基于投资者视角的再融资与股利政策的市场反应

Dividend Policy and the Refinancing Effect on Market Reaction From the Investors View

对于股票股利和现金股利,在尚未成熟的资本市场投资者更偏好股票股利,而在成熟的资本市场投资者则更偏好现金股利。在实践中,我国投资者更倾向于在股票领域获得股利,对相关股利政策的偏好顺序依次为股票股利、混合股利、现金股利;再融资行为能够抵消股利政策的一部分市场反应,起到稳定市场的作用。只有上市公司、投资者和监管部门有效合作,合理选择融资方式和股利分配政策,才能真正稳定证券市场。从市场监管层面看,应尽快完善法律法规,规范上市公司投融资决策和股利分配政策,加大对上市公司股利分配的审批和监管力度;从投资者层面看,应客观认知各种融资、再融资方式,以企业自身评估为依据,理性进行投资决策;从上市公司层面看,应立足企业实际能力,合理选择融资方式,以连续稳定的股利发放为原则转换融资方式、选择融资渠道,科学制定股利政策,最终使投资者和上市公司在可持续发展的收益预期中稳定获益。

For investors in immature capital market, they prefer stock dividend to cash dividend; and for investors in mature capital market, they prefer the latter one. In practice, Chinese investors prefer stock dividend the most, and then the mixed dividend, and cash dividend; refinancing behavior can offset some of the market reaction, and can help stabilize the market. Only with the help of effective cooperation among listed companies, investors and supervisors, and the rational choice of financing pattern and dividend policy, will we really stabilize the market. For the supervisors, they should perfect related laws and regulations, standardize the investment and financing related policies and dividend policies of listed companies, and strengthen the related approval and supervision system; for the investors, they should objectively understand different kinds of financing and refinancing pattern, take enterprises evaluation as the base, and rationally make their investment decision; for the listed companies, they should take their own capability as the base, rationally choose the pattern of financing, take the continuous and stable dividend as the principle to change the pattern and channel of financing, scientifically formulate their dividend policy, make both the investors and listed companies to gain stable profit with sustainable profit expectation, and really realize the sustainable development with the help of market-oriented measures.