论文部分内容阅读
基于我国上市公司数据,运用实证研究方法发现,送转行为是上市公司信息传递的有效机制,它有助于缓解我国上市公司由于管理者与其他利益相关者之间的信息不对称所造成的公司融资约束问题,特别是对于那些上年年报财务绩效不十分理想的受融资约束的公司,送转行为对缓解融资约束效果更为突出。我国上市公司的送转行为并非完全出于对市场投资者的迎合,而是一种有效的信号传递方式。在运用Heckman两步法控制了样本自选择问题之后,文章所得研究结论仍然成立。
Based on the data of China’s listed companies, using the empirical research method, it is found that the transfer behavior is an effective mechanism for the information transfer of listed companies. It helps to alleviate the listed companies in China due to the information asymmetry between managers and other stakeholders Financing constraints, especially for those financially constrained companies whose financial performance was not very satisfactory in the previous year’s annual report, sending and transferring behaviors are more prominent in mitigating financing constraints. China’s listed companies to send behavior is not entirely out of the market to meet investors, but an effective way of signal transmission. After using Heckman’s two-step method to control sample self-selection, the conclusion of the article is still valid.