创业板上市公司“高送转”动机研究

The Research on the Motivation of "High Send Turn" in Listed Companies on GEM

本文选取2010-2015年年报发布股利分配预案的创业板上市公司为样本,选择每10股送转10股及以上的公司作为"高送转"公司,研究"高送转"行为动机。本文构建Logit模型,实证分析发现:创业板上市公司股票价格越高,采用定向增发以及高管减持,上市公司越有可能进行"高送转",而净利润增长率对"高送转"没有显著影响。本文认为上市公司选择"高送转"的动机是利用"高送转"降低股价以及投资者对"高送转"的非理性偏好,使得更多的人进入股票市场,推高股票价格,从而有利于参与定向增发的人员以较高价格退出市场获取利益以及为高管减持套现。最后本文从投资者、上市公司和监管者等角度提出了相应的建议。

The paper selects the companies listed on GEM which issued dividend distribution plan from 2010 to 2015 as samples,and selects more than or equal to ten stocks as "high send turn" stocks in order to study the motivation of "high send turn" in listed companies on GEM.Through building a Logit model,the empirical results show that the higher the stock price is,the more likely the companies choose "high send turn";the companies which choose private placement are more likely to support it;the companies whose executives plan to reduce their holding-shares have greater chance;the net profit growth rate send no significant influence.This paper argues that "high send turn" can lower share price and investors have irrational preference to it, which make more people to enter the market.Therefore,the motivation of "high send turn" in listed companies on GEM is to push the stock price, which is beneficial for the staff involved in the private placement to exit the market at a higher price and the executives to reduce their holding-shares for cash.Finally,the paper puts forward some some suggestions from the perspectives of investors,listed companies and regulators.