摘要
不能给投资者提供任何额外回报的"高送转"却总能带来显著的正市场效应,这一非理性现象也被部分上市公司利用进行利益输送,帮助内部人减持、定增投资者撤退,而存在股权质押的控股股东为了降低质押物爆仓风险也期望提升股价,因此本文以控股股东股权质押的视角作为切入点,在控制前述两种利益动机之后,研究其对上市公司"高送转"的影响,结果发现:存在控股股东股权质押的上市公司进行高送转的概率更高,且股权质押数量越多,上市公司越易进行高送转,通过进一步的研究还发现,同样存在股权质押的上市公司,股价下跌的更容易推出高送转.研究结果进一步揭示了"高送转"背后的动机,也为监管机构近期关于加强对"高送转"现象监管和问询的决定提供了经验证据.
The large stock dividends was highly welcomed by the capital market,so it was often used by some listed companies to attract investors as well as to achieve their own interests.In this paper,we adopted the perspective of controlling shareholder's share pledge to reveal the motivation behind the large stock dividends. The results show that after controlling the other self-interest motivations of the controlling shareholders,listed companies tend to be more likely to make large stock dividends decisions if the controlling shareholders have share pledge.Second,the more the number of share pledge the controlling shareholders have,the more likely the listed company would to make large stock dividends.Further research indicates that under the same situation of the equity pledge,the company with a falling stock price would more likely to launch large stock divi- dends.This paper further explains the motivation behind the large stock dividends,and provides the empirical evidence for regulators'latest decisions which strengthened the supervision and the inquiry of the large stock dividends.
作者
黄登仕
黄禹舜
周嘉南
HUANG Deng-shi;HUANG Yu-shun;ZHOU Jia-nan(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2018年第12期18-36,94,共20页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(71372109
71371155)
关键词
高送转
股权质押
股利分配
large stock dividends
share pledge
dividend payout policy
作者简介
通讯作者:周嘉南(1979-),女,四川成都人,博士,副教授.Email:jnzhou@home.swjtu.edu.cn.
