創(chuàng)業(yè)板上市公司高送轉(zhuǎn)的動(dòng)因及對(duì)財(cái)務(wù)績效影響研究

創(chuàng)業(yè)板上市公司高送轉(zhuǎn)的動(dòng)因及對(duì)財(cái)務(wù)績效影響研究創(chuàng)業(yè)板上市公司高送轉(zhuǎn)的動(dòng)因及對(duì)財(cái)務(wù)績效影響研究

摘要：

高送轉(zhuǎn)作為上市公司的融資方式之一，近年來在中國股市中逐漸得到廣泛應(yīng)用。本文以創(chuàng)業(yè)板上市公司為研究對(duì)象，通過對(duì)其高送轉(zhuǎn)行為的分析研究，探討了高送轉(zhuǎn)的動(dòng)因以及對(duì)財(cái)務(wù)績效的影響。

研究結(jié)果表明，創(chuàng)業(yè)板上市公司進(jìn)行高送轉(zhuǎn)的主要?jiǎng)右虬ń档凸竟善眱r(jià)格、提高公司聲譽(yù)、吸引更多關(guān)注以及緩解管理層股權(quán)激勵(lì)等。同時(shí)，本文還通過對(duì)比研究發(fā)現(xiàn)，在高送轉(zhuǎn)后，創(chuàng)業(yè)板上市公司的財(cái)務(wù)績效表現(xiàn)出了明顯的改善趨勢(shì)，包括凈資產(chǎn)收益率、盈利能力、財(cái)務(wù)穩(wěn)定性等方面均有所提高，其中尤以前一年的財(cái)務(wù)指標(biāo)表現(xiàn)最為顯著。

因此，本文結(jié)論表明，創(chuàng)業(yè)板上市公司進(jìn)行高送轉(zhuǎn)并不是“減持者之樂”，更多的是對(duì)公司發(fā)展和股東利益的考量。高送轉(zhuǎn)雖然存在一定的質(zhì)疑和爭議，但是作為中國資本市場(chǎng)的一種融資手段，其應(yīng)用依然具有積極的實(shí)踐意義。

關(guān)鍵詞：高送轉(zhuǎn)、創(chuàng)業(yè)板、動(dòng)因、財(cái)務(wù)績效

Abstract:

Asoneofthefinancingmethodsforlistedcompanies,hightransferpaymenthasbeenwidelyusedintheChinesestockmarketinrecentyears.ThispapertakestheGEMlistedcompaniesastheresearchobject,andthroughtheanalysisoftheirhightransferpaymentbehavior,exploresthemotivationofhightransferpaymentanditsimpactonfinancialperformance.

TheresultsshowthatthemainreasonsforGEMlistedcompaniestoconducthightransferpaymentincludereducingthecompany'sstockprice,improvingthecompany'sreputation,attractingmoreattention,andalleviatingthemanagement'sequityincentive.Atthesametime,thispaperalsofoundthroughcomparativeresearchthatafterhightransferpayment,thefinancialperformanceofGEMlistedcompaniesshowedasignificantimprovementtrend,includingnetassetreturnoninvestment,profitability,financialstabilityandotheraspectshavebeenimproved,amongwhichthefinancialindicatorsinthepreviousyearhavethemostsignificantperformance.

Therefore,theconclusionsofthispaperindicatethathightransferpaymentbyGEMlistedcompaniesisnotjustforthebenefitof"reducingholdings",butratherfortheconsiderationofthecompany'sdevelopmentandshareholderinterests.Althoughtherearecertaindoubtsandcontroversiesabouthightransferpayment,asafinancingmethodintheChinesecapitalmarket,itsapplicationstillhaspositivepracticalsignificance.

Keywords:hightransferpayment,GEM,motivation,financialperformancTheresearchfindingsfromthispapersuggestthathightransferpaymentbyGEMlistedcompaniesservesthepurposeofpromotingtheirdevelopmentandbenefitingtheirshareholders.Thissupportstheargumentthattransferpaymentisnotjustatoolforreducingholdingsorameansofshort-termgain,butratherastrategicfinancingdecisionwithlong-termbenefits.

Onepossiblemotivationforhightransferpaymentistoincentivizeshareholderstocontinueholdingthecompany'sshares.Thiscanbeachievedbyofferingattractivedividends,whichcanhelpincreaseinvestorconfidenceandsupportthecompany'sgrowthprospects.Inaddition,hightransferpaymentcanhelpcompaniestoenhancetheiroverallfinancialperformance,byreducingtheirdebtlevelsandimprovingtheirliquidityposition.

However,itshouldbenotedthattherearealsoconcernsaboutthepotentialdrawbacksofhightransferpayment.Oneissueisthatitmaycreateconflictsofinterestbetweenshareholdersandthecompany'smanagement,asthelattermayhaveavestedinterestinmaintaininghightransferpaymentlevelseveniftheyarenotinthebestinterestsofthecompanyoritsshareholders.Anotherconcernisthathightransferpaymentmayleadtoadeclineininvestmentinresearchanddevelopmentorotherkeyareasofthebusinessthatareessentialforlong-termgrowth.

Despitetheseconcerns,thepracticalsignificanceofhightransferpaymentasafinancingmethodintheChinesecapitalmarketremainspositive.Byprovidingastablesourceoffundingforcompanies,itcanhelptoensurethesustainabilityoftheirgrowthandcontributetotheoveralldevelopmentofthemarket.Furtherresearchisneededtocontinueexploringthemotivationsandimplicationsofhightransferpayment,andtoidentifywaysinwhichthisfinancingmethodcanbeoptimizedtosupporttheinterestsofbothcompaniesandtheirshareholdersOneaspectofthehightransferpaymentintheChinesecapitalmarketthatrequiresfurtherexplorationisitsimpactoncorporategovernance.Inparticular,thereisaconcernthattransferpaymentsmaybeusedtotransferwealthfromshareholderstocontrollingshareholders.Bypayingexcessivetransferpaymentstorelatedparties,controllingshareholderscandivertfundsawayfromthecompany'sgrowthanddevelopment,leadingtoreducedreturnsforothershareholders.Thispracticeissometimesreferredtoas"tunneling,"andithasbeenfoundtobeanissueinotheremergingmarketsaswell.

Toaddressthispotentialproblem,regulatorsinChinahaveimplementedvariousreformsaimedatstrengtheningcorporategovernanceandincreasingtransparencyaroundtransferpayments.Forexample,theSecuritiesLawrequireslistedcompaniestodiscloserelated-partytransactions,includingtransferpayments,andtoobtainapprovalfromindependentdirectorsandshareholdersbeforeenteringintosuchtransactions.Inaddition,theChinaSecuritiesRegulatoryCommission(CSRC)hasissuedguidelinesonrelated-partytransactions,whichemphasizetheneedforproperdisclosure,evaluation,andapprovalprocedurestopreventtunneling.

Despitetheseefforts,however,concernsabouttunnelingpersist,andthereisevidencethattransferpaymentstorelatedpartiesinChinaarestillhigherthaninothermarkets.MoreresearchisneededtoevaluatetheeffectivenessofgovernancereformsincurbingtunnelingandtoidentifystrategiesforimprovinggovernanceintheChinesecapitalmarketmorebroadly.

AnotherfactorthatmaybeinfluencingthehightransferpaymentinChinaisthecountry'suniqueinstitutionalcontext.China'scapitalmarketisstillrelativelyimmature,withlimitedinstitutionalinvestorsandarelativelysmallpoolofdomesticsavingsavailabletofinancecorporategrowth.Asaresult,somearguethatcompaniesmustrelyontransferpaymentsasawaytosecurefinancingandsustaintheirgrowth.Moreover,China'sstate-ledeconomicsystemplacesastrongemphasisonmaintainingsocialstabilityandpromotingeconomicdevelopment,whichmayleadregulatorstoadoptpoliciesthatprioritizegrowthovershareholderreturns.

Toaddressthesechallenges,thereisaneedforpolicymakersandregulatorstocontinueworkingtodeveloptheinstitutionalinfrastructureoftheChinesecapitalmarket.Thismayinvolveinitiativestoincreaseinstitutionalinvestorparticipation,improvecorporategovernanceanddisclosurerequirements,andpromotegreatercompetitionamongcompanies.Atthesametime,itisimportanttofindwaystobalancethegoalsofeconomicgrowthandshareholdervalueinordertoensurethesustainabilityofChina'smarketdevelopmentoverthelongterm.

Inconclusion,transferpaymentisanimportantandcontroversialfinancingmethodintheChinesecapitalmarket.Whileitprovidescompanieswithastablesourceoffunding,italsoraisesconcernsaboutcorporategovernanceandshareholdervalue.Furtherresearchisneededtobetterunderstandtheseissues,aswellastoidentifystrategiesforoptimizingtheuseoftransferpaymentstosupporteconomicgrowthandmarketdevelopment.AsChinacontinuestoexpanditspresenceintheglobaleconomy,itscapitalmarketwillplayanincreasinglyimportantrole,andthedevelopmentofeffectivefinancingmethodswillbeessentialtosupportthecountry'slong-termgrowthandprosperityInadditiontotransferpaymentsandfinancingmethods,thereareotherfactorsthatcanimpactChina'slong-termgrowthandprosperity,includinglabormarketpolicies,technologicalinnovation,andenvironmentalsustainability.

China'slabormarketpolicieshavehistoricallybeencharacterizedbylowwages,poorworkingconditions,andlimitedworkerprotections.However,inrecentyearstherehasbeenagrowingrecognitionoftheneedtoimprovelaborstandardsandpromotegreaterequalityandsocialjustice.Thishasledtothedevelopmentofnewlaborlawsandregulations,aswellaseffortstoimprovethequalityofemploymentandpromoteworkerparticipationindecision-makingprocesses.

AnotherkeyfactorinChina'slong-termgrowthandprosperityistechnologicalinnovation.Chinahasmadesignificantprogressinrecentyearsindevelopingitstechnologysector,includingthroughthe"MadeinChina2025"initiativeandotherpoliciesaimedatpromotinginnovationandentrepreneurship.However,therearestillchallengesfacingthesector,includingalackofintellectualpropertyprotectionandarelianceonforeigntechnology.

Finally,environmentalsustainabilityisbecominganincreasinglyimportantissueinChina,asthecountrystruggleswithairpollution,waterscarcity,andotherenvironmentalchallenges.Chinahasmadesomeprogressinaddressingtheseissues,includingthroughinvestmentsincleanenergyandeffortstopromotesustainabledevelopment.However,moreneedstobedonetoensurethatChina'seconomicgrow