Analysis on Stock Dividend and Transfer of Reserve to Common Shares in Public Listed Companies
- 管理学院－已发表论文 
送、转股是我国上市公司利润分配的重要形式,有其产生的制度背景,集中体现在股权分置与流通股高溢价发行,上市公司管理当局在制定股利政策时有迎合市场的动机。随着股票市场投资日趋理性,送、转股的信号传递与提高股票交易流动性的作用将加强。The paper makes an analysis on the motivation of stock dividend and the transfer of reserve to common shares of China's listed companies. Besides the traditional explanation of signaling hypotheses, there is special background in China's institutional, especially stock-liquidity setting, high public offer premium. Under this circumstance, it's reasonable that managers cater to liquid-shares investors by paying large stock dividend and reserve transfer.