【作者】 张晶；

【导师】 陈欣；

【作者基本信息】 上海交通大学 ， 会计， 2014， 硕士

【摘要】 2009年10月23日创业板在深交所成立，从此正式中国的资本市场舞台。2012年10月开始，尤其是从2013年开始创业板迎来大量限售期为36个月的首发原始股东限售股解禁，使得2013年创业板限售股解禁市值一下子暴增至两千六百多亿元，数值超过了前三年创业板解禁市值的总和。从减持公告公布的情况来看，2013年的上半年创业板减持的解禁股市值达一百五十多亿元，占上半年解禁市值的16.5％，然而2012年的占比仅为13.6％。2013年8月份和9月份是创业板开板以来限售股解禁的最高峰。这些股票限售期为36个月的股东一般都是公司的控股股东或实际控制人，不仅持股比例大，解禁股数多，而且对于公司的信息披露和决策有较强的控制能力，因而这些股东股票的解禁会对市场造成更大的冲击，对小股东和广大投资者的利益造成更大的威胁。本文以2012年10月31日起截止到2013年10月31日的一年内发生的30家公司的90起控股股东减持事件（基本集中在2013年）为研究对象，应用理论分析、统计分析以及案例研究等方法，对30家公司控股股东减持前的行为总体分析或逐个探讨。研究分为两个部分，第一部分针对30家发生减持的公司整体从减持比例、减持前公司消息的释放、减持时的股价特征及减持后的股价走势、减持时的市场反应和减持前的盈余管理等方面展开；第二部分则从30家公司中选择了一家公司从减持前消息的释放和减持前的盈余管理方面做了具体分析。本研究针对已经发生减持的30家公司的分析得出了以下结论：创业板控股股东减持比例较大且自然人股东的减持比例远远大于机构股东；创业板控股股东如果减持可能更倾向于在解禁后的短期内（一至三个月）进行减持；5月份发生的创业板控股股东减持事件最多；在控股股东减持前的一个月内公司倾向于披露好消息，而在减持后的一个月里倾向于披露坏消息，自然人控股股东相比于机构控股股东来说更倾向于在减持前前披露好消息来推高股价；创业板控股股东限售股解禁的短期内（一天至一周）内市场并未如以往文献所总结的那样做出负面反应；减持后的一至三天内市场做出了负面反应；而减持公告日后的短期（一天至一周）内市场也并未有以往文献所述的负面反应；减持后的长期（1至3个月）股价相对于减持时的股价有明显上升；有些公司有利用销售费用、管理费用和营业外收入在减持前进行盈余管理从而推高股价的嫌疑。通过对赛为智能控股股东减持的具体案例分析，分析出赛为智能有利用提前披露业绩靓丽的年报、减持前发布“高送转”利润分配消息以及减持前一季度进行盈余管理抬高股价从而在高位套现的嫌疑。更多还原

【Abstract】 The Growth Enterprise Market of China came into being on September23th,2009. From October2012, especially from2013a huge amount of theunlock of the IPO restricted shares will happen, making the market value ofthe unlocked GEM restricted shares in2013jumped to263.703billion RMB,which is more than the sum of the previous three years. Reading from theReduction bulletins in the first half year of2013, the market value of GEMrestricted shares reduced is as much as15.363billion RMB, accounting forabout16.50%of unlocked ones in the same period while in2012this figurewas13.57%. August and September in2013witnessed the biggest amount ofunlock in the GEM. Shareholders of these stocks have a restricted period of36months and they are generally the controlling holders or the actualcontroller of the companies who not only own large amounts of unlockedshares, but also have a strong ability to influence the company’s informationdisclosure and decision-making. So the reduction of these shareholders willhave greater impacts on the company stock and the market as well as theinterests of minority shareholders.This paper studies the90reduction events of the controllingshareholders occurred during from October31,2012to October31,2013(mainly concentrated in2013). Theoretical analysis, statistical analysisas well as case analysis and other methods are used to study the overall behavior of the controlling shareholder of30companies or explore one byone. The study coves the following aspects: good or bad news released beforethe reduction, the share price features when the reduction is performed andthe price trends before and after the reduction, the market reaction to thereduction, earning management before the reduction.The following conclusions are reached regarding the30companies: thereduction proportion of the natural person shareholders exceeds theinstitutional stockholders; GEM controlling shareholders tend to perform thereduction in a short time after the unlock; maximum GEM controllingshareholder holdings reduction occurred in May; companies tend to disclosegood news in a month before the reduction and bad news after the reductionand this is more applicable to natural person shareholders; there are notnegative reactions as concluded by previous studies when the unlockhappened or reduction bulletins are disclosed, but there are negative reactionsthe moment after the reduction; some companies use sales expenses,management expenses and non-operating income to do earnings managementbefore reduction.The case study of SUNWIN INTELLIGENT CO. LTD shows that itused ways of disclosing the whitewashed annual report in advance rightlybefore the reduction, the profit distribution plan including high bonusdividend and earnings management in the quarter before the deduction to liftthe share price and successfully perform the reduction at a high price.更多还原