Research On The Executives Of Listed Companies To Resign Cash Behavior

Company executives resigned to existing set of China's stock market is a hot issue.In the stock market is not perfect,and the high-line companies listed for resignation is a set of current interest,the game is a listed company executives over-pursue their own interests the results.Company executives resigned existing set to affect a listed companys operations and management,to the detriment of the small and medium-sized investors in the stock market,and to distort the features.Strengthening of the listing company executives resigned for the current study is of great practical significance.The listed company executives resign cash situation comprehensively,systematically,and select Quit cash heavy disaster area,do poineering work board the market,on2010 January-2010August turnover of listed company executives list analysis,find the listed company executives quit time point and time window and the choice of policy executive characteristic of resignation,found that some listed companies executives resign itself is by name,the line really false resignation of real cash,thereby obtaining the resignation of executives of listed companies cashing evidence.On this basis,the executives of listed companies to resign now causes and effects were more in-depth analysis,discusses the resignation of executives of listed companies cash management and operation of the listed companies,investors and the stock market stability and the financing function of influence.For a listed company executives resigned the action and its adverse effects,this paper argues that the listed companies should executives resigned the action to be standardized,and the stock market correction.According to the listing of the company executives resigned action research,this paper gets the following conclusions:(1)based on the gem company executives leaving list sample data analysis,mining executives of listed companies held by resignation day with limited ban the sale of shares of the relationship,that some listed companies executives resigned to early cash.(2)listed company executives to resign the action led to the company's share price appears to drop apparently,thereby increasing the investment risks for investors.(3)the Shanghai and Shenzhen two,executives of listed companies are mostly concentrated in the small and medium-sized board resigned and the GEM listed companies,listed company executives resign cash presence of disordered and malignant signs,listed companies is not conducive to the normal operation and development.(4)stock valuations prompted executives of listed companies have to resign now motivation,and the stock market system defects for the motivation of the credit system provides convenient conditions and market,the listed company executives to resign the action is high issue price,high P/E ratio,high volumes created the stock price bubbles and defects in the system under the combined action of product.(5)listed company executives mass resignation action shows that China stock market system of the pricing and incentive distortion.(6)listed company executives resign action may lead to Chinese stock market's systematic risk.