中文摘要：

基于事件研究法构建超额收益率模型,定量地分析创业板大股东和高管增持股票对于股价的影响,研究发现创业板大股东和高管增持会在短期起到提振股价的作用,主要集中在公告日当天及后一天,并有一定的持续作用;不同的行业公司股价对于创业板大股东和高管增持的反应不同,信息技术行业对于增持行为的敏感度更高。从影响市场效应因素来看,创业板上市公司估值水平、公司规模对于市场效应有显著负向影响,而财务杠杆则是显著正向影响。最后对于创业板改进监管、完善信息披露以及健全激励机制提出了政策性建议。

英文摘要：

This paper constructs the abnormal return model and quantitatively analyses the impacts of the increasing holdings of major shareholders and senior executives on the stock price based on the event study methodology. The paper finds that the increasing holdings of major shareholders and senior executives play the role to boost the stock price in the short term, mainly concentrated in the day of the announcement date and after one day, and the effect has a sustained effect; different industries respond differently to the increasing holdings of major shareholders and senior executives and the information technology industry has a higher sensitivity. From the perspective of the factors to impact the market, the level of valuation of the listing companies, the size of the companies has a significant negative impact on the market effect, while the financial leverage has a significantly positive impact. Based on this paper, several political suggestions have been proposed with considerate thoughts to improve supervision, information disclosure and Incentive Mechanism.