CAJ | 학술논문

关于中国上市公司大量进行股票送转的动机，学术界尚存争论。本文将不同送转理论纳入同一个计量模型，利用2006～2010年进行高送转公司的样本对不同送转理论进行了验证，为解决关于股票送转动机的争论提供了经验证据。实证结果支持了“最适价格假说”与“股本扩张假说”，而拒绝“信号传递假说”、“价格幻觉假说”与“股利迎合假说”。此外，本文模型对高送转公司的预测准确度达90％，基于模型预测建立高送转公司的投资组合可以获取较稳定的超额收益。
관우중국상시공사대량진행고표송전적동궤，학술계상존쟁론。본문장불동송전이론납입동일개계량모형，이용2006～2010년진행고송전공사적양본대불동송전이론진행료험증，위해결관우고표송전동궤적쟁론제공료경험증거。실증결과지지료“최괄개격가설”여“고본확장가설”，이거절“신호전체가설”、“개격환각가설”여“고리영합가설”。차외，본문모형대고송전공사적예측준학도체90％，기우모형예측건립고송전공사적투자조합가이획취교은정적초액수익。
There exist disputes about why many Chinese listed firms prefer to issue stock dividends. Examining a sample of firms issuing high stock dividends from 2006 to 2010, we test different theories explaining the behavior of stock divi- dend issuance under one united model. Our findings provide support for ＂optimal price hypothesis＂ and ＂expanding equi- ty shares hypothesis＂, but reject ＂signaling hypothesis＂,＂price illusion hypothesis＂ and ＂catering hypothesis＂. Our em- pirical evidence helps to solve the disputes about the of predicting high stock dividends firms by our model dividends can generate stable abnormal returns motives of issuing stock dividends in China. Moreover, the accuracy is about 90% and the portfolio of firms predicted to issue high stock