天齐锂业“高送转”案例研究

发布时间：2018-07-21 11:49

【摘要】：通过对历年来上市公司年报和中报的发布情况进行观察,不难发现,“高送转”概念在A股二级市场上被周期性炒作。在企业管理层对“高送转”方案偏爱有加的同时,“高送转”概念股也异常的受散户投资者追捧。A股市场上将“高送转”作为一个整体概念,所谓“高送转”简而言之就是送红股或者资本公积转增股本的比例很高。不过从本质上来看,“高送转”并不能代表公司的经营状况和盈利水平,尤其高比例转增股本只是一个简单的数字游戏,并不能对投资者的实际权益产生有利影响。但有不少散户对“高送转”相关股票趋之若鹜,也有不少企业热衷于“高送转”炒作,而且送股转股的比例也是逐年攀升不断创新高,更有新三板公司公布拟以资本公积每10股转增200股的“高送转”方案,震惊投资者的同时也引起了市场的高度关注,监管层高度重视,交易所对于公告拟“高送转”的上市公司也频发关注函,证监会主席也在讲话中多次提及“高送转”。因此,A股二级市场的“高送转”现象着实值得密切关注和深入研究。天齐锂业公司从2015年第三季度以来,公司市值从90多亿元一路猛涨,最高达到500多亿元,并且因为股价涨幅较高收到深交所中小板公司管理部的问询函。在2016年之前,这家从来都没有“高送转”历史的中小板公司,在2015年年报披露之时高调宣布“每10股转增28股”,并招致了深圳证券交易所的关注函。天齐锂业在2015年年报公布之前就一直被市场炒作高送转预期,又得益于锂电行业行情向好,发展前景可观,此次公布“高送转”预案又赢得了市场的瞩目。及至公司实施了2015年度的利润分配方案这一轮“高送转”行情才落下帷幕。本文将首先阐述选题的背景及意义,通过文献回顾的方式梳理在股利分配领域已有的研究成果。然后结合“高送转”板块和锂电池板块的研究,通过案例研究的方法深入分析天齐锂业公司2015年年报“高送转”行为。主要先介绍天齐锂业公司和所属行业特点,分析公司的核心竞争优势和发展前景,发现天齐锂业在资源、产业链和技术上都有领先行业的优势,锂电行业得益于国家政策对新能源产业链的支持发展前景可观。然后探讨公司2015年年报“高送转”行为的可能动机,从外部诱因和内部需求两方面进行分析;其次通过事件研究法对此次“高送转”的市场反应进行分析,研究预案预披露和方案实施窗口期的公司股票超额收益率情况;再次通过部分关键性财务指标的分析对公司业绩表现进行分析,将理论与具体实践相结合,得出相应的结论和启示,对同行业上市公司、监管层和投资者给予一定的意见及建议。
[Abstract]:Through the observation of the annual report of listed companies and the release of the newspaper, it is not difficult to find that the concept of "high sending and turning" is periodically hyped in the secondary market of A shares. At the same time, while the enterprise management has a preference for the "high transfer" scheme, the "high transmission" concept stocks are also sought after by retail investors. In the A-share market, "high transmission" is regarded as an overall concept. The so-called "high transfer" in short is to send bonus shares or capital reserves to increase the proportion of shares very high. However, in essence, the "high transfer" does not represent the company's operating conditions and profitability, especially a high percentage of shares is simply a number game, can not have a beneficial impact on the actual rights and interests of investors. However, many retail investors are flocking to the stocks related to the "high transfer", and many enterprises are keen on the "high sending to turn" hype, and the proportion of sending shares into shares is also rising year by year to set a new high. In addition, a new third-board company announced a plan to increase its capital reserve by 200 shares per 10 shares. While shocking investors, it has also aroused great concern in the market, and the regulatory level has attached great importance to it. The exchange also frequently sent letters of concern to the listed companies that announced their intention of "high transmission", and the chairman of the Securities and Futures Commission also mentioned "high transmission" several times in his speech. Therefore, A-share secondary market "high transfer" phenomenon is worthy of close attention and in-depth study. Since the third quarter of 2015, Tianqi Lithium has seen its market value soar from more than 9 billion yuan to more than 50 billion yuan, and has received inquiries from the Shenzhen Stock Exchange's small and medium-sized board management unit for its share price increase. Before 2016, the small and medium-sized board company, which had never had a history of "high turnover", made a high-profile announcement of "28 shares per 10 shares" when its annual report was released in 2015, and drew attention from the Shenzhen Stock Exchange. Tianqi Lithium has been hyped by the market before the 2015 annual report, but also thanks to the Lithium industry's positive and promising prospects, the release of the "high-delivery" plan has won the attention of the market. Until the company implemented the 2015 profit distribution program, this round of "high transfer" market before the curtain. In this paper, the background and significance of the topic will be explained firstly, and the existing research results in the field of dividend distribution will be combed through literature review. Then, combining the research of "high transfer" plate and lithium battery plate, the behavior of "high transmission" in 2015 annual report of Tianqi Lithium Industry Company is analyzed by the method of case study. It mainly introduces the characteristics of Tianqi Lithium Industry Company and its industry, analyzes the core competitive advantages and development prospects of the company, and finds out that Tianqi Lithium Industry has the advantages of leading industries in resources, industrial chain and technology. Lithium industry benefits from national policies to support the development of new energy industry chain prospects. Then it discusses the possible motivation of the company's annual report of 2015, and analyzes the market reaction of the company from two aspects: external inducement and internal demand; secondly, the market reaction of the "high transmission" is analyzed by the method of event research. The paper studies the situation of excess return rate of company stock in the pre-disclosure of plan and the implementation window period of the project. Thirdly, through the analysis of some key financial indicators, the performance of the company is analyzed, and the theory is combined with the concrete practice. The corresponding conclusions and revelations are obtained, and some suggestions are given to the listed companies, regulators and investors in the same industry.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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