IPO估值泡沫推动了创业板公司的高管辞职套现吗  

Has IPO Valuation Bubble Boosted the Executives to Resign and Cash out in GEM Companies

作　　者：陈见丽[1] 陈宁[1] 

机构地区：[1]广东金融学院会计系,广东广州510521

出　　处：《当代财经》2013年第7期122-128,F0003,共8页Contemporary Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目"基于风险投资和公司特质视角的创业板IPO估值泡沫治理机制研究"(12YJC630008);广东省哲学社会科学规划青年项目"我国创业板IPO估值泡沫的形成与治理研究"(GD11YGL02);广东省科技厅软科学项目"公司特质;IPO超募及创业板成长性研究"(2012B070400005)

摘　　要：我国创业板自推出以来,上市公司IPO估值泡沫严重泛滥,高管"扎堆"辞职套现,已招致社会的广泛质疑和批评。而这两种现象之间是否存在着某种关联?基于创业板上市公司经验数据的研究显示,IPO估值泡沫越大,则上市公司发生高管辞职套现的可能性越大,高管辞职套现的人数越多,首次发生高管辞职套现的时间也越短。研究结果表明,IPO估值的严重泡沫化,在一定程度上激发了创业板公司高管辞职套现的欲望,进而加剧了创业板市场的高管辞职套现风潮。因此,治理的根源在于变革创业板IPO制度,促使IPO估值回归合理水平。Since the launch of GEM,the IPO valuation bubble in listed companies have been flooding severely,the executives are one by one to resign and cash out,which has incurred extensive questions and criticisms from the society.Is there any relationship between these two phenomena？ Based on the empirical data of the GEM listed companies,this study reveals that if IPO valuation bubble is larger,it is more likely that the senior executives of listed companies will resign and cash out;the more the executives to resign and cash out,the shorter the time of first occurrence of the executives＇ resign and cashing will be.The results show that the seriousness of IPO valuation bubble can stimulate to a certain extent the desires of the executives in GEM companies to resign and cash out,thereby aggravating the wave of resigning and cashing out.Therefore,the core of the governance of this issue lies in the reform of IPO system in GEM,so as to prompt IPO valuations return to a reasonable level.

关 键 词：IPO估值泡沫 高管辞职套现 创业板公司 

分 类 号：F234.3[经济管理—会计学]