创业板公司高管团队限售股减持行为的影响因素研究  

Why Does Top Management Team Sell Shares Following IPO Lockups? An Empirical Analysis of ChiNext Companies

作　　者：刘文雯[1] 李琰斐[2] 任颋[2] 

机构地区：[1]中国建设银行总行,北京100033 [2]北京大学汇丰商学院,广东深圳518055

出　　处：《首都经济贸易大学学报》2014年第3期84-91,共8页Journal of Capital University of Economics and Business

摘　　要：创业板一经推出就受到市场的热情追捧,但密集的减持现象和频发的辞职风潮引起了外界的不断质疑。本文利用多元回归以及事件研究法对影响高管减持的因素进行实证分析。研究发现,高管减持比例与高管领取的工资、独立董事在董事会中所占比例分别存在负相关关系,同市场估值、董事长与总经理兼任、以及高管离职行为分别存在正相关关系,与高管持股比例之间存在倒U型关系,良好的公司治理对高管减持具有一定的抑制作用。The launch of the Growth Enterprise Market （ChiNext） has stimulated the market investment enthusiasm on the listed companies,yet the intensive top management team selling of IPO lockup shares im-mediately after expiration also has drawn concerns from investors.This paper investigates the factors affecting TMT’s selling of IPO lockup shares,using multivariate analysis method.The main findings suggest that TMT selling is negatively associated with TMT compensation and the ratio of independent directors in the board, and positively associated with market valuation,chairman-CEO duality,and TMT member resignation.There is a U-shaped relationship between TMT shareholding and TMT selling.The overall results suggest that better corporate governance of ChiNext companies helps to restrain TMT selling following IPO Lockups.

关 键 词：创业板 高管团队 限售股减持 内部人交易 公司治理 

分 类 号：F272.923[经济管理—企业管理]