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论文编号：	9988
作者编号：	2120162735
上传时间：	2018/6/6 15:24:56
中文题目：	高送转对主板和创业板股价的影响及动因的比较研究
英文题目：	A Comparative Study Of The Influence And Motivation Of High Transfer On The Stock Price Of The Main Board And The Gem
指导老师：	黄福广 教授
中文关键字：	高送转；板块差异；信息不对称；异常收益率；股东减持
英文关键字：	High turns; Plate difference; Information asymmetry；Abnormal rate of return; Shareholder’s stock selling
中文摘要：	“高送转”只是上市公司所有者权益账户的内部调整，公司的基本面及内在价值不会因此而改变；此外，由于除权日的股价也将按照相应比例进行调整，因而投资者拥有股票的总市值并未发生改变。由此可见，上市公司的高送转行为理论上并没有给投资者带来真正的投资收益，因此可将其视为一种利润分配的数字游戏，然而近年来A股市场中高送转现象愈演愈烈，采取高送转政策的上市公司越来越多，每股送转比例也越来越高，高送转概念已经成为分红预案披露前投资者争相追捧的热点题材。高送转前后股价的表现以及上市公司实施高送转政策的动因也因此成为学术界讨论的焦点问题。 主板和创业板的上市公司分别为大型龙头企业及中小型科技企业的代表，由于设置目的及上市公司类型的不同，主板、创业板上市公司在如公司成长性、股本规模、股价等方面的公司特征自然整体具有鲜明的差异，两个板块的投资者结构和偏好也有所不同。因而主板、创业板上市公司采取高送转政策的动因及对公司股票价格的影响必然会有所不同。 因此本文将分别以主板和创业板市场2016年度发生高送转的上市公司为样本，运用事件研究法中的CAR模型研究主板、创业板上市公司高送转行为与其股票价格波动的相关性问题以及高送转预案披露前后两个市场股票价格的不同表现；并且运用多元线性回归的方法分别探究主板及创业板上市公司采取高送转的动因并比较其动因的不同。此外，本文还将分别从计量方法和样本出发对实证结果进行稳健性检验。 在主板、创业板高送转行为对股价影响的实证研究中，实证结果表明高送转行为对主板、创业板股票价格具有显著的影响；主板、创业板上市公司均存在对高送转预案的提前反应；高送转预案公告日后，高送转行为对股价的影响作用在逐渐减弱；无论在主板还是创业板，高送转行为带来的异常收益大部分被拥有内幕消息并进行交易的投资者获得。而且创业板中利用高送转内幕消息进行交易能够获得更高的异常收益。同时高送转行为在主板、创业板中的市场反应也存在一定差异，表现为主板中内幕信息泄露的现象更为严重，创业板上市公司在预案公告前后的累积异常收益率均高于主板上市公司，高送转行为在主板的影响时间更长等。 在主板、创业板高送转动因的实证研究中，实证结果表明高送转行为对主板、创业板公司盈利成长性没有明显的信号作用；主板、创业板中均存在部分公司为掩护大股东减持，选择采取高送转的股利政策为利益相关者牟取利益的现象；实施高送转行为的动机存在一定的板块差异，通过高送转迅速扩张股本是创业板上市公司的主要动机，而通过高送转提高股票流动性则为主板上市公司的主要动机。
英文摘要：	From the perspective of accounting, "high transfer" is the internal adjustment of the equity account of the listed company. The basic and intrinsic value of the company will not change. In addition, as the share price of the dividend day will be adjusted according to the corresponding proportion, the total market value of the stock ticket of the investor has not changed. It can be seen that the high transfer behavior of the listed companies does not bring real investment returns to the investors in theory, so it can be regarded as a digital game of profit distribution. However, in recent years, the phenomenon of high transfer in the A stock market is becoming more and more intense. The higher the concept of high delivery has become the hot topic that investors are eager to catch up with before the disclosure of dividend plans. The performance of the stock market before and after the high transfer rate and the motivation for the implementation of the high transfer policy have become the focus of discussion in the academic circles. The listed companies of the main board and the gem are the representatives of the large leading enterprises and the small and medium technology enterprises respectively. Because of the different types of setting and the types of listed companies, the listed companies of the main board and the gem have distinct differences in the corporate characteristics such as the company's growth, the size of equity, and the stock price, and the two plates. Investor structure and preferences are also different. Therefore, the influence of the high board transfer policy and the impact on the stock price of the main board and GEM companies will be different. Therefore, this paper will take the listed companies of the main board and the GEM market for 2016 years respectively as samples, and use the CAR model in the event research method to study the correlation between the high transfer behavior of the listed companies and the stock price fluctuation, and the different tables of the stock prices of the two markets before and after the high transfer plan. Now, the multiple linear regression method is used to explore the motivation and comparison of the motives of the listed companies in the main board and the gem. In addition, we will conduct a robust test on the empirical results from the measurement methods and samples. In the empirical study on the impact of the high transfer behavior of the motherboard and the gem on the stock price, the empirical results show that the high transfer behavior has a significant impact on the stock price of the main board and the gem; both the main board and the GEM listed companies have an early response to the high transfer plan; after the high transfer plan announcements, the high transfer behavior has a shadow on the stock price. The effect of ringing is gradually weakening; in both the motherboard and the gem, the abnormal returns from the high transfer behavior are largely obtained by investors who have insider messages and are trading. Moreover, the gem can get higher abnormal returns by using high delivery and insider information. At the same time, there are some differences in the market response of high transfer behavior in the main board and the gem, which shows that the phenomenon of insider information disclosure in the main board is more serious. The cumulative abnormal returns of the GEM listed companies are higher than the main board listed companies before and after the plan announcement, and the high transfer behavior has a longer influence on the main board. In the empirical study on the cause of high rotation of the main board and the gem, the empirical results show that the high transfer behavior has no significant signal effect on the profitability of the main board and the gem, and there are some companies in the motherboard and the gem to protect the large shareholders, and choose to take the dividend policy of high transfer for the interests of the stakeholders. There is a certain plate difference in the motivation to carry out the high transfer behavior. The main motivation of the GEM listed companies is to expand the equity rapidly through high delivery and transfer, and the main motivation of the listed companies is to improve the liquidity by high transfer.
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