创业板限售股减持及市场效应分析

Impact of Restricted Stocks Flotation on the Market Empirical Evidence from Growth Enterprise Market

本文对创业板限售股减持的基本状况进行了全面分析,研究发现,创业板整体减持比例、控股股东以及董监高的减持比例与其他板块无显著差异。减持公告前市场存在正向反应,公告披露后市场短期内没有显著波动,长期来看减持公告对市场产生了一定的负面影响。但也应该注意到,创业板的减持行为具有多元化动机,市场效应包含很多影响因素,这种效应还需结合具体情况进行分析。本文认为,在稳定减持预期的前提下需要适当引导投资者的情绪,以避免非理性因素引起的市场波动。

In this study, we conduct a comprehensive analysis on restricted stock sale of the growth enterprise market in China. We find that the overall sales, sales of controlling shareholder and those of top management are not significantly different from other markets. Furthermore, in accordance with prior researches, we show that market reaction before selling announcement is significantly positive. After the announcement, the market is not shocked in the short-term while the long-term abnormal return is about -5 percent. The incentives of restricted stock selling are complex, driven by multiple factors. In order to avoid irrational fluctuations of market, market supervisors should properly guide investors on the premise of stabilizing restricted stock selling expectation.