摘要
本文对我国股票市场上广泛存在的送股和公积金转增股本的行为动机进行了分析和讨论。本文认为送转股行为导致上市公司的股票数量增加、价格下降,与美国等股票市场上的股票股利和股票拆分行为相类似。于是对现有的“信号传递假设”和“流动性假设”在中国的解释能力进行了检验。结果显示,这些假设并不能很好地解释我国的送股和转增行为。根据上市公司送股转增前后股票价格的变动特征,本文提出了“价格幻觉假设”,并用logit回归对该假设进行了检验,经验研究的结果支持“价格幻觉假设”。
The paper analyzed the motivation of the stock dividend and the transfer of reserve to common shares of China' s listed companies. Because of increasing the number of common shares and decreasing the price per share, they are regarded as the same kind of actions as the stock dividend and stock splits in American stock market. So that the 'signaling hypotheses'and the 'liquidity hypotheses' of stock dividend and stock splits have been applied to China's stock market. The result indicates that these hypotheses can not satisfactorily explain the stock dividend and the transfer of reserve to common shares of China's listed companies. According to the characteristic of stock price around these actions, the 'price illusion hypotheses'has been put forward. A logit model has tested the hypothesis, and the result supports the hypotheses.
出处
《金融研究》
CSSCI
北大核心
2003年第9期44-56,共13页
Journal of Financial Research
关键词
送股
转增
行为动机
价格幻觉
LOGIT模型
stock dividend, transfer of reserve to common shares, motivation, price illusion hypotheses, logit model
