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中文摘要：
基于信号传递假说,选取在沪深两市上市的2003～2009年期间实施了送股、转增或股票送转的A股上市公司作为样本,对上市公司股票送转财务效应进行实证分析。研究表明：一方面,上市公司实施股票送转的确存在财务效应,盈利能力、发展能力、资产管理能力与偿债能力在公司实施股票送转后均显著增强,但是整体而言,股票送转的财务效应存在一定的滞后性,一般为一个季度;另一方面,上市公司股票送转的财务效应强度与送转比成正比例关系,且财务效应的强度也随着公司的盈利能力与成长性的增长而增强。
英文摘要：
Taking the A-share listed companies whose stock dividends have changed since 2003 to 2009 as the sample,empirical analysis has been done on the dividend changes signaling earnings.The results show that,on one hand,profitability ability,development ability,capital management and solvency ability improved after dividend changed,however,overall,there was a time lag,usually one quarter,when the financial effect happened;on the other hand,this kind of financial effect is positively related with the intensity of the dividend change.And the financial effect is also positively related with the profitability ability and growth ability.
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