中国上市公司送转行为动因研究——基于高送转样本的检验  

The Motives of Issuing Stock Dividends by Chinese Listed Firms——An Empirical Test Based on a Sample of High Stock Dividends

作　　者：熊义明[1] 陈欣[1] 陈普[2,3] 许红伟[1] 

机构地区：[1]上海交通大学安泰经济与管理学院 [2]中国人民银行南宁中心支行 [3]华中科技大学

出　　处：《经济与管理研究》2012年第5期81-88,共8页Research on Economics and Management

基　　金：国家自然科学基金"港股回归;信息不对称和溢出效应"(项目编号70802039)

摘　　要：关于中国上市公司大量进行股票送转的动机,学术界尚存争论。本文将不同送转理论纳入同一个计量模型,利用2006～2010年进行高送转公司的样本对不同送转理论进行了验证,为解决关于股票送转动机的争论提供了经验证据。实证结果支持了"最适价格假说"与"股本扩张假说",而拒绝"信号传递假说"、"价格幻觉假说"与"股利迎合假说"。此外,本文模型对高送转公司的预测准确度达90%,基于模型预测建立高送转公司的投资组合可以获取较稳定的超额收益。There exist disputes about why many Chinese listed firms prefer to issue stock dividends. Examining a sample of firms issuing high stock dividends from 2006 to 2010, we test different theories explaining the behavior of stock divi- dend issuance under one united model. Our findings provide support for ＂optimal price hypothesis＂ and ＂expanding equi- ty shares hypothesis＂, but reject ＂signaling hypothesis＂,＂price illusion hypothesis＂ and ＂catering hypothesis＂. Our em- pirical evidence helps to solve the disputes about the of predicting high stock dividends firms by our model dividends can generate stable abnormal returns motives of issuing stock dividends in China. Moreover, the accuracy is about 90% and the portfolio of firms predicted to issue high stock

关 键 词：高送转 送转理论 分红政策 超额收益 

分 类 号：F830.91[经济管理—金融学]