CAJ | 학술논문

采用事件研究法，以近年沪深两市实施股票送转的A股上市公司和同行业内未送转的A股上市公司为样本，考察送转公司和同行业内未送转公司在预案公告日前后的股价反应，对上市公司股票送转的行业内股价效应进行检验与分析。研究结果表明，送转公司和同行业内未送转公司的股票在预案公告日前后均出现了显著为正的超额收益，送转传递的乐观信号在同行业内发生了转移，行业内股价效应显著存在，且传染效应占主导地位。同时，对行业内股价效应影响因素的研究发现，送转公司的股价效应越明显、规模越大，送转公司与同行业内未送转公司的相似性程度越高，未送转公司的错误定价程度越高，则送转的行业内股价效应越显著。
채용사건연구법，이근년호심량시실시고표송전적A고상시공사화동행업내미송전적A고상시공사위양본，고찰송전공사화동행업내미송전공사재예안공고일전후적고개반응，대상시공사고표송전적행업내고개효응진행검험여분석。연구결과표명，송전공사화동행업내미송전공사적고표재예안공고일전후균출현료현저위정적초액수익，송전전체적악관신호재동행업내발생료전이，행업내고개효응현저존재，차전염효응점주도지위。동시，대행업내고개효응영향인소적연구발현，송전공사적고개효응월명현、규모월대，송전공사여동행업내미송전공사적상사성정도월고，미송전공사적착오정개정도월고，칙송전적행업내고개효응월현저。
This paper examines and analyzes the intra-industry stock price effects of stock dividend and transfer of reserve to common shares before and after the dividend announcement day by taking as samples A-shares listed com- panies which issued stock dividends and transfer of reserve to common shares and A-shares listed companies in the same industry in recent years in Shanghai and Shenzhen stock exchange market. The result shows that both sample companies＇ shareholders experience significantly positive excess returns before and after the dividend announcement day, which suggests that favorable information conveyed by stock dividends and transfer of reserve to common shares has shifted within the same industry and there is strong evidence of significant contagion dominant intra-industry stock price effect. In addition, the study on influencing factors of intra-industry stock price effects finds that intra-industry stock price effects are more significant when the stock price reactions of dividend issuing companies are more obvi- ous, when the dividend issuing companies are larger, when the degree of similarities of dividend issuing companies and non-dividend issuing companies are higher and when the degree of mispricing for non-dividend issuing companies are hi~her.