摘要
本文主要以创业板上市公司董监高的增持行为为研究对象,以2012—2015年增持的数据为研究样本,利用事件研究法来分析董监高增持事件窗内的超额收益。研究结果表明,在董监高增持公告日,累计超常收益CAR为显著正,说明董监高的增持行为能带来显著不为零的超额收益。本文应用描述统计法分析了董监高增持后的减持状况,发现董监高亲属增持的目的是为了短期持有后减持而获取超额收益。
The paper intends to researchthe abnormal return on the insiders＇ increasing their listed company of China＇s Growth Enterprise Board （GEB）. Based on the data from September 3 to December 31, 2012 shown on the Shenzhen Stock Exchange＇s website, using the even stake of 0, 2009 t study methodology to analyze the abnormal return on the insiders＇ increasing their stake. The results show that on the announcement day of the insiders＇ increasing their stake, the cumulative abnormal return （CAR）is significantly positive, indicating that the insiders＇ increasing their stake could bring significant abnormal return. Besides, descriptive statistics methodology was used to get the status of the GEB＇s insiders＇ increasing their stake. It＇s found that the insiders＇ immediate family members and spouses increased their stake and sold the stake out later to get short-term return.
出处
《上海商学院学报》
2016年第6期67-73,共7页
Business Economic Review
关键词
创业板
超额收益
事件研究法
overseas M ＆ A, wealth effect, event study
