高管减持、投资者情绪与公司送转行为:基于政府监管前后的比较

A股市场的"高送转"炒作之风由来已久且根深蒂固,研究发现:以减持比例和套现金额对数衡量的高管减持规模越大,公司实施"高送转"的可能性就越大,送转的比例就越高,并且投资者情绪正向调节了上述各项影响。随着政府部门对这一乱象开始严格监管,"高送转"公司的数量和送转的比例明显下降,高管减持对公司送转行为的影响作用和投资者情绪对该影响的调节作用也明显减弱。这说明政府监管一方面有效扼制了部分伪成长公司通过"高送转"配合其高管高价套现的行为,另一方面也有效降低了中小投资者对"高送转"的炒作热情和高管减持公司实施"高送转"的热情。

Management Share Selling,Investor Sentiment and Company Stock Dividend:Based on Comparison Before and After the Government Supervision

The speculation of the"large stock dividend"shares in the A-share market has a long history and is deeply rooted.We find that the larger the management share selling scale measured by the selling proportion and the natural logarithm of selling amount,the greater the possibility of the companies’giving"large stock dividend"and the higher the stock dividend ratio,and the investor sentiment positively moderate the above effects.As the government began to strictly regulate this mess,not only the number of the companies’giving"large stock dividends"and the stock dividend ratio decreased significantly,but the impact of the management share selling on the companies’stock dividend behavior and the moderating effect of investor sentiment on this impact also weakened significantly.These results indicate that the government supervision has effectively restrained some pseudo growth companies from implementing"large stock dividend"to help management sell their shares at high price on the one hand,it has also effectively reduced the enthusiasm of both the retail investors’speculating on the"large stock dividend"shares and the management share selling companies’giving the"large stock dividend"on the other hand.