中国上市公司首次股票股利信号传递有效性的实证研究

20世纪90年代中后期股票股利曾是我国证券市场较为盛行的分配方式,并因能够带来积极的股价超额收益而被视为是一种典型的信号传递过程。然而本文通过对A股一般行业上市公司首次股票股利分配后的公司业绩进行长期跟踪考察,发现首次分配股票股利的公司无论盈利性或增长能力都明显持续下降,并不能充分支持信号传递假说。统计检验和模型分析均表明,在信息不对称条件下,公司盲目追求股权融资和市场过热的投资预期,在一定程度上削弱了我国股票股利政策传递积极信号的功能,这是这种分配方式不断降温的内在原因。

An Empirical Study on the Signaling Effectiveness of Initial Stock Dividends in Chinese Stock Markets

Stock dividend was once a popular payout policy due to the subsequent remarkable positive abnormal stock returns. The writer of this paper makes a comprehensive examination of long-run operating performance following all initial stock dividend payment by general A shares listed in Chinese markets from 1991 to 2002. It is found out that the results are inconsistent with the signaling hypotheses which demonstrate that the announcements of initial bonus equity shares are associated with significantly persistent operating underperformance. Our evidence shows that under the information asymmetry, the excess thirsts for equity financing of firms and market over-optimistic expectation jointly tamper the effectiveness of signaling effect by stock dividend announcements.