上市公司高管增持后的市场获利性因素研究

The Wealth Effect of the Listed Company Executives Increasing their Shareholding

本文通过事件研究法探究高管增持事件公告后的市场反应,发现市场有显著的正向平均累计超额收益率。笔者利用多元回归模型对影响高管增持事件的获利性因素进行分析和检验,发现公司估值低、股权集中度低、高管增持事件公告前股价走势较低和公司业绩良好是能够获得高于平均收益水平的四个获利性因素。

In this study, We use event study, expecting a significant price performance based on previous foreign researches.A multivariate regression model is used to analyze and test the profitability factors,taking the undervaluation of company, low ownership concentration, good performance and low stock performance before the event announcement date as the four proxies ofthe hypothesis.Consequently, the empirical result is consistent with my expectation.