论文部分内容阅读
我国证券市场上存在着部分上市公司一面进行配股融资,一面又增加现金分红的现象,并且在这个过程中,大股东常常会放弃配股的机会。本文以2000～2004年深沪两市进行配股并且在配股当年现金股利增加的公司为研究对象,分析其现金股利公告的市场反应,结果发现市场对配股当年股利增加的公司持负面态度,事件窗内累计异常收益率显著为负,且与第一大股东持股比例负相关,与非流通股股东的认购比例正相关。这说明对于大股东通过配股获得资金,同时又通过增加股利来转移资本的情况被投资者充分洞察。
There are some listed companies in China’s securities market for share placement financing, while increasing the cash dividend phenomenon, and in the process, the major shareholders will often give up the opportunity to share allotment. This paper analyzes the market reaction of the cash dividend announcement in the companies of Shenzhen and Shanghai from 2000 to 2004 and the increase of cash dividend in the year of placement, and finds that the market has a negative attitude toward the companies that increase the dividend in the year. The event window The accumulative internal abnormal return rate was significantly negative and negatively correlated with the shareholding of the largest shareholder, which was positively correlated with the subscription ratio of non-tradable shareholders. This shows that for the majority of shareholders to obtain funds through rights issue, while at the same time by increasing dividends to transfer capital situation investors are full insight.