中文摘要：

基于我国上市公司数据,运用实证研究方法发现,送转行为是上市公司信息传递的有效机制,它有助于缓解我国上市公司由于管理者与其他利益相关者之间的信息不对称所造成的公司融资约束问题,特别是对于那些上年年报财务绩效不十分理想的受融资约束的公司,送转行为对缓解融资约束效果更为突出。我国上市公司的送转行为并非完全出于对市场投资者的迎合,而是一种有效的信号传递方式。在运用Heckman两步法控制了样本自选择问题之后,文章所得研究结论仍然成立。

英文摘要：

Based on the data of China＇s listed companies,this empirical study finds that stock dividends can act as an effective signaling mechanism for listed companies.Stock dividends can mitigate the extent of financing constraints of Chinese listed companies due to the existence of asymmetry of information between management and other stakeholders.For those financially constrained companies that had not shown good financial performance in the previous annual report,the effect of stock dividends on the mitigation of financing constraints is much more significant.Stock dividend payment of China＇s listed companies is not just a measure of catering to investors in the capital markets,it is also an effective way of signaling.After applying the Heckman two-step method to control sample selection bias,the results of the study can still be proved to be true.