，而对于公司的业绩却没有明显的影响。本文将在国内外学者研究的基础上，为高管减持对股价的影响研究提供一定的思路和方向。 关键词：高管减持、超额收益、股价波动、业绩 Is Executives selling of Growth Enterprise Market a signal of the overrated price of the stock in China —Xinwangda company as an example Abstract: In recent years, the GEM senior management reduction in the holding position of company’s stock occurred frequently, which has aroused widespread concern, a growing number of scholars studied on the influence factor of reduction and the motivation of the reduction. Xinwangda company in this gem, for example, we use it to analyze that is executives selling of Growth Enterprise Market a signal of the overrated price of the stock in China. This literature reviews and analyzes the representative academic articles as well as monographs in this area. This paper mainly uses event study methodology and summarizes shares reduction behavior and abnormal return, shares reduction and stock price volatility, shares reduction behavior and the company performance. Results showed that Xinwangda Company’s executives to reduce the stock will cause some negative effects to the abnormal return of the stock and the price of that, but has not affected the company performance. On the basis of the empirical study of the scholars at home and abroad, in order to provide certain ideas and direction for the impact of executives’ selling to the stock price. Keywords: executives’ selling, abnormal return, Fluctuation of stock price, performance 一、引言 创业板自2009年10月23日成立至今，已有5年多的历史的，虽然它在中国只是个年轻的平台，但是，为我国高新技术企业提供了便捷的融资的途径，也为我国的经济发展奠定了一定的基础。然而，创业板的高管减持事件不断发生，高管减持的现象对创业板的发展有着重大的影响，追溯到自创业板在深圳市证券交易所正式开板，截止到2013年12月31日，共有355家公司在创业板上市。四年多来，共计有213家创业板企业出现了高管减持的现象。然而这样的情况并没有得到遏制，据统计，在2014年期间，除去非高管本人减持股票的情形，共计有1597次出现高管减持现象，而增持企业仅有39家。 那