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高管减持行为在我国股票市场中备受各界关注。本文以2007年10月16日到2016年1月8日这一期间的高管减持为对象,采用事件研究法探讨了高管减持的影响因素及其市场反应。研究发现:减持规模越大,市场反应越大;CAR减持公告前稳步上升,公告日前两天达到最高点,而公告日CAR跌至低谷;公司成长性和业绩不同,高管减持窗口期内CAR的表现有明显差异。
Executives in the stock market in China’s stock market has drawn much attention from all walks of life. This article takes the reduction of senior executives during the period from October 16, 2007 to January 8, 2016 as the object, and explores the influencing factors and the market reaction of the senior executives by the event research method. The study found that: the larger the scale of the reduction, the greater the market reaction; CAR decreased steadily before the announcement, the highest point two days before the announcement, and the announcement day CAR fell to a low; company growth and performance are different, executives reduce the window CAR performance during the period there are significant differences.