首都经济贸易大学学报
首都經濟貿易大學學報
수도경제무역대학학보
Journal of Capital University of Economics and Business
2014年
3期
84~91
,共null页
创业板 高管团队 限售股减持 内部人交易 公司治理
創業闆 高管糰隊 限售股減持 內部人交易 公司治理
창업판 고관단대 한수고감지 내부인교역 공사치리
growth enterprise market;top management team;IPO lockup expiration;insider trading;corporate governance
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。
創業闆一經推齣就受到市場的熱情追捧，但密集的減持現象和頻髮的辭職風潮引起瞭外界的不斷質疑。本文利用多元迴歸以及事件研究法對影響高管減持的因素進行實證分析。研究髮現，高管減持比例與高管領取的工資、獨立董事在董事會中所佔比例分彆存在負相關關繫，同市場估值、董事長與總經理兼任、以及高管離職行為分彆存在正相關關繫，與高管持股比例之間存在倒U型關繫，良好的公司治理對高管減持具有一定的抑製作用。
창업판일경추출취수도시장적열정추봉，단밀집적감지현상화빈발적사직풍조인기료외계적불단질의。본문이용다원회귀이급사건연구법대영향고관감지적인소진행실증분석。연구발현，고관감지비례여고관령취적공자、독립동사재동사회중소점비례분별존재부상관관계，동시장고치、동사장여총경리겸임、이급고관리직행위분별존재정상관관계，여고관지고비례지간존재도U형관계，량호적공사치리대고관감지구유일정적억제작용。
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.
