The Impact Of Senior Managers' Reduction Of Holdings On Corporate Performance Volatility In Growth Enterprise Board

With the rapid development of China's economy,the Growth Enterprise Board market emerged as the times require.It has become a market for high-growth enterprises to raise funds and conduct capital operation.It has gradually become an important part of China's capital market.Compared with the main board market,the Growth Enterprise Board listed companies have the characteristics of overvalued value,and most of them are family enterprises.Therefore,shareholders and senior manager often reduce their stock holdings,which has also attracted the close attention of many investors.Through the research on the influence of the behavior of reducing the holding of senior executives on the level of enterprise performance fluctuation,this paper provided some reference for improving the awareness of enterprise risk prevention,promoting the long-term development of enterprises and improving the market supervision system.This paper comprehensively analyzed the relevant research results of scholars at home and abroad.On the basis of theoretical analysis,this paper has studied the behavior of reducing holding of Growth Enterprise Board executives.Through the empirical analysis of the relationship between the reduction of holding and the volatility of corporate performance.From the perspective of the structure of equity and the transaction price of reduction,the relationship between them is studied in depth.Through a series of empirical studies on some sample enterprises in the growth enterprise market from 2015 to 2018,the results show that the scale of the reduction of senior managers' holdings in the Growth Enterprise Board will significantly increase the volatility of corporate performance,and this effect is very significant in the enterprises with low equity concentration,while not significant in the enterprises with high equity concentration.Subsequently,this paper introduced the ratio of transaction price and issue price as a regulating variable.Through regression,we can see that the ratio of transaction price and issue price can weaken the positive impact of the scale of executive reduction on the performance of volatility to a certain extent.Combined with the previous research results,this paper has given corresponding policy recommendations from the perspective of enterprises,external regulators and investors.