Study On Influencing Factors Of Selling Stock Of Senor Managers On CGEM

Although the CGEM listed companies started on October30th2009, before this our GEM listed companies have prepared for11years. It provides a good development platform for the small and medium-sized enterprises in our country. In these years, Gem listed companies get the explosive development, whose quantity and value are increased by several times. The growth enterprise market which injected new vitality for our country capital market, increased the new investment opportunities has become the main battlefield of the stock market. However, the development of China’s gem is not plain sailing, there have been three high phenomenon (high PE Ratio, high issue price, high raise funds), executives underweight, marketing hype and a series of problems. Especially, the leaving reason of executives are far-fetched, underweight are intensified, which seriously affected the benign development of the growth enterprise market, also lead to various questions of investors. So the study on the influence factors of gem listed company executives underweight is very necessary.Since the CGEM is young, as a new research topic, related research literature at home and abroad is few. However, the study on main board market has been mature, which is referable. Based on the theory of economic man, insider trading, whose data basic is related data of the listed companies released for one year, we choose355examples of underweight executives in listed companies as sample, carried on the empirical research with the method of mathematical statistics, come to some conclusion at last. Firstly, in the variables on behalf of the company performance, only the relationship between profit ability and the gem underweight executives are negative correlation obviously, which reflect the executive value on the profitability of the company to a certain extent, and the gem listed companies whose profitability are low will increase underweight executives efforts. Secondly, the relationship between information and underweight executives is a significantly positive correlation, for example, the director who is also a executive will enhance his underweight behavior.Thirdly, the relationship between family enterprise and underweight executives is also positive correlation. Because of the particularity of the management in family enterprise, whose executive are more likely to reduce.In the end, the relationship between Executives leave, whether to belong to the information industry and underweight executives is positive correlation. The executives will choose to leave to avoid the relevant legal provisions, and intensify efforts to reduce. In addition, the underweight executives of information industry is more than other industries.The results of this study show that, profitability, executive reduce or not, family business, executive leave, company nature of the industry will affect the underweight executives of GEM listed companies. Conversely, the GEM can start from these factors, to formulate relevant policies, strengthen the supervision of the GEM listed companies, and then alleviating the underweight executives of GEM listed companies. Thus, the study of this paper is benefit to the healthy development of CGEM listed companies.