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600210股吧_上交所详解“高转增”:或成为炒作工具(2015-05-12)


600210股吧——货币基金排名

  上海证券交易所今日发布文章,对目前市场高度关注的“高转增”现象进行了详细解释。本文指出,在目前的实践中,业绩较差的公司更倾向于将资本公积转增股本;在市值管理热潮的背景下,资本公积转增很容易成为上市公司以市值管理的名义实现其他特定目的的工具。

600210股吧
  业绩不佳的公司更热衷于“高增长”

  《上海证券交易所章程》指出,股权分置是指上市公司将企业的公积金转为资本或股本,向股东增发股份的行为,包括两种行为:“盈余公积转增资本”和“资本公积转增股本”。目前,市场上普遍存在的高送转主要是由资本公积转增股本比例过高所推动。
  具体而言,盈余公积转增资本是对以前年度未分配利润的进一步分配,与股票股利性质类似。它可以看作是一种延迟的股票股利。因此,它可以看作是一种利润分配形式。资本公积核算的内容要复杂得多:一是上市公司收到的出资额超过其在股本中所占份额的部分,包括新股发行中的超募资金;二是直接计入所有者权益的损益,如会计政策调整引起的所有者权益变动。一般来说,本课题的会计内容是与上市公司经营成果无关的业务,即不纳入利润核算直接增加或减少所有者权益的业务。设立这一主体的初衷,是为了严格区分上市公司的经营业绩与其他损益。

600210股吧——泰达股份股吧

  基于以上分析,资本公积转增股本时,资金来源与上市公司经营业绩无关,这种行为不属于利润分配。因此,资本公积是否转为股本与公司业绩不一定相关。

  从目前的实践来看,一些业绩较差的公司更倾向于将资本公积转增股本。从历史年报数据来看,不少亏损公司和业绩下滑公司相继提出资本公积转增股本的方案,而去年三季度其他采用资本公积“高转增”方式的上市公司净利润则有所下降去年。
  Based on the sample of all listed companies that implemented the conversion to value-added shares scheme from 2004 to 2014, we can find that the worse the performance of the company in the previous year, the stronger the positive feedback from the market after the company announced the high conversion to value-added shares, that is, when the listed companies launched the high conversion to value-added shares scheme under the condition of insufficient performance growth, they would be more recognized by the market.This situation will further promote the listed companies to launch high value-added programs when the performance problems, in order to win market attention.

600210股吧——晋西车轴股票

  Of course, it is also of positive significance for listed companies to convert capital reserve into share capital, such as reducing stock price and improving liquidity.In particular, those companies with more over raised funds in IPO, due to the accumulation of a large number of capital accumulation fund, objectively there is a certain demand for conversion.In the long run, the improvement of liquidity will eventually lead to the improvement of enterprise valuation, but this improvement is relatively limited, which is quite different from the return of investors in the form of profit distribution based on performance growth.
  ”High conversion to value added” is easy to become a tool for speculation

  The paper points out that the behavior of transferring capital reserve to increase without performance support is easy to infiltrate with other market behaviors and become a tool of market speculation.Especially at the present stage, under the background of market value management craze, capital reserve conversion is more likely to become a tool for listed companies to achieve other specific purposes in the name of market value management.

600210股吧——中国糖尿病网

  At present, there is a special “PE + listed company” mode of market value management, that is, some industrial M & a funds either receive orders through block transactions, or increase shares from the secondary market to achieve interest binding, and then help listed companies complete the integration of the industrial chain and exit.This model seems reasonable and legal, but in essence, it is a typical model of grey operation in the name of market value management by taking advantage of the defects of the existing listing system and playing the edge of policy.Now, some high conversion to value-added activities also draw lessons from this kind of operation, that is, some private funds hold the equity of listed companies through private placement or secondary market holdings, and put forward the high conversion to value-added scheme after gaining a certain voice, waiting for the opportunity to exit after the stock price rises.
  Through the empirical study of all the listed companies transferred from 2004 to 2014, we can find that:

  首先,上市公司转增股本行为与后续资产收购之间存在显著的正相关关系。由此可见,公司有动机在收购前发布转为增值股公告。其目的可能是提高公司股价,降低收购成本。

  其次,限售股禁令是否会在未来半年内解除,与公司发行转增预案存在显著正相关关系。由此可见,解禁限售股的公司往往会在解禁前发布转增预案,这可能是用来改善股价、增加减持收益的。
  文章最后指出,由于部分上市公司的增发行为与其业绩无关,可能与各种市场炒作和“市值管理”行为有关。在这种情况下,盲目入市将导致股价泡沫,而最终的提供者也将是最大的输家。通过研究2014年不同类型交易员的交易情况,可以发现:总体上,机构投资者的行为较为理性。多数机构投资者在方案实施前后继续减持这些股票;其他机构投资者的投资决策不受高转增价值概念的影响;只有证券公司的自营基金在方案公布前跟进。相比之下,个人投资者的行为更倾向于非理性交易。散户和中小投资者参与了对增值市场的投机,并不断增持这类股票;大中型投资者也表现出一些追求增值市场概念的特点;个人投资者在市场参与中表现出较少的冷静和较多的附加值。可见,散户已成为市场的实际接受者。

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