高管减持与公司送转股行为——基于中小板和创业板上市公司的比较

Senior Executives' Share Selling and Companies' Stock Dividends and Stock Splits Behavior

本文以2013年12月31日以前在中小板和创业板上市的公司为样本,以2010-2014年为研究期间,分析和比较了高管减持对中小板和创业板公司送转比例的影响。研究表明:无论是中小板还是创业板,高管减持公司的送转比例均高于未减持公司,并且其减持规模越大,公司送转比例就越高。特别是创业板公司,不仅其送转比例显著高于中小板公司,而且高管减持对其送转比例的影响程度也明显高于与之类似的中小板公司。本文以期为证监会有针对性地加强对公司财务行为和高管人员交易行为的监管提供参考。

Taking the companies listed in the SME board and the ChiNext market before December 31,2013 as samples and the time from 2010 to 2014 as the event window,we analyze the differences of the senior executives selling their shares' impact on the ratio of stock dividends and stock splits between the SME board and the ChiNext market.The results show that whether the SME board or the ChiNext market,the ratio of stock dividends and slock splits is greater for the companies of the senior executives selling their shares than not,and the larger the selling ratio and amount,the higher the ratio of the stock dividends and slock splits.In addition,not only the ratio of the stock dividends and stock splits of the ChiNext market is significantly greater than the SME board,but also the senior executives selling their shares impact on the ratio of the stock dividends and stock splits is significantly greater for the ChiNext market than for the similar SME board companies.The results provide empirical evidence for CSRC to strengthen the target-oriented supervision on the company's financial behavior and the executives' selling behavior.This paper provides a reference for the Commission to strengthen the supervision of the company's financial behavior and the management of the trading behavior of executives.