【作者】 甘楷悦；

【导师】 潘永；

【作者基本信息】 广西大学 ， 金融学， 2015， 硕士

【摘要】 创业板上市公司具有成长性高、发展前景大、规模小等特点,深受炒作资金青睐。大部分上市公司自IPO开始即伴随着高发行价和高超募金额现象,机构投资者活跃其中,推动创业板综合指数一路上扬。而在上市公司高估值和高风险的炒作背后是大股东减持浪潮的高涨,创业板市场中炒作与减持两股力量的博弈非常明显。相对其他中小投资者,大股东具有明显的信息优势和控股权优势,能较为准确地掌握公司经营信息及研判未来发展前景。现实表明,在大股东减持公告前后,公司股价出现显著的涨跌变化,不得不让人质疑大股东减持行为的合规性。本文前两个章节对国内外学者相关研究成果进行归纳总结,并对大股东减持的动因及股价效应影响机制进行了梳理分析。第三部分,选取创业板非ST上市公司2010年11月1日至2014年11月1日四年间持股比例占总股本5%以上的大股东减持1%以上规模的交易数据明细,采用描述性统计分析方法和事件研究法分别对大股东减持的股价效应进行分类研究,进而在前述分析结果基础上,采用多元回归分析法探究深层次的影响因素。最后,结合两个层面的实证分析结果,总结研究结论,探讨规范创业板上市公司大股东减持行为的可行举更多还原

【Abstract】 With the advantages of high growth, bright development prospect and small scale, listed companies of GEM are favored by speculative money. Most of the listed companies come with high initial public offering price and excess funds raised when launching IPO. Institutional investors are active in the process and rise the GEM Composite Index all the way up. Behind the overvalued and high-risk speculation in listed companies is the upsurges of major shareholders’ reduction. In growth enterprise market, the game between speculation and reduction is quite obvious. Comparing to other small and medium-sized investors, major shareholders have clear advantages in information and controlling interest, so that they can get the company’s business information and estimate its future development more accurately. In fact, before and after the announcement of major shareholders’ reduction, the company’s share price will rise or fall dramatically, which makes people think about the compliance of major shareholders’ reduction.In the first two parts of this thesis, the author will summarize related research results got by scholars home and abroad, and then analyse the motivation of major shareholders’ reduction and influence mechanism to share price effect. In the third part, transaction details of every reduction more than 1% by major share holders whose share proportion is over 5% in listed companies of GEM (not ST companies) from Nov.1,2010 to Nov.1,2014 are taken into research and share price effects caused by major shareholders’ reduction will be studied with Descriptive Statistics Analysis and Event Study Methods. After that, the underlying reasons will also be studied with Multiple Regression Analysis. Finally, conclusions will be made and practicable measures to supervise major shareholders’ reduction in listed companies of GEM will be discussed.更多还原