本文選題：高送轉(zhuǎn) + 動機�。� 參考：《安徽工業(yè)大學》2017年碩士論文

【摘要】：在我國的證券市場中,上市公司推出“高送轉(zhuǎn)”股利政策被視為一種利好消息,投資者們也非常偏愛“高送轉(zhuǎn)”股票。但是,無論是送股還是轉(zhuǎn)股,都是股東權(quán)益內(nèi)部的變動,“高送轉(zhuǎn)”不會對公司的價值產(chǎn)生任何本質(zhì)的影響,沒有什么經(jīng)濟含義。盡管如此,隨著送轉(zhuǎn)比例的不斷增加,投資者們對于送轉(zhuǎn)股票的投資熱情也在不斷增加。近幾年甚至出現(xiàn)高比例的惡意送轉(zhuǎn),而投資者們更因這些惡意“高送轉(zhuǎn)”而損失慘重。本文主要以上市公司惡意“高送轉(zhuǎn)”的動機及經(jīng)濟后果分析為重點,以“高送轉(zhuǎn)”帶來的市場效應(yīng)及影響為輔助分析,全面詳細的解析我國上市公司“高送轉(zhuǎn)”政策。文章首先介紹了選題背景及意義,其次對有關(guān)的理論及文獻進行歸納。然后以海潤光伏為案例,對其“高送轉(zhuǎn)”的過程進行介紹。最后結(jié)合相關(guān)理論,對海潤光伏送轉(zhuǎn)動機、送轉(zhuǎn)后的經(jīng)濟后果、送轉(zhuǎn)的市場效應(yīng)進行分析。研究發(fā)現(xiàn)海潤光伏并不完全具備“高送轉(zhuǎn)”條件,該公司實施“高送轉(zhuǎn)”并不是為了回報全體股東,而為了操縱股價、提高股票流動性,進而為減持套現(xiàn)做準備,像海潤光伏這樣的“高送轉(zhuǎn)”股利政策是非常不合理的。研究還發(fā)現(xiàn)海潤光伏“高送轉(zhuǎn)”股票確實存在顯著為正的超額收益,但是超額收益主要出現(xiàn)在預(yù)案公告日及除權(quán)除息日的前幾天。并且惡意的“高送轉(zhuǎn)”不僅給投資者帶來巨大損失,上市公司也可能因惡意“高送轉(zhuǎn)”而付出更大的成本。文章的最后是對全文的總結(jié),概括全文的研究結(jié)論,并就文章研究的結(jié)論給監(jiān)管部門及投資者提出些建議。
[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.
【學位授予單位】：安徽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.61;F406.7

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