创业板公司“高送转”股票股利政策问题探讨——以新松机器人公司为例_1

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1、5．1．3创业板公司“高送转”政策可增强公司资本运作能力．．285．2政策建议295．2．1创业板公司应合理地运用“高送转”股票股利政策．．295．2．2投资者需提高自身投资理念以客观评价“高送转”股利政策一305．2．3监管机构需加强“高送转”股利政策的市场监管．．30参考文献．31致谢．35Ill万方数据Contents1IntroductiOil．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．11．1Researchbackgroundandsigni

2、ficance．11．1．1Researchbackground11．1．2Researchsignificance．．11．2Literaturereview．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．：211．2．1Researchonthemotivationofstockdividendpolicy一21．2．2Researchonstockpriceeffectsofstockdividendpolicy．．51．2．3Research0i"1liq

3、uidityeffectsofstockdividendpolicy51．2．4Researchonfinanceeffectsofstockdividendpolicy．61．2．5Literaturereview．71．3Researchideasandmethods．．71．3．1Researchideas．71．3．2Researchmethods一71．4Researchframework．．．．．．．．．．．．．．．．．．．．．．．l；2ThetheoryaboutGEMcompanies’“Highstockdividendsandstockspl

4、its”．92．1Relatedconceptsof“Hi曲stockdividendsandstocksplits”一92．1．1111econceptsof“Highstockdividendsandstocksplits”．．92．1．2Theconditionsof“Highstockdividendsandstocksplits”．．92．2111eCharacteristicsofGEMcompanies102．2．1Smallscaleofcapitalstock102．2．2Stronggrowthability．112．3Motivations

5、ofGEMcarryingout“Hi曲stockdividendsandstocksplits”．．112．3．1Agoodsignaltransmissionforcompany．1l2．3．2Tocatertothedemandsofinvestors．122．3．3Toextendthescaleofthecapitalstock122．3．4Toretainliquidityfunds122．3。5Tbachievethepurposeofmarketvaluemanagement一132．4EconomicconsequencesofGEMcompa

6、niescarryingout“Hi曲stockdividendsandstocksplits”．．132．4．1Enhancingthestockliquidity132．4．2Influendngthestockprices．．．132．4．3Capitalstockexpansionanditsdilutioneffect．．．．．．．．．．．．．132．5111etheoreticalbasisof‘"Hi曲stockdividendsandstocksplits”14万方数据2．5．1Signaltransfertheory．．．．．．．．．．．．．．

7、．．-．--．-．．．．．．142．5．2OptimalPriceRangeHypothesis．142．5．3Cateringtheoryofdividend142．5．4Alife-cycletheoryofdividend．143Introductionto“Highstockdividendsandstockspfits”ofRobotCompany153．1Briefbackgroundintroductionof“Highstockdividendsandstocksplits”153．1．1BasicsituationofRobotCompany．

8、153．1．2Indus