送转股对股东财富的影响——基于中国上市公司的证据

以2008、2009年的送转股除权日进行事件研究,通过均值比较与检验方法,首次实证研究我国上市公司送转股后股价变化对股东财富的影响,结果发现:相对于经过调整的除权前一日的股价,2008年股票除权后,股价以高于送转股的比例单调下降;而2009年股票除权后,股价呈上升趋势,并于第14日显著高于经过调整的除权前一日的股价。除权后20天内的股价整体上高于年末股价,说明相对基于年末股价的股利决策,送转股没有降低股价。企业发放股票股利,导致股票总市值上升,增加了股东财富。

The Effect of Stock Dividend on Shareholders'Value :Evidences from Chinese Listed Companies

Based on the mean comparison and test method, the paper firstly makes an empirical research on the stock prices change before and after ex dividend of Chinese listed companies through 2008 to 2009 and its influence on shareholders'' value. The results show that: compared to the adjusted stock prices the day before ex dividend day, the stock prices decline monotonously faster in 2008; however, the stock prices rise in 2009, and are significantly higher than the price on the day before ex dividend day after 14th day; the stock prices within 20 days are higher than the year end stock price, which suggests that compared to the decision making based on the year end stock price, stock dividend policy does not reduce the stock prices, in fact, it increases the companies'' total market value and shareholders'' wealth.