论文总字数：24544字

摘 要

企业高管作为企业的内部人，具有信息优势，其行为也受到了市场的高度关注，高管的减持行为在市场上并不少见，虽其行为并不是违法行为，但是也会在一定程度上对公司、市场以及投资者带来影响。近年来，高管减持行为越来越多，对高管减持行为的研究也逐渐增多。

在2019年，由于苹果发布了Airpods促进了无线耳机概念的大热，漫步者业绩于第三季度有较大幅度上升，股价也大涨，成为2019年一大牛股。然而，在这样看起来的大好形势下，漫步者高管却纷纷选择减持套现，公司高管于10月股价大涨以后开始进行减持，实现了巨额套现收益。

论文主要研究了漫步者高管减持会带来的问题，通过相关公开的数据来研究揭示高管减持的动机，进而分析高管减持的后果。本文通过漫步者官网公告、年度财务报表、季度财务报表以及权威网站上的公开数据对漫步者高管的减持行为进行分析。通过研究可以发现，漫步者业绩收入虽然实现了大幅度的增加，其营业利润率却并未实现增加，业绩难以支撑其高股价，而高管在获得信息优势的情况下，套现的巨额收益也推进了高管的减持，同时，漫步者主营产品的市场占有率也并不理想，这些原因共同导致了高管的减持行为。而高管的减持行为减少了市场资金量、使公司股价降低，改变了公司的股权结构、降低了高管的积极性，也使得投资者对公司产生不好的印象，降低投资者的投资热情。针对漫步者高管的减持行为进行分析，希望可以为其他公司、投资者提供一定的借鉴意义。

关键词：漫步者；高管减持；清仓式套现

Abstract

As an insider of an enterprise, business executives have information advantages, and their behavior is highly concerned by the market. It is not uncommon for executives to reduce their holdings in the market, although their behavior is not illegal, but it will also have an impact on companies, markets and investors to some extent. In recent years, more and more senior managers reduce their holdings, and the research on the behavior of senior managers reduce their holdings is also increasing.

In 2019, Edifier 's earnings rose sharply in the third quarter and its share price soared as apple unveiled Airpods, which boosted the wireless headset concept. However, in such a seemingly good situation, executives of Edifier have chosen to reduce their holdings cashing, company executives in October after the stock price rose began to reduce holdings, realized a huge cash proceeds.

This paper mainly studies the problem of senior management's reduction by executives of Edifier, through the relevant public data to reveal the motivation of senior management's reduction, and then analyzes the consequences of senior management's reduction. This paper analyzes the behavior of Edifier 's executives through the announcement on Edifier 's website, annual financial statements, quarterly financial statements and the public data on authoritative websites. Through the research, we can find that although the rambler's performance income has achieved a substantial increase, its operating profit margin has not achieved an increase, the performance is difficult to support its high stock price, and the top management in access to information advantage, the huge profits from cashing out also pushed executives to reduce their holdings, while the market share of the main products of ambler was also not ideal, which led to the reduction of executives. However, the behavior of senior executives reducing their holdings reduces the amount of market funds, lowers the stock price of the company, changes the ownership structure of the company, reduces the enthusiasm of senior executives, and also causes investors to have a bad impression of the company, reduce the enthusiasm of investors. This paper analyzes the behavior of ambler executives, hoping to provide some reference for other companies and investors.

Key Words：Edifier；Senior management underweight；Liquidation cash

目 录

第1章 绪论 1

1.1 研究目的及意义 1

1.1.1研究目的 1

1.1.2研究意义 1

1.2 国内外研究现状 2

1.2.1 内部人交易的相关研究 2

1.2.2 高管减持动因研究 3

1.2.3高管减持后果研究 4

1.3研究内容与方法 5

1.3.1研究内容 5

1.3.2研究方法 5

第2章 概念界定及案例背景资料介绍 7

2.1相关概念界定 7

2.1.1高管概念界定 7

2.1.2高管减持概念界定 7

2.2案例背景资料 8

2.2.1漫步者公司背景资料 8

2.2.2高管减持制度背景 10

2.2.3 漫步者高管减持变动情况 11

第3章 漫步者高管清仓式套现动机分析 13

3.1漫步者公司业绩驱动 13

3.1.1漫步者主营业务年度分析 13

3.1.2漫步者主营业务第三、四季度同比分析 16

3.2信息优势驱动 17

3.3巨额套现收益驱动 19

3.4产品市场占有率驱动 21

第4章 漫步者高管清仓式套现后果分析 23

4.1对市场的影响 23

4.1.1减少市场上的流动资金 23

4.1.2影响市场良好秩序 23

4.1.3使公司股价下降 23

4.2对公司发展的影响 25

4.2.1对公司股权结构的影响 25

4.2.2对公司业绩的影响 25

4.2.3高管积极性下降 26

4.3对投资者的影响 27

第5章 研究总结与展望 28

5.1研究总结 28

5.2研究展望 28

参考文献 30

致谢 31

第1章 绪论

1.1 研究目的及意义

1.1.1研究目的

目前来看，在上市公司内部控制机制并不健全的情况下，投资者的权益并不能得到保障亟待完善，而上市公司的高管属于公司的“内部人”不仅在信息上具有优势，更有一定的管理控制权，其大规模减持的利己套现行为会使公司错失发展机遇，且不利于公司的健康有序发展。近年来，上市公司股东在二级市场减持股份一直受到市场的高度关注，“越长越减持”往往是A股大股东的惯有方式，越来越频繁出现的高管清仓式减持套现和精准减持现象影响了其他投资者的利益。

2019年10月底以来，借苹果公司的东风，无线耳机板块大热，吸引了大量资金，漫步者也是其中之一。2019年10月以来漫步者股价一路大涨，涨幅达到了417%。在漫步者股价大涨时，以高管王晓红为例的漫步者高管纷纷选择减持，各位高管选择减持的时间也比较集中，套现金额巨大。

请支付后下载全文，论文总字数：24544字