Pacific-Basin Finance Journal Volume 46, Part A, December 2017

拆股与机构持股

作者：Fengyu Li (Dongbei University of Finance and Economics, China),

Mark H. Liu (University of Kentucky, USA),

Yongdong(Eric) Shi (Dongbei University of Finance and Economics, China)

摘要

关于拆股的内在原因的研究可以大致分为两类:一是认为公司拆股是为了向市场传递利好私有信息，二是认为拆股可以提高流动性。我们通过研究拆股中机构持股的变化阐明这个问题，发现机构投资者，尤其是短期投资者，会增加他们对拆股公司股票的持有。短期机构持股的变化与公司信息环境的改善呈正相关关系，特别是对于流动性较差的股票和没有被机构投资者广泛持有的股票。我们的证据支持流动性假说，而不是拆股的信号假说。

Institutional ownership around stock splits

Fengyu Li (Dongbei University of Finance and Economics, China), Mark H. Liu (University of Kentucky, USA), Yongdong(Eric) Shi (Dongbei University of Finance and Economics, China)

ABSTRACT

Studies on the underlying reasons for stock splits can be broadly categorized into two groups: those argue that firms use stock splits to signal favorable private information to the market and those argue that stock splits are used to improve liquidity. We shed light on this issue by examining the change in institutional holdings around stock splits and find that institutional investors, especially short-term investors, increase their holding of the splitting firm's stock. The change in short-term institutional ownership is positively related to the improvement in firm's information environment, especially for less liquid stocks and stocks that are not widely held by institutional investors. Our evidence supports the liquidity hypothesis instead of the signaling hypothesis of stock splits.

原文链接：http://www.sciencedirect.com/science/article/pii/S0927538X17302202

翻译：阙江静