北京工商大学学报：社会科学版
北京工商大學學報：社會科學版
북경공상대학학보：사회과학판
JOURNAL OF TECHNOLOGY AND BUSINESS UNIVERSITY
2014年
2期
96~104
,共null页
股票股利 公积金转增 长期超额收益
股票股利 公積金轉增 長期超額收益
고표고리 공적금전증 장기초액수익
stock dividend; transfer of reserve to common share; long-term abnormal return
以1995年1月1日一2008年12月31日沪深两市发放股票股利和实施公积金转增的A股上市公司为样本。研究了发放股票股利和实施公积金转增后公司股票的长期收益率变化情况。研究结果表明，发放股票股利和实施公积金转增后，公司存在长期异常超额收益且收益率为正，间接说明在弱式有效的中国资本市场上，公司管理层通过发放股票股利和实施公积金转增这一行为向市场传递了公司具有良好发展前景的积极信号。
以1995年1月1日一2008年12月31日滬深兩市髮放股票股利和實施公積金轉增的A股上市公司為樣本。研究瞭髮放股票股利和實施公積金轉增後公司股票的長期收益率變化情況。研究結果錶明，髮放股票股利和實施公積金轉增後，公司存在長期異常超額收益且收益率為正，間接說明在弱式有效的中國資本市場上，公司管理層通過髮放股票股利和實施公積金轉增這一行為嚮市場傳遞瞭公司具有良好髮展前景的積極信號。
이1995년1월1일일2008년12월31일호심량시발방고표고리화실시공적금전증적A고상시공사위양본。연구료발방고표고리화실시공적금전증후공사고표적장기수익솔변화정황。연구결과표명，발방고표고리화실시공적금전증후，공사존재장기이상초액수익차수익솔위정，간접설명재약식유효적중국자본시장상，공사관리층통과발방고표고리화실시공적금전증저일행위향시장전체료공사구유량호발전전경적적겁신호。
In this paper, the focus is put on the companies listed on Shanghai Stock Exchange and Shenzhen Stock Ex- change, which distribute stock dividend and transfer the reserve to common share from January 1, 1995 to December 31, 2008. The long-term event study method is adopted to calculate the abnormal returns of those companies to test the earnings of listed companies after the month of stock dividend policy announcement. The empirical results show that the earnings changing after the announcement has a significant positive stock market reaction in the long term, which indicates that there are positive abnormal returns. This shows that the distribution of stock dividend and transfer of reserve to common share is a positive sign of good pros- pects of the company under Chinese weak-form efficient market.
