高送转与大股东减持:以海润光伏为例

发布时间：2018-01-07 07:24

本文关键词：高送转与大股东减持:以海润光伏为例　出处：《会计之友》2017年06期 　论文类型：期刊论文

【摘要】：以海润光伏的高送转股利分配作为案例研究对象,探讨公司实施高送转的目的、市场反应以及经济后果。基于委托代理理论、信号传递理论、迎合及择时理论,从送转股能力、送转股动机、大股东减持动机、高送转预案的公告效应、高送转的实施、高送转后的长期经营业绩和市场表现等方面分析表明,海润光伏的高送转是在不满足送转股资质和公司章程关于股利分配条件的背景下由大股东提议的,利润分配方案推出后仍然得到了股票市场的积极追捧,大股东正是利用高送转的市场效应实现了减持股份的目的,从而揭示了大股东提议高送转背后的真实意图。海润光伏的高送转沦为大股东利益输送的工具,而非传递公司未来经营发展良好前景的信号。
[Abstract]:Based on the principal-agent theory, signal transmission theory, pandering and timing theory, the purpose, market reaction and economic consequences of high transfer dividend distribution in Hairun Photovoltaic Company are discussed. The analysis shows from the following aspects: the ability to send shares, the motivation of transferring shares, the motivation of major shareholders' reduction, the announcement effect of high transmission plan, the implementation of high transmission, the long-term business performance and market performance after the transfer. In the background of not meeting the qualification of transferring shares and the conditions of dividend distribution of articles of association, the high transfer of Hydro PV was proposed by the major shareholders, and the profit distribution scheme was still actively pursued by the stock market after the introduction of the scheme. Large shareholders are using the market effect of high transmission to achieve the purpose of reducing their shares, thus revealing the real intention behind the proposal of large shareholders. Rather than transmitting the company's future business and development of the good prospects of the signal.
【作者单位】：东北财经大学会计学院;
【分类号】：F832.51
【正文快照】： 一、引言高送转是上市公司实行高比例的送红股(未分配利润转为股本)或者资本公积和盈余公积转增股本的一种股利分配手段1,其实质是股东权益的内部结构调整,不涉及资金的流入和流出,理论上不会对公司的盈利能力产生实质性影响,也不会对投资者持有股票的总价值产生影响,但是实证

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