基于股利迎合理论的我国上市公司送转股行为研究  

Study on Stock Dividend and Transfer of Reserve to Common Shares of China's Listed Companies Based on the Catering Theory of Dividends

作　　者：龚慧云[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《上海金融》2010年第11期67-72,共6页Shanghai Finance

摘　　要：本文运用股利迎合理论,在对股利溢价进行改造的基础上,即将其定义为送转股公司与纯派现公司的平均市值账面比(M/B)的差值,利用Logistic模型以及多元回归模型来探讨我国上市公司管理者是否存在理性迎合投资者热衷送转股的股利偏好的行为。研究结果发现:投资者股利需求不仅对公司送转股概率的高低有着重要的影响,而且对其送转股比例的高低也有着重要的影响。也因此表明,我国上市公司管理者确实存在理性迎合投资者热衷送转股的股利偏好的行为,而迎合的目的,则是追求公司短期股价最大化,以获取股利溢价。Based on the modification of dividend premium, namely be defined as the difference of average mar- ket-to-book （M/B） between the companies of stock dividend and transfer of reserve to common shares and those of pure cash dividend, this article utilizes the catering theory of dividends, and adopts the Logistic model and the multi- ple regression model to probe into whether the managers of listed companies in China rationally catered to investors by paying stock dividend and reserve transfer. The results show that the investor demand for dividend had important effects not only on the probability of paying stock dividend and reserve transfer, but also on the proportion of these two behaviors. Therefore, these also indicate that the managers of listed companies in China indeed rationally catered to investors by paying stock dividend and reserve transfer. And the purpose of catering was to pursue the company＇s short-term stock price maximization, so as to obtain the dividend premium.

关 键 词：行为财务 股利迎合理论 送转股 股利溢价 

分 类 号：F830[经济管理—金融学]