机构投资者实地调研对高管机会主义减持的影响研究

A Study of the Impact of Institutional Investors'Field Research on Executives'Opportunistic Holdings Reduction

基于2013-2021年深圳证券交易所A股上市公司的数据,研究了机构投资者实地调研对高管机会主义减持的影响及其作用机制。研究发现:机构投资者实地调研显著加剧了上市公司高管的机会主义减持行为,其中股价高估和投资者情绪发挥了部分中介作用;进一步地,良好的公司治理水平和较高的信息透明度能够削弱机构投资者实地调研对高管机会主义减持的正向影响,相较于国有企业,机构投资者实地调研对高管机会主义减持行为的加剧作用在非国有企业中更为明显。

Based on the data of A-share listed companies in Shenzhen Stock Exchange from 2013 to 2021,the impact and mechanism of institutional investors'field research on executives'opportunistic holdings reduction is scrutinized.The research finds that institutional investors'field research can significantly increase the possibility of executives'opportunistic holdings reduction behavior;overvaluation and investors sentiment play a role.Further research shows that good corporate governance and higher level of information transparency can reduce the impact of field research by institutional investors on executives'holdings reduction.And compared with SOEs,this impact is more pronounced for Non-SOEs.The findings of this study have positive implications for improving the management of investor relations and maintaining capital market stability.