送转股对股东财富的影响——基于中国上市公司的证据  

The Effect of Stock Dividend on Shareholders' Value:Evidences from Chinese Listed Companies

作　　者：刘万丽[1] 薛祖云[1] 

机构地区：[1]厦门大学会计系,福建厦门361005

出　　处：《财经理论与实践》2010年第3期53-57,共5页The Theory and Practice of Finance and Economics

基　　金：教育部人文社会科学重点研究基地2009年度重大项目"我国证券市场财务分析师信息引导机制及其监管研究"(2009JJD790041)

摘　　要：以2008、2009年的送转股除权日进行事件研究,通过均值比较与检验方法,首次实证研究我国上市公司送转股后股价变化对股东财富的影响,结果发现:相对于经过调整的除权前一日的股价,2008年股票除权后,股价以高于送转股的比例单调下降;而2009年股票除权后,股价呈上升趋势,并于第14日显著高于经过调整的除权前一日的股价。除权后20天内的股价整体上高于年末股价,说明相对基于年末股价的股利决策,送转股没有降低股价。企业发放股票股利,导致股票总市值上升,增加了股东财富。Based on the mean comparison and test method,the paper firstly makes an empirical research on the stock prices change before and after ex-dividend of Chinese listed companies through 2008 to 2009 and its influence on shareholders＇ value.The results show that： compared to the adjusted stock prices the day before ex-dividend day,the stock prices decline monotonously faster in 2008;however,the stock prices rise in 2009,and are significantly higher than the price on the day before ex-dividend day after 14th day;the stock prices within 20 days are higher than the year end stock price,which suggests that compared to the decision-making based on the year-end stock price,stock dividend policy does not reduce the stock prices,in fact,it increases the companies＇ total market value and shareholders＇ wealth.

关 键 词：送转股 除权 股价 

分 类 号：F275.4[经济管理—企业管理]