股东减持、时机选择与盈余管理——基于中泰化学股东减持的案例研究

Reduction of shareholdings by shareholders, timing and earnings management

大股东与高管减持公司股票是内部人交易的主要形式,因其可能损害其他股东的合法权益而备受监管部门的关注。本文以中泰化学大股东减持为研究对象,通过事件研究发现,伴随着一系列利好消息的发布,大股东减持获得了显著为正的超额收益,表明其具有较强的时机选择能力。进一步分析发现,定期报告的业绩增长推高了减持期间的公司股价,但盈利水平的改善存在一定程度的盈余管理。结果表明,内部人交易利用其信息优势与对上市公司的影响,损害了中小股东的正当权利,破坏了市场的公平竞争。

Reduction of shareholdings by major shareholders and senior management is a major form of insider trading. It always attracts much attention from regulators due to the possible harm it can do to the legitimate rights of other shareholders. This article puts the case of Zhongtai Chemical under study. It finds that with the announcement of a series of good news, major shareholders have obtained significantly positive and excess returns through reduction of shareholdings, which shows that they have good ability of timing. Further analysis reveals that regularly reported performance growth helps to push up the share price during the reduction period, but the profit growth is owed to earnings management to some extent. The result shows that by taking information advantage and through influence on listed companies, insider trading has harmed the justified rights of minority shareholders and damaged the fair competition in market.