CAJ | 학술논문

以2012年12月31日以前上市的创业板公司为样本,以2010—2013年为事件研究窗口,从投资迎合角度研究创业板公司高管减持问题。结果表明：创业板公司的确存在投资迎合行为。其中,高管减持公司的投资迎合程度大于未减持公司,并且其减持比例和套现金额越大,公司的投资水平就越高。监管部门应尽快建立高管减持的预披露制度,对投资者加强教育,使创业板的股价逐步回归合理水平,以从根本上解决高管人员急于套现的问题。
이2012년12월31일이전상시적창업판공사위양본,이2010—2013년위사건연구창구,종투자영합각도연구창업판공사고관감지문제。결과표명：창업판공사적학존재투자영합행위。기중,고관감지공사적투자영합정도대우미감지공사,병차기감지비례화투현금액월대,공사적투자수평취월고。감관부문응진쾌건립고관감지적예피로제도,대투자자가강교육,사창업판적고개축보회귀합리수평,이종근본상해결고관인원급우투현적문제。
Taking the companies listed in the GEM Board before December 31,2012 as samples,and the time from 2010 to 2013 as the event window,we study the shares selling behavior of the senior executives from the perspective of catering investment. The results show that the companies listed in the GEM Board do exist the tendency of catering investment.The degree of catering investment is greater in the companies of the senior executives selling their shares,and the larger the selling ratio and the selling amount,the greater the degree of catering investment. The policy implications for the study include that the regulatory authorities need to establish the pre-disclosure system for senior executives intending to sell their shares as soon as possible,and take more effort to educate investors. Then,the share price of the companies listed in the GEM Board will gradually return to a reasonable level. It will naturally resolve the problem of the senior executives selling their shares as soon as their lockups expired.