内部人减持对高送转的影响——基于媒体关注视角被引量：2

The Influence of Shareholding Reduction of the Insiders on Highly Convertible Stock: From the Perspective of Media Attention

在线阅读下载PDF

导出

摘要基于媒体关注视角,以2012—2017年中国A股市场上的高送转股票为研究对象,探究内部人减持之前是否有动机通过高送转政策制造名义价格幻觉,并利用股市媒体效应,便于在高位下减持实现财富转移。研究发现内部人有意通过高送转进行价值转移,增大其减持利益。证明了"减持"为前因,"高送转"为后果的因果关系。并进一步发现内部人减持规模对高送转政策的正向作用与市场行情相关,而且具有减持动机的内部人会进行主动媒体策略管理,异常媒体关注对高送转比例起正向作用。研究结果识别了高送转决策背后可能潜藏的动机,拓展了有关高送转决策内在机理的研究,并为监管部门整治高送转乱象提供参考。 Based on theperspective of media attention and by using the highly convertible stocks in China’s A-share market from 2012 to 2017 as research samples,this study aims to explore whether insiders have motivations to usehighly convertible stock policyto make nominal price illusions before shareholding reduction,and further examine whether insiders take advantage of media effect to transfer wealth through shareholding reduction with high-level price.Study finds out that insiders do intend to transfer value through highly convertible stocksto seek more shareholding reduction interest.It proves the causal relationships with"shareholdingreduction"as the antecedent cause and"highly convertible stock"as the consequence.Further research shows that the positive effect of the insiders’shareholding reduction on highly convertible stock is related to market condition.In addition,insiders with the motivation of shareholding reduction manage mediaactively,and abnormal media attention has positive effects on the proportion of highly convertible stocks.The paper not only identifies the potential motives behind the decision-making of highly convertible stock and expands the researches on its internal mechanism,but also provides reference for the regulators to rectify the chaotic phenomenon.

作者康明惠陈佳敏苗苗 KANG Ming-hui;CHEN Jia-min;MIAO Miao(School of Economics,Sichuan Agricultural University,Chengdu 611130,China;School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区四川农业大学经济学院西南交通大学经济管理学院

出处《云南财经大学学报》 CSSCI 北大核心 2020年第5期37-51,共15页 Journal of Yunnan University of Finance and Economics

基金国家自然科学基金青年项目“信息不对称下股权众筹互动对投资者让渡价值研究——基于心理契约理论”(71702155) 国家自然科学基金青年项目“弱权情境与中国CIO领导力的构建:制度因素探究与应对策略分析”(71702154) 国家自然科学重大研究计划培育项目“基于大数据的城市互联与投资者偏好对本地股票上市和交易的影响研究”(91746109)

关键词高送转内部人减持媒体关注 Highly Convertible Stock Shareholding Reduction of Insiders Media Attention

分类号 F832.51 [经济管理—金融学] F275 [经济管理—企业管理]

作者简介康明惠(1983-),女(朝鲜族),黑龙江大庆人,四川农业大学经济学院讲师,博士,西南交通大学经济管理学院硕士生导师,研究方向为公司金融与互联网金融;陈佳敏(1995-),女,四川成都人,西南交通大学经济管理学院硕士研究生,研究方向为公司金融;苗苗(1980-),女(蒙古族),内蒙古乌兰浩特人,西南交通大学经济管理学院副教授,博士,研究方向为电子商务和创业营销。