CAJ | 학술논문

2009年至今房地产行业备受社会各界关注，除了房价飙升、新“地王”不断涌现之外，我们还发现，自2005至2009年实行送转股股利政策的公司逐年递增，那么，房地产上市公司为什么愿意大规模送转股呢？我们探讨性地构建了上市公司盈余质量评价指标体系，利用A股证券市场上2005—2009年的经验数据探讨房地产上市公司送转股政策的动因及其与盈余质量的关系，研究表明，有送转股行为的房地产上市公司盈余质量较差，现金流量不足并对银行信贷资金过分依赖，信贷风险加剧，资产泡沫化严重。并使用经济附加值（EVA）做了进一步的验证表明：送转股行为没有为股东创造价值，并且对信贷资金需求均呈快速上涨势态。监管部门应采取一定措施加强监管，提高市场信息透明度；投资者也应该更加理性的看待上市公司的送转股行为，送转股的股利政策可能表明着该公司较低的盈余质量。
2009년지금방지산행업비수사회각계관주，제료방개표승、신“지왕”불단용현지외，아문환발현，자2005지2009년실행송전고고리정책적공사축년체증，나요，방지산상시공사위십요원의대규모송전고니？아문탐토성지구건료상시공사영여질량평개지표체계，이용A고증권시장상2005—2009년적경험수거탐토방지산상시공사송전고정책적동인급기여영여질량적관계，연구표명，유송전고행위적방지산상시공사영여질량교차，현금류량불족병대은행신대자금과분의뢰，신대풍험가극，자산포말화엄중。병사용경제부가치（EVA）주료진일보적험증표명：송전고행위몰유위고동창조개치，병차대신대자금수구균정쾌속상창세태。감관부문응채취일정조시가강감관，제고시장신식투명도；투자자야응해경가이성적간대상시공사적송전고행위，송전고적고리정책가능표명착해공사교저적영여질량。
By the world financial crisis and the national macro-control effects, the real estate industry has raised a major social concern since 2009. In addition to soaring house prices, the expensive ＂sites＂ emer- ging, and we also found that, from 2005 to 2009 the declaration of share transfers and stock dividends have been increasing. Why are the real estate companies willing to transfer shares in large-scale？ We ex- plored the motivation that the real estate listed companies distribute stock dividend and the relationship with earning quality, but also extended to its reliance on bank finance. The result of empirical analysis demonstrated that the real estate companies which send stock dividend and transfer reserve to common- shares have less earning quality and less sufficient funds, which may trigger the credit risk rapid expan- sion. Furthermore, we used EVA method to calculate the economic value of those companies. Research showed that the companies with dividends issued didn＇t create value for shareholders but demanded more credit. Therefore, measures should be implemented to promote the transparency of market. Investors should also consider the dividend announcement rationally and prudently, since stock-dividend-issued enrnnanies orobablv have low earning quality.