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

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.