本文選題：高送轉(zhuǎn) + 影響因素　； 參考：《貴州財經(jīng)大學(xué)》2017年碩士論文

【摘要】：股利政策作為公司金融領(lǐng)域的三大課題之一,一直以來都備受實務(wù)界和學(xué)術(shù)界的重視,在我國也不例外;而我國股票市場上一種獨有的股利分配方式——“高送轉(zhuǎn)”更是受到了證券市場各方參與者的廣泛關(guān)注。對于上市公司的這一行為,不同的市場參與者可能從不同的角度看待或持有完全不同的觀點;但無論市場各方對其持何種態(tài)度,都無法回避這樣一個事實:“高送轉(zhuǎn)”作為我國股票市場上一種特有的股利分配手段還將長期存在下去。另一方面,股利政策對上市公司而言,是聯(lián)接投資政策和融資政策的橋梁,直接影響著公司的資本成本和外部融資額;對投資者而言,是從公司的發(fā)展、成長、壯大中獲取自己應(yīng)得收益的一種重要方式;“高送轉(zhuǎn)”對于上市公司和投資者而言,無疑也是如此。綜上所述,對上市公司的“高送轉(zhuǎn)”行為進行全面深入的研究在實踐和理論上都具有重要意義。為此,本文緊密圍繞上市公司的“高送轉(zhuǎn)”行為這一主題,從影響因素和公告效應(yīng)兩個方面對其進行了深入細致的研究。其中,對“高送轉(zhuǎn)”行為影響因素的研究采用了理論分析(假設(shè))實證分析相結(jié)合的方法;理論分析(假設(shè))主要從上市公司自身的視角和市值管理的視角提出研究假設(shè),并考慮了一些可能影響上市公司“高送轉(zhuǎn)”行為的其他因素;實證分析的基本方法為在進行有關(guān)描述性統(tǒng)計的基礎(chǔ)上,以“高送轉(zhuǎn)”行為作為被解釋變量,以理論分析(假設(shè))為基礎(chǔ)設(shè)置的若干指標(biāo)為解釋變量,進行Logistic回歸分析。對“高送轉(zhuǎn)”行為公告效應(yīng)的研究采用事件研究法進行,通過設(shè)置一定的時間窗口驗證具有“高送轉(zhuǎn)”行為的上市公司股價在相應(yīng)事件窗口期內(nèi)是否具有異常收益,并探討這一異常收益在不同年度的差異及產(chǎn)生原因。相關(guān)的研究結(jié)果表明:(1)當(dāng)存在以下情況時,上市公司更可能進行高送轉(zhuǎn):(1)“內(nèi)部人”存在減持動機;(2)“次新股”——即公司當(dāng)年新上市;(3)公司上年進行了高送轉(zhuǎn);(4)公司股票的每股資本公積與未分配利潤之和較大;(5)公司的股價較高;其中,“內(nèi)部人”的減持動機是影響上市公司高送轉(zhuǎn)行為的最重要因素。(2)對上市公司“高送轉(zhuǎn)”行為的公告效應(yīng)研究顯示:(1)“高送轉(zhuǎn)”行為確實存在明顯的公告效應(yīng),相關(guān)股票在事件窗口期內(nèi)具有明顯的異常收益,但這一異常收益的絕大部分并不為普通個人投資者所獲得;(2)“高送轉(zhuǎn)”行為的公告效應(yīng)在各年度之間存在較大的差異,其異常收益在很大程度上與同一時期宏觀市場狀況的有關(guān),即“擇股不如擇時”。最后,根據(jù)以上研究結(jié)果,本文提出了相應(yīng)的對策建議,包括合理運用“高送轉(zhuǎn)”降低公司股價、合理運用“高送轉(zhuǎn)”降低公司股權(quán)再融資的成本和合理運用“高送轉(zhuǎn)”降低公司股東的稅收負擔(dān)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.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：1988906