高送转、财务业绩与大股东减持规模  

Large Stock Dividends,Financial Performance and the Scale of Large Shareholders' Stock-Selling

作　　者：蔡海静 汪祥耀 谭超 

机构地区：[1]浙江财经大学会计学院,310018

出　　处：《会计研究》2017年第12期45-51,共7页Accounting Research

基　　金：国家社科基金青年项目(16CJY029);浙江省自然科学基金研究项目(LQ16G030007;Y17G020074);财政部全国会计科研一般项目(2015KJB022)的阶段性研究成果

摘　　要：大股东利用"高送转"达到减持目的,已成为当前资本市场的"乱象"之一。本文以2010-2015年推出"高送转"方案并且发生大股东减持的上市公司为研究样本,研究了"高送转"对大股东减持规模的影响,并进一步考察了财务业绩对二者关系的调节作用。研究发现:(1)在发生大股东减持的全部上市公司中,相较于未"高送转"的公司,"高送转"公司大股东减持的比例更高;(2)"高送转"强度越大,大股东减持规模越大;(3)好的财务业绩状况可以抑制"高送转"与大股东减持规模之间的正向关系,相反的,差的财务业绩状况则会加剧二者的正向关系。在考虑盈余管理的影响后,发现现金收益负向调节"高送转"与大股东减持规模的关系,应计收益正向调节二者之间的关系。Large stock dividends(LSD)has been pervasive to cater the large shareholders’need in stock sales.Based on a sample of Chinese listed companies from 2010 to 2015,this paper investigates the influence of LSD on the scale of large shareholders’stock-selling.We find that:(1)The proportion of large shareholders’stock-selling is higher than that of companies which have not issued LSD;(2)The greater the intensity of LSD,the larger the scale of the stock-selling of large shareholders;(3)A better financial performance can inhibit the positive relationship between LSD and of large shareholders'stockselling.Our results also reveal that the cash income negatively regulates the relationship between the two,but the accrual income has the opposite effect.

关 键 词：高送转 大股东减持 财务业绩 盈余管理 

分 类 号：F275[经济管理—企业管理]