摘要
近年来国内股市中的高送转现象十分盛行,上市公司偏好于股票股利支付方式原因何在?通过以2005—2009年深圳A股上市公司送转股行为为研究对象,基于迎合理论的视角,在控制公司规模等特征变量的基础上,对公司股票股利支付决策与投资者非理性需求偏好间的关系进行实证检验。研究发现,低价股溢价、小盘股溢价和公告日效应越高,公司的股票股利支付意愿就越强,从而验证了股票股利支付过程中迎合行为的存在。
In recent years, the stock-spilt phenomenon is very popular in Chinese stock market. Why does this happen so frequently？ In this paper, by focusing on the stock dividend behaviors of Shenzhen A-share listed companies from 2005 to 2009 and employing the catering theory, we empirically analyzed the relationship between stock dividend policy and investors’ irrational preference on the basis of controlling the corporate characteristic factors like the size of the company. We find that when the small-cap premium, low-price premium and the announcement effects are higher, the company’s willingness to pay stock dividend will be stronger, which proves the validity of the catering hypothesis in stock dividend behavior.
出处
《南京师大学报（社会科学版）》
CSSCI
北大核心
2011年第6期64-70,共7页
Journal of Nanjing Normal University(Social Science Edition)
基金
国家自然科学基金项目(71072040)
国家自然科学基金青年项目(70902006)
教育部人文社科项目(09YJC790152)
关键词
股利政策
送转股
迎合理论
非理性需求
stock dividend policy
stock spilt
catering theory
irrational demanding
