创业板高管的股东身份、离职减持和公司绩效研究  

Shareholder Status of GEM Executives,Share Reduction with Leaving and Corporate Performance

作　　者：李胜楠[1] 李砚之 LI Shengnan, LI Yanzhi(College of Management and Economics, Tianjin University, Tianjin 300072, Chin)

机构地区：[1]天津大学管理与经济学部,天津300072

出　　处：《重庆理工大学学报（自然科学）》2018年第2期225-236,共12页Journal of Chongqing University of Technology：Natural Science

基　　金：国家自然科学基金资助项目(71672087);天津市教委重大项目(2016JWZD11);教育部人文社科基金资助项目(15YJA630028;16YJA630)

摘　　要：我国创业板高管减持的动机和经济后果是资本市场实务和学术研究关注的一个热点问题。以2010—2014年创业板高管减持数据为研究样本,利用多元回归模型,研究创业板高管减持对公司业绩的滞后性影响,并加入了减持高管是否为十大股东和减持后1年以内是否离职进行实证检验。研究结果表明:高管减持会通过信号传递对市场造成影响,进而在减持之后影响公司业绩;高管减持成交价格对公司业绩有负面的滞后影响,股东身份和离职减持会加重影响强度;高管减持成交比例、身份、离职信息对业绩的影响方向与强度受到创业板公司所处生命周期和所在地区经济发展水平的影响。GEM executives reduce share after the restricted period,causing a lot of controversy. In order to research the influence of executives ＇share reduction effects on the lagged performance of GEM companies,take the executives ＇ share reduction data from 2010—2014 and use multiple regression model,joining the identity information of the top ten shareholders and whether or not to leave after reduction in one year as departure information to conduct empirical test. The results show that： Executives＇ reduction will make impact on the market through signal transmission,and then affect the company＇s performance. The transaction price of share reduction has a negative impact on the company ＇s performance,with shareholder identity and departure information increasing thestrength of the negative impact. Transaction rate,shareholder identity and departure information of executives＇ share reduction can make different impact and strength depending on GEM companies＇ life cycle and region GDP.

关 键 词：创业板 高管减持 公司业绩 股东身份 离职信息 

分 类 号：Q21[生物学—细胞生物学] F276.3[经济管理—企业管理]