耐心资本与高管机会主义减持OA

Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2023,this paper explores the influence and mechanism of patient capital on the opportunistic share reduction by senior executives.The study finds that patient capital can significantly inhibit the opportunistic share reduction behavior of executives,and this conclusion still holds after a series of robustness tests.Mechanism research indicates that patient capital can alleviate information asymmetry and enhance the internal governance of companies,thereby curbing opportunistic share reduction by senior executives.The research conclusion not only provides direct evidence for the governance effect of patient capital,but also offers significant implications for regulating the share reduction behavior of senior executives and promoting the high-quality development of the capital market.