海润光伏A股市

发布时间：2018-05-05 05:43

本文选题：高送转 + 动机　；参考：《安徽工业大学》2017年硕士论文

【摘要】：在我国的证券市场中,上市公司推出“高送转”股利政策被视为一种利好消息,投资者们也非常偏爱“高送转”股票。但是,无论是送股还是转股,都是股东权益内部的变动,“高送转”不会对公司的价值产生任何本质的影响,没有什么经济含义。尽管如此,随着送转比例的不断增加,投资者们对于送转股票的投资热情也在不断增加。近几年甚至出现高比例的恶意送转,而投资者们更因这些恶意“高送转”而损失惨重。本文主要以上市公司恶意“高送转”的动机及经济后果分析为重点,以“高送转”带来的市场效应及影响为辅助分析,全面详细的解析我国上市公司“高送转”政策。文章首先介绍了选题背景及意义,其次对有关的理论及文献进行归纳。然后以海润光伏为案例,对其“高送转”的过程进行介绍。最后结合相关理论,对海润光伏送转动机、送转后的经济后果、送转的市场效应进行分析。研究发现海润光伏并不完全具备“高送转”条件,该公司实施“高送转”并不是为了回报全体股东,而为了操纵股价、提高股票流动性,进而为减持套现做准备,像海润光伏这样的“高送转”股利政策是非常不合理的。研究还发现海润光伏“高送转”股票确实存在显著为正的超额收益,但是超额收益主要出现在预案公告日及除权除息日的前几天。并且恶意的“高送转”不仅给投资者带来巨大损失,上市公司也可能因恶意“高送转”而付出更大的成本。文章的最后是对全文的总结,概括全文的研究结论,并就文章研究的结论给监管部门及投资者提出些建议。
[Abstract]:In the stock market of our country, the listed companies' dividend policy is regarded as a kind of good news, and the investors also favor the "high transmission" stock. However, whether it is a stock offering or a stock conversion, it is the internal change of shareholders' rights and interests, "high transmission" will not have any essential impact on the value of the company, there is no economic significance. Still, investors' enthusiasm for sending shares is growing as the ratio increases. In recent years, there has even been a high percentage of malicious transfers, and investors have suffered from these malice. This paper focuses on the analysis of the motives and economic consequences of the malicious "high transmission" of listed companies, and takes the market effect and influence brought by "high transmission" as the auxiliary analysis, and comprehensively and in detail analyzes the "high transmission" policy of listed companies in our country. The paper first introduces the background and significance of the topic, then summarizes the relevant theory and literature. Then take the sea run photovoltaic as the case, carries on the introduction to its "high-handed turn" process. Finally, combined with the relevant theory, the paper analyzes the economic consequences and market effects of the photovoltaic conveyer in Hairun. The study found that Hyundry Photovoltaic does not fully meet the requirements of "high transfer". The company's implementation of "high transfer" is not to return all shareholders, but in order to manipulate the stock price, improve the liquidity of the stock, and then prepare for the reduction of its cash holdings. Such as the sea run photovoltaic such as "high transfer" dividend policy is very unreasonable. It is also found that there is a significantly positive excess return in the "high transfer" stock, but the excess return mainly appears a few days before the announcement date of the plan and the day before the dividend date. And the malicious "high transmission" not only brings huge losses to investors, but also the listed companies may pay more cost for malicious "high transmission". The last part of the paper is the summary of the full text, the conclusion of the paper, and the conclusion of the article to the regulatory authorities and investors put forward some suggestions.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.61;F406.7

【参考文献】