以2012年12月31日以前上市的创业板公司为样本，以2010—2013年为事件研究窗口，从投资迎合角度研究创业板公司高管减持问题。结果表明：创业板公司的确存在投资迎合行为。其中，高管减持公司的投资迎合程度大于未减持公司，并且其减持比例和套现金额越大，公司的投资水平就越高。监管部门应尽快建立高管减持的预披露制度，对投资者加强教育，使创业板的股价逐步回归合理水平，以从根本上解决高管人员急于套现的问题。%Taking the companies listed in the GEM Board before December 31 ,201 2 as samples,and the time from 201 0 to 201 3 as the event window,we study the shares selling behavior of the senior executives from the perspective of catering investment.The results show that the companies listed in the GEM Board do exist the tendency of catering investment. The degree of catering investment is greater in the companies of the senior executives selling their shares,and the larger the selling ratio and the selling amount,the greater the degree of catering investment.The policy implications for the study include that the regulatory authorities need to establish the pre-disclosure system for senior executives intending to sell their shares as soon as possible,and take more effort to educate investors.Then,the share price of the companies listed in the GEM Board will gradually return to a reasonable level.It will naturally resolve the problem of the senior executives selling their shares as soon as their lockups expired.
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