高管增持、市场反应与企业短期绩效

Managers' Shareholdings Increase, Market Reaction and Company Short-term Performance

本文以2015年股市的异常波动下监管者鼓励上市公司高管增持股票事件为背景,利用事件研究法检验高管群体增持股票的市场反应,研究发现高管增持行为能够缓解股市持续下跌的形势。进一步以高管增持股数均值分为高增持和低增持两组,分别与企业短期绩效进行相关性研究发现,在控制了其他因素后,在高增持组中,增持股数与企业短期绩效正相关;而在低增持组中,增持股数与企业短期绩效负相关。

This paper is based on the abnormal fluctuations of the stock market in 2015 that regulators encourage managers of listed company to increase their shareholdings. Using Event Research Method to test the market reaction of the increasing of managers' shareholdings, we find that the increasing of managers' shareholdings can ease the situation in which the stock market continues to fall. Further, we divide the number of shares held by managers with average into two groups and conduct a relevant research with company short-term performance separately. After controlling other factors, in the high shareholdings group, the number of shareholdings is positively related to the short-term performance of the company; while in the low shareholdings group,the number of shareholdings is negatively related to the short-term performance of the company. Finally, we find that in the low shareholdings group, the negative correlation between the number of non-state-owned managers' shareholdings and the short-term performance of the company was significantly higher than that of the state-owned managers.