【摘要】：通過(guò)對(duì)歷年來(lái)上市公司年報(bào)和中報(bào)的發(fā)布情況進(jìn)行觀察,不難發(fā)現(xiàn),“高送轉(zhuǎn)”概念在A股二級(jí)市場(chǎng)上被周期性炒作。在企業(yè)管理層對(duì)“高送轉(zhuǎn)”方案偏愛(ài)有加的同時(shí),“高送轉(zhuǎn)”概念股也異常的受散戶投資者追捧。A股市場(chǎng)上將“高送轉(zhuǎn)”作為一個(gè)整體概念,所謂“高送轉(zhuǎn)”簡(jiǎn)而言之就是送紅股或者資本公積轉(zhuǎn)增股本的比例很高。不過(guò)從本質(zhì)上來(lái)看,“高送轉(zhuǎn)”并不能代表公司的經(jīng)營(yíng)狀況和盈利水平,尤其高比例轉(zhuǎn)增股本只是一個(gè)簡(jiǎn)單的數(shù)字游戲,并不能對(duì)投資者的實(shí)際權(quán)益產(chǎn)生有利影響。但有不少散戶對(duì)“高送轉(zhuǎn)”相關(guān)股票趨之若鶩,也有不少企業(yè)熱衷于“高送轉(zhuǎn)”炒作,而且送股轉(zhuǎn)股的比例也是逐年攀升不斷創(chuàng)新高,更有新三板公司公布擬以資本公積每10股轉(zhuǎn)增200股的“高送轉(zhuǎn)”方案,震驚投資者的同時(shí)也引起了市場(chǎng)的高度關(guān)注,監(jiān)管層高度重視,交易所對(duì)于公告擬“高送轉(zhuǎn)”的上市公司也頻發(fā)關(guān)注函,證監(jiān)會(huì)主席也在講話中多次提及“高送轉(zhuǎn)”。因此,A股二級(jí)市場(chǎng)的“高送轉(zhuǎn)”現(xiàn)象著實(shí)值得密切關(guān)注和深入研究。天齊鋰業(yè)公司從2015年第三季度以來(lái),公司市值從90多億元一路猛漲,最高達(dá)到500多億元,并且因?yàn)楣蓛r(jià)漲幅較高收到深交所中小板公司管理部的問(wèn)詢函。在2016年之前,這家從來(lái)都沒(méi)有“高送轉(zhuǎn)”歷史的中小板公司,在2015年年報(bào)披露之時(shí)高調(diào)宣布“每10股轉(zhuǎn)增28股”,并招致了深圳證券交易所的關(guān)注函。天齊鋰業(yè)在2015年年報(bào)公布之前就一直被市場(chǎng)炒作高送轉(zhuǎn)預(yù)期,又得益于鋰電行業(yè)行情向好,發(fā)展前景可觀,此次公布“高送轉(zhuǎn)”預(yù)案又贏得了市場(chǎng)的矚目。及至公司實(shí)施了2015年度的利潤(rùn)分配方案這一輪“高送轉(zhuǎn)”行情才落下帷幕。本文將首先闡述選題的背景及意義,通過(guò)文獻(xiàn)回顧的方式梳理在股利分配領(lǐng)域已有的研究成果。然后結(jié)合“高送轉(zhuǎn)”板塊和鋰電池板塊的研究,通過(guò)案例研究的方法深入分析天齊鋰業(yè)公司2015年年報(bào)“高送轉(zhuǎn)”行為。主要先介紹天齊鋰業(yè)公司和所屬行業(yè)特點(diǎn),分析公司的核心競(jìng)爭(zhēng)優(yōu)勢(shì)和發(fā)展前景,發(fā)現(xiàn)天齊鋰業(yè)在資源、產(chǎn)業(yè)鏈和技術(shù)上都有領(lǐng)先行業(yè)的優(yōu)勢(shì),鋰電行業(yè)得益于國(guó)家政策對(duì)新能源產(chǎn)業(yè)鏈的支持發(fā)展前景可觀。然后探討公司2015年年報(bào)“高送轉(zhuǎn)”行為的可能動(dòng)機(jī),從外部誘因和內(nèi)部需求兩方面進(jìn)行分析;其次通過(guò)事件研究法對(duì)此次“高送轉(zhuǎn)”的市場(chǎng)反應(yīng)進(jìn)行分析,研究預(yù)案預(yù)披露和方案實(shí)施窗口期的公司股票超額收益率情況;再次通過(guò)部分關(guān)鍵性財(cái)務(wù)指標(biāo)的分析對(duì)公司業(yè)績(jī)表現(xiàn)進(jìn)行分析,將理論與具體實(shí)踐相結(jié)合,得出相應(yīng)的結(jié)論和啟示,對(duì)同行業(yè)上市公司、監(jiān)管層和投資者給予一定的意見(jiàn)及建議。
[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.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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