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公司治理环境对高管减持获利性的制约作用研究——基于中国创业板的实证研究
王雷1, 顾晓敏1, 高攀2
1.东华大学 管理学院,上海 200051; ;2.南阳市第六人民医院, 河南 南阳 473000
A Study on the Relationship between the Profitability of Top Manager Selling and Corporate Governance Environment —— An Empirical Research based on China’s GEM
WANG Lei1, GU Xiao-min1, GAO Pan2
1.Management School, Donghua University, Shanghai 200051, China; 2.Sixth People’s Hospital of Nanyang, Nanyang 473000, China
Abstract：
Based on the related theories of Insider trading and the samples of top manager selling on GEM from 2010 to 2012, the relationship between abnormal returns gained by top manager selling and corporate governance environment is examined. The empirical results indicate that top managers could gain significant abnormal return from their selling, and the profitability is negatively correlated with the quality of the information disclosure, while the relationship with regional law environment, government intervention and market process is insignificant. The result shows that good internal corporate governance could curb the self-interested behavior of top managers when they are trading, in comparison, external corporate governance environment could not deter top managers getting abnormal return.
WANG Lei, GU Xiao-min, GAO Pan.A Study on the Relationship between the Profitability of Top Manager Selling and Corporate Governance Environment —— An Empirical Research based on China’s GEM[J] Economic Survey, 2014,V31(6): 101-107
2014 