送转与定向增发:基于市值管理的视角

Stock Dividends and Private Placement:From a Perspective of Market Value Management

送转和定向增发是A股市场上常见的两种公司行为。文章旨在从市值管理的视角,揭示上市企业送转与定向增发的内在关联及其经济逻辑。研究发现:(1)定向增发企业送转的比例与规模显著高于配对的未增发企业,而且两者的差异在增发后显著大于增发前;(2)在有外部机构投资者参与的定向增发中,企业送转的比例与规模显著高于其他类型的定向增发;(3)企业送转行为会显著影响增发折价,增发后送转企业的增发折价显著低于增发前送转(从未送转)的企业。文章研究表明,送转是A股市场上定向增发企业广为使用的一种市值管理手段,送转的规模与时机是企业与外部投资者理性博弈的结果。文章的研究不仅从市值管理角度为我国资本市场上频频出现的上市公司高送转行为提供了经验证据,而且对于监管层制定与送转和定向增发相关的政策具有重要的参考价值。

Stock dividends and private placement are two popular corporate financial policies in Chinese A-share stock market.This paper aims to investigate the intrinsic con-nection between stock dividends and private placement and their economic logic from a per-spective of market value management.It arrives at the following conclusions：firstly, firms issuing private placement are more likely to pay more stock dividends than matched non-issue firms,and the differences in stock dividends before issuing is more pronounced than the ones after issuing;secondly,in particular,the proportion and scale of paying stock dividends among private placement with external institutional investors are much lar-ger than those among other types of private placement;thirdly,stock dividends can affect offering pricing discount significantly and the discount of seasoned offering prices for firms paying stock dividends after issuance is lower than their counterparts.It shows that stock dividends are a popular tool for market value management taken by firms issuing private placement in A-share stock market.The scale and timing of stock dividends are the results of the rational game between firms and external institutional investors.It not only provides evidence for higher-level stock dividends of listed companies in Chinese capital market from a perspective of market value management,but also is of great reference value to policies related to stock dividends and private placement formulated by regulatory authorities.