我国上市公司“高送转”行为研究

发布时间：2018-06-07 00:45

本文选题：高送转 + 影响因素　；参考：《贵州财经大学》2017年硕士论文

【摘要】：股利政策作为公司金融领域的三大课题之一,一直以来都备受实务界和学术界的重视,在我国也不例外;而我国股票市场上一种独有的股利分配方式——“高送转”更是受到了证券市场各方参与者的广泛关注。对于上市公司的这一行为,不同的市场参与者可能从不同的角度看待或持有完全不同的观点;但无论市场各方对其持何种态度,都无法回避这样一个事实:“高送转”作为我国股票市场上一种特有的股利分配手段还将长期存在下去。另一方面,股利政策对上市公司而言,是联接投资政策和融资政策的桥梁,直接影响着公司的资本成本和外部融资额;对投资者而言,是从公司的发展、成长、壮大中获取自己应得收益的一种重要方式;“高送转”对于上市公司和投资者而言,无疑也是如此。综上所述,对上市公司的“高送转”行为进行全面深入的研究在实践和理论上都具有重要意义。为此,本文紧密围绕上市公司的“高送转”行为这一主题,从影响因素和公告效应两个方面对其进行了深入细致的研究。其中,对“高送转”行为影响因素的研究采用了理论分析(假设)实证分析相结合的方法;理论分析(假设)主要从上市公司自身的视角和市值管理的视角提出研究假设,并考虑了一些可能影响上市公司“高送转”行为的其他因素;实证分析的基本方法为在进行有关描述性统计的基础上,以“高送转”行为作为被解释变量,以理论分析(假设)为基础设置的若干指标为解释变量,进行Logistic回归分析。对“高送转”行为公告效应的研究采用事件研究法进行,通过设置一定的时间窗口验证具有“高送转”行为的上市公司股价在相应事件窗口期内是否具有异常收益,并探讨这一异常收益在不同年度的差异及产生原因。相关的研究结果表明:(1)当存在以下情况时,上市公司更可能进行高送转:(1)“内部人”存在减持动机;(2)“次新股”——即公司当年新上市;(3)公司上年进行了高送转;(4)公司股票的每股资本公积与未分配利润之和较大;(5)公司的股价较高;其中,“内部人”的减持动机是影响上市公司高送转行为的最重要因素。(2)对上市公司“高送转”行为的公告效应研究显示:(1)“高送转”行为确实存在明显的公告效应,相关股票在事件窗口期内具有明显的异常收益,但这一异常收益的绝大部分并不为普通个人投资者所获得;(2)“高送转”行为的公告效应在各年度之间存在较大的差异,其异常收益在很大程度上与同一时期宏观市场状况的有关,即“择股不如择时”。最后,根据以上研究结果,本文提出了相应的对策建议,包括合理运用“高送转”降低公司股价、合理运用“高送转”降低公司股权再融资的成本和合理运用“高送转”降低公司股东的税收负担等。
[Abstract]:Dividend policy, as one of the three major issues in the field of corporate finance, has always been paid attention to by the practical and academic circles, and it is no exception in our country. However, a unique way of dividend distribution in China's stock market, "high return", has been widely concerned by all participants in the stock market. Different market participants may view or hold completely different views on this behavior of listed companies from different perspectives; but whatever the attitude of market parties, It is impossible to avoid the fact that as a special method of dividend distribution in China's stock market, "high return" will continue to exist for a long time. On the other hand, dividend policy is a bridge between investment policy and financing policy for listed companies, which directly affects the capital cost and external financing amount of the company; for investors, it is the development and growth of the company. Growing up is an important way to get what you deserve; the same is certainly true for listed companies and investors. To sum up, it is of great significance both in practice and in theory to conduct a comprehensive and in-depth study on the behavior of "high transfer" of listed companies. Therefore, this paper focuses on the theme of "high transmission" behavior of listed companies, and makes a thorough and detailed study on it from two aspects: influencing factors and announcement effects. Among them, the research on the influencing factors of "high transfer" behavior adopts the method of combining theoretical analysis (hypothesis) with empirical analysis, and theoretical analysis (hypothesis) mainly puts forward the research hypothesis from the perspective of listed company and market value management. Some other factors that may influence the behavior of listed companies are considered. The basic method of empirical analysis is to take the behavior of "high transmission" as the explanatory variable on the basis of descriptive statistics. Based on the theoretical analysis (hypothesis), the Logistic regression analysis was carried out on some indexes set up on the basis of theoretical analysis (hypothesis) as explanatory variables. The research on the announcement effect of "high transmission" behavior is carried out by means of event research. By setting a certain time window to verify whether the stock price of listed company with "high transmission" behavior has abnormal returns during the corresponding event window period, The differences and causes of this abnormal return in different years are discussed. The results of relevant studies show that: 1) when there are the following, The listed company is more likely to make a high transmission to 1) "insider" has the motive to reduce its holdings (2) "the second new stock"-that is, the company newly listed in the past year, the company carried out a high transmission transfer to 4) the share capital reserves and undistributed profits of the company The stock price of the company is higher; Among them, the motivation of "insider" reduction is the most important factor that affects the behavior of high transmission of listed companies. (2) A study on the announcement effect of "high transmission" behavior of listed companies shows that the behavior of "high transmission" really has an obvious announcement effect. The related stocks have obvious abnormal returns during the event window period, but most of the abnormal returns are not obtained by ordinary individual investors. The abnormal return is largely related to the macro market situation in the same period, that is, "stock selection is not as good as timing". Finally, according to the above research results, this paper puts forward the corresponding countermeasures and suggestions, including the rational use of "high transfer" to reduce the share price of the company. The reasonable use of "high transfer" to reduce the cost of equity refinancing and the reasonable use of "high transfer" to reduce the tax burden of shareholders, etc.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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