上市公司送转股因素的实证研究.pdfVIP

摘要 本文关注全流通时期我国上市公司实施送转股越来越多的现象。结合国外股利政策理 论的发展，在我国相关研究的基础上，寻找出合适的分析理论，抓住股权分置改革后形成 的全流通这个关键因素进行分析，分析我国上市公司送转股的基本因素。 本文在综合相关文献的基础上，首先对西方现代股利政策理论的发展进行了梳理和回 溯，通过某些相关前提条件，分析了西方理论在我国的应用的可能性。接着，本文描述了 我国上市公司送转股的特征，发现国内资本市场送股和转增股本具有统一性的特征。从中 国股票市场送转股的历史沿革来看，上市公司在全流通时期通过送转股来实现资本扩张的 趋势越来越明显，并且有着鲜明的时代特征。 然后本文以 2006 年上市公司送转股为数据窗口，用逐步回归法建立送转股意愿模 型，描述了不同变量对上市公司送转股意愿的影响。实证结果显示上市公司每股收益、送 转能力指标、股本规模、控股股东持股比例等对上市公司的送转股有较大的影响。 最后本文针对研究上市公司送转股的相关因素,反映出来公司治理问题并且提出了相 关的政策建议。 关键词：送股 转增股 股本扩张 全流通 I Abstract The paper focuses on increasing stock dividend and transfer of reserve to common shares in the entire circulation. Combining the present theories developing trend with the practice, and found on previous study outcomes, this paper treats the share-governance reform as a very important factor, analyzes the basic factors about the dividend policy of our listed companies. Firstly, this paper backdates the western modern dividend theories, and by comparing their hypothesis and the reality of our country, and analyze the probability of the application of these theories. Then this paper describes the stock dividend and transfer of reserve to common shares of our listed companies, and uses it as a foundation to analyze the consistency of them. It turns out that there are vivid characters in the history of stock dividend and transfer of reserve to common shares, and there are some trends of equity expansion in the entire circulation. Then the data of 2006 and stepwise method is applied to build models in the framework in order to find out the influencing factors of different variables. The empirical result shows that some variables，such as eps，capacity，equity，and