上市公司股票送转动机与相关效应研究
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摘要
股利分配政策是上市公司的重要财务决策之一。制定科学合理的股利分配政策既有利于上市公司的可持续发展，也能够对股东作出合理回报。长期以来，与成熟市场经济国家的情况不同，中国上市公司“重送转、轻派现”，构成了证券市场的一大特色。作为上市公司披露的重要信息，股票送转往往被视为上市公司经营业绩的直接体现和真实价值的外在表现，在现实中作为股利政策被频繁采用。但是，股票送转往往容易导致经营者的机会主义行为和市场参与者的高度关注甚至追捧，从而引发公司财务绩效、股票价格和市场流动性的剧烈变化。因此，股票送转的动机和相关效应目前已经成为学术界和实务界关注的热点。
在明确已有研究不足和掌握股票送转的实际情况后，本文首先从股利迎合理论的角度探究上市公司股票送转的动机。接着基于信号传递理论分析上市公司股票送转的股价效应、流动性效应和财务效应，其中不仅包括股票送转对送转公司的影响，也包括送转对同行业内未送转公司的影响。在得到股票送转动机与效应的实证研究结果后，针对上市公司提出相应的对策建议。最后对上市公司股票送转的总体效应进行综合，对股票送转的效应和动机进行匹配，进而反向验证上市公司进行股票送转的动机，并从监管层和投资者两方面提出相关的政策建议。本文的研究不仅有助于对现有的相关经典假说在中国的解释能力进行验证，有助于完善和丰富现代公司理财尤其是股票股利分配的理论内涵与分析方法，还为上市公司制定合理的股票送转政策、投资者根据上市公司股利公告制定有效的投资决策提供重要的参考。
本文的实证研究以近年来沪深两市实施送转的A股上市公司作为样本，选取相对应的同行业同一时间段内未发布送转公告的A股上市公司作为配对样本，对上市公司股票送转的动机和相关效应进行考察。股票送转动机的研究结果表明，中国证券市场投资者对股票送转的需求表现为股利折价，上市公司为迎合投资者的需求而倾向于不进行送转，送转倾向与投资者需求显著负相关。同时，对于进行送转的上市公司，投资者偏好高送转公司的股票，为迎合投资者需求高送转现象日益普遍，送转比与投资者需求显著正相关。
本文从股价效应、流动性效应和财务效应三个方面对股票送转的相关效应进行分析。股票送转的股价效应研究结果表明，送转公司和同行业内未送转公司的股票在预案公告日前后均出现了显著为正的超额收益，送转传递的乐观信号在同行业内发生了转移，行业内股价效应显著存在，且传染效应占主导地位。同时，对行业内股价效应影响因素的研究发现，送转公司的股价效应越明显、规模越大，送转公司与同行业内未送转公司的相似性程度越高，未送转公司的错误定价程度越高，则送转的行业内股价效应越显著。流动性效应研究结果表明，对送转公司而言，流动性效应显著存在，送转后股票流动性得到改善，并且送转比越大，账面市值比越高，公司规模越小，送转前股价涨幅越大，股票收益波动率越小，流动性改善的幅度越大；对同行业内未送转公司而言，流动性效应存在一定的滞后性但效应持续时间较长，并且采掘业、传播与文化业以及电力业中传染效应占主导地位，而制造业中竞争效应占主导地位。财务效应研究结果表明，上市公司股票送转存在财务效应，盈利能力、发展能力、资产管理能力与偿债能力在公司股票送转后均显著增强。但是整体而言，股票送转的财务效应存在一定的滞后性，一般为一个季度。此外，上市公司股票送转的财务效应强度与送转比成正比例关系，送转比越大，财务效应的强度也就越大。
Dividend policy is one of the three major financial decisions of listed companies.Designing a scientific and reasonable dividend policy is not only conducive to thesustainable development of listed companies, but also can offer shareholders areasonable return. Differently from the matured market economy countries, the dividenddistribution policy of Chinese listed companies is featured with paying more attention tostock dividend and stock split compared to cash dividends. As the importantinformation conveyed by listed companies, stock dividend and stock split is often seenas the direct reflection of listed companies operating performance and true value.However, stock dividend and stock split can result in the operator's opportunismbehavior and the market participant s high degree of attention, leading to drasticchanges of the company's future financial performance, stock price and market liquidity.Therefore, the motivation and relevant effects of stock dividend and stock split havebeen the focus of the academic and practical circles.
After determining the deficiency of the existing researches and mastering theactual situation of stock dividend and stock split of Chinese listed companies, this paperstudies the motivation of conducting stock dividend and stock split from the view ofcatering theory. Then, the paper analyzes the stock price effects, liquidity effects andfinancial effects of stock dividend and stock split of listed companies based on thesignaling theory. Finally, the paper summaries the overall effects and matches therelevant effects and motivation of stock dividend and stock split, then puts forwardrelevant policy recommendations from the aspects of regulators, listed companies andinvestors. This study has important theoretical value and practical significance. It notonly helps to test the explanation ability of existing relevant classical hypothesis inChinese market, but also helps to rich and perfect modern corporation finance theoryespecially the dividend theory. In addition, it provides important instruction opinion tolisted companies to make reasonable dividend delivery policy, and gives importantguidance to investors to make effective investment decision according to the dividendannouncements released by listed companies.
The empirical research of this paper selects A-shared listed companies whichconduct stock dividend and stock split as well as the other A-shared listed companies inthe same industry in recent years in Shanghai and Shenzhen stock exchange market as research sample and paired sample respectively, then conducts an empirical researchabout the motivation and effects of stock dividend and stock split. The results of thestudy on motivation indicate that the investors demand for stock dividend and stocksplit, which shows as dividend discount, is significantly negatively correlated with theprobability of paying stock dividend and reserve transfer. Listed companies tend to notpay dividend in order to cater to the needs of investors. With regard to companiespaying dividend, investors prefer to stocks with high proportion of stock dividend andstock split. Investors demand is significantly positively correlated with the proportion ofstock dividend and stock split.
The paper researches the effects of stock dividend and stock split from the threeaspects such as stock price effects, liquidity effects and financial effects. The results ofthe study on stock price effects show that both sample companies shareholdersexperience significantly positive excess returns before and after the dividendannouncement day, which suggests that favorable information conveyed by stockdividend and stock split has shifted within the same industry and there is strongevidence of significant contagion dominant intra-industry stock price effect. In addition,the study on influencing factors of intra-industry stock price effects finds thatintra-industry stock price effects are more significant when the stock price reactions ofdividend issuing companies are more obvious, when the dividend issuing companies arelarger, when the degree of similarities of dividend issuing companies and non-dividendissuing companies are higher and when the degree of mispricing for non-dividendissuing companies are higher. The results of the study on liquidity effects show thatstock liquidity improved after the announcement day for companies issued stockdividends, and the improve degree is larger when the strength of stock dividend andstock split is greater, when book to market ratio is higher, when dividend issuingcompany is smaller, when stock price increase before the announcement day is greaterand when the volatility of stock return is smaller. In addition, the liquidity effectsexperience some time lag but last long time for the other companies in the same industry.And there is strong evidence of significant contagion dominant intra-industry liquidityeffect in the excavation industry, communication and culture industry, and the powerindustry. While there is significant competition dominant intra-industry liquidity effectin manufacturing industry. The results of the study on financial effects find that stockdividend and stock split do have financial effects, and profitability ability, developmentability, assets management ability and solvency ability significantly increase after theimplementation of stock dividend and stock split. But overall, the financial effects of stock dividend and stock split exist certain hysteresis which generally is a quarter. Inaddition, the financial effects of stock dividend and stock split are positively related tothe payout ratio, companies profitability and development ability.
在明确已有研究不足和掌握股票送转的实际情况后，本文首先从股利迎合理论的角度探究上市公司股票送转的动机。接着基于信号传递理论分析上市公司股票送转的股价效应、流动性效应和财务效应，其中不仅包括股票送转对送转公司的影响，也包括送转对同行业内未送转公司的影响。在得到股票送转动机与效应的实证研究结果后，针对上市公司提出相应的对策建议。最后对上市公司股票送转的总体效应进行综合，对股票送转的效应和动机进行匹配，进而反向验证上市公司进行股票送转的动机，并从监管层和投资者两方面提出相关的政策建议。本文的研究不仅有助于对现有的相关经典假说在中国的解释能力进行验证，有助于完善和丰富现代公司理财尤其是股票股利分配的理论内涵与分析方法，还为上市公司制定合理的股票送转政策、投资者根据上市公司股利公告制定有效的投资决策提供重要的参考。
本文的实证研究以近年来沪深两市实施送转的A股上市公司作为样本，选取相对应的同行业同一时间段内未发布送转公告的A股上市公司作为配对样本，对上市公司股票送转的动机和相关效应进行考察。股票送转动机的研究结果表明，中国证券市场投资者对股票送转的需求表现为股利折价，上市公司为迎合投资者的需求而倾向于不进行送转，送转倾向与投资者需求显著负相关。同时，对于进行送转的上市公司，投资者偏好高送转公司的股票，为迎合投资者需求高送转现象日益普遍，送转比与投资者需求显著正相关。
本文从股价效应、流动性效应和财务效应三个方面对股票送转的相关效应进行分析。股票送转的股价效应研究结果表明，送转公司和同行业内未送转公司的股票在预案公告日前后均出现了显著为正的超额收益，送转传递的乐观信号在同行业内发生了转移，行业内股价效应显著存在，且传染效应占主导地位。同时，对行业内股价效应影响因素的研究发现，送转公司的股价效应越明显、规模越大，送转公司与同行业内未送转公司的相似性程度越高，未送转公司的错误定价程度越高，则送转的行业内股价效应越显著。流动性效应研究结果表明，对送转公司而言，流动性效应显著存在，送转后股票流动性得到改善，并且送转比越大，账面市值比越高，公司规模越小，送转前股价涨幅越大，股票收益波动率越小，流动性改善的幅度越大；对同行业内未送转公司而言，流动性效应存在一定的滞后性但效应持续时间较长，并且采掘业、传播与文化业以及电力业中传染效应占主导地位，而制造业中竞争效应占主导地位。财务效应研究结果表明，上市公司股票送转存在财务效应，盈利能力、发展能力、资产管理能力与偿债能力在公司股票送转后均显著增强。但是整体而言，股票送转的财务效应存在一定的滞后性，一般为一个季度。此外，上市公司股票送转的财务效应强度与送转比成正比例关系，送转比越大，财务效应的强度也就越大。
Dividend policy is one of the three major financial decisions of listed companies.Designing a scientific and reasonable dividend policy is not only conducive to thesustainable development of listed companies, but also can offer shareholders areasonable return. Differently from the matured market economy countries, the dividenddistribution policy of Chinese listed companies is featured with paying more attention tostock dividend and stock split compared to cash dividends. As the importantinformation conveyed by listed companies, stock dividend and stock split is often seenas the direct reflection of listed companies operating performance and true value.However, stock dividend and stock split can result in the operator's opportunismbehavior and the market participant s high degree of attention, leading to drasticchanges of the company's future financial performance, stock price and market liquidity.Therefore, the motivation and relevant effects of stock dividend and stock split havebeen the focus of the academic and practical circles.
After determining the deficiency of the existing researches and mastering theactual situation of stock dividend and stock split of Chinese listed companies, this paperstudies the motivation of conducting stock dividend and stock split from the view ofcatering theory. Then, the paper analyzes the stock price effects, liquidity effects andfinancial effects of stock dividend and stock split of listed companies based on thesignaling theory. Finally, the paper summaries the overall effects and matches therelevant effects and motivation of stock dividend and stock split, then puts forwardrelevant policy recommendations from the aspects of regulators, listed companies andinvestors. This study has important theoretical value and practical significance. It notonly helps to test the explanation ability of existing relevant classical hypothesis inChinese market, but also helps to rich and perfect modern corporation finance theoryespecially the dividend theory. In addition, it provides important instruction opinion tolisted companies to make reasonable dividend delivery policy, and gives importantguidance to investors to make effective investment decision according to the dividendannouncements released by listed companies.
The empirical research of this paper selects A-shared listed companies whichconduct stock dividend and stock split as well as the other A-shared listed companies inthe same industry in recent years in Shanghai and Shenzhen stock exchange market as research sample and paired sample respectively, then conducts an empirical researchabout the motivation and effects of stock dividend and stock split. The results of thestudy on motivation indicate that the investors demand for stock dividend and stocksplit, which shows as dividend discount, is significantly negatively correlated with theprobability of paying stock dividend and reserve transfer. Listed companies tend to notpay dividend in order to cater to the needs of investors. With regard to companiespaying dividend, investors prefer to stocks with high proportion of stock dividend andstock split. Investors demand is significantly positively correlated with the proportion ofstock dividend and stock split.
The paper researches the effects of stock dividend and stock split from the threeaspects such as stock price effects, liquidity effects and financial effects. The results ofthe study on stock price effects show that both sample companies shareholdersexperience significantly positive excess returns before and after the dividendannouncement day, which suggests that favorable information conveyed by stockdividend and stock split has shifted within the same industry and there is strongevidence of significant contagion dominant intra-industry stock price effect. In addition,the study on influencing factors of intra-industry stock price effects finds thatintra-industry stock price effects are more significant when the stock price reactions ofdividend issuing companies are more obvious, when the dividend issuing companies arelarger, when the degree of similarities of dividend issuing companies and non-dividendissuing companies are higher and when the degree of mispricing for non-dividendissuing companies are higher. The results of the study on liquidity effects show thatstock liquidity improved after the announcement day for companies issued stockdividends, and the improve degree is larger when the strength of stock dividend andstock split is greater, when book to market ratio is higher, when dividend issuingcompany is smaller, when stock price increase before the announcement day is greaterand when the volatility of stock return is smaller. In addition, the liquidity effectsexperience some time lag but last long time for the other companies in the same industry.And there is strong evidence of significant contagion dominant intra-industry liquidityeffect in the excavation industry, communication and culture industry, and the powerindustry. While there is significant competition dominant intra-industry liquidity effectin manufacturing industry. The results of the study on financial effects find that stockdividend and stock split do have financial effects, and profitability ability, developmentability, assets management ability and solvency ability significantly increase after theimplementation of stock dividend and stock split. But overall, the financial effects of stock dividend and stock split exist certain hysteresis which generally is a quarter. Inaddition, the financial effects of stock dividend and stock split are positively related tothe payout ratio, companies profitability and development ability.
引文
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