内部人自利行为与职工股上市的市场效应

文章利用中国职工股上市的数据对上市公司内部人在其股份上市交易中的自利行为及其市场影响进行了研究。结果发现,因为存在承销商支持,公司职工股公司上市后短期表现强势;内部职工股公司未发现承销商支持的证据,但是倾向于通过盈余管理和送股除权等方式对二级市场股价进行支持。不同的上市时间安排是造成两类职工股公司自利行为差异的主要因素。

Insiders' Behaviors and Employee Shares Lock-up Expiration

Using the data from China's market of employee shares,this paper investigates the corporate insiders' strategic behaviors and the corresponding market impact.Findings indicate that the underwriter's stabilizing activities are the main reasons for the short-term strong performances of listed employee shares,while little evidence of such kind of support was found towards insider employee shares which,however,tend to support their secondary market prices through revenue management,bonus issue and right issue.Different strategic behaviors from these two different kinds of employee shares are mainly due to the system concerning different times for employee share lock-up expiration.