Relationship Between The Executives Heterogeneity And Shares Reduction Behavior：Empirical Analysis From The Growth Enterprise Market

Trading the Gem restricted stock shares is a kind of market behavior or design defects insecurities market system, is a topic worthy of in-depth study. Based on the gem companieslisted in S.Z. stock exchange from2009to2012, the paper studies the relationship between theexecutives heterogeneity and reduction behavior by Logit regression model. The researchcontent and empirical results show as follows：Firstly，high P.E. ratio, high price, and super funds raised are common phenomenon in theGrowth Enterprise Market, the paper explores the reason of reduction behavior from a newperspective of executive heterogeneity.Secondly, the study reviews related research literature, and expounds the reductiondynamics theory, heterogeneity theory, and upper echelons theory, etc.Thirdly，The paper reviews the institutional change of restricted stock reduction, andanalyses motivation and effect of reduction behavior. On the base of descriptive statisticalanalysis of sample executives shareholding change and heterogeneous distribution ofexecutives, the paper proposes12research assumptions.Fourthly，by Logit regression model, the empirical results show that executives’ age,degree, term of office and major have significantly influence on their behavior choice. To bespecific, age affects executives’ reduction behavior in U-shaped curve; degree and reductionbehavior are negative correlated; the longer office term, the more likely to sell the restrictedshares; executives whose major is science, engineering, chemistry and medicine are tend totrade restricted stocks.The last part are summary and enlightenment, these results not only enrich the relevantliterature, but also have reference value for investors, the listed company governance andsecurities market regulation.